Great Western Mining Corp. plc Maiden JORC Resource (0032W)
November 03 2014 - 9:15AM
UK Regulatory
TIDMGWMO
RNS Number : 0032W
Great Western Mining Corp. plc
03 November 2014
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Maiden JORC Resource
Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mineral
exploration company with 73 sq. kilometres of mineral claims in
south-west Nevada, USA, is pleased to announce that it has now
received an independently prepared JORC-compliant (Note 1) report.
This quantifies an inferred Oxide Copper (Cu) resource following
completion of the Phase 2 drilling programme at the Company's
M2-Smith ("M2") Oxide Copper Project, in Marietta District, Mineral
County, Nevada earlier this year.
Highlights:
-- JORC-compliant Inferred Resource of 23,636 tonnes Cu.
-- The Mineral Resource is contained within a near-surface,
shallow-dipping and mineralised system, which extends over a strike
length of 2,600 feet.
-- Mineral Resource estimate is based on assays from 32 Reverse
Circulation bore holes drilled in 2013 and 2014.
-- Potential to double or triple resource down-dip and along
strike of the inferred resource blocks.
-- Phase 3 drilling programme planned.
A total of 32 Reverse Circulation holes were drilled at M2,
including nine holes between 8 February 2013 and 4 March 2013, and
23 holes between 25 March 2014 and 16 August 2014. A total of 2,580
feet (786.4 metres) were drilled in 2013 and a total of 13,950 feet
(4,252 metres) were drilled in 2014. Drill angles ranged from
-45deg to vertical, and drill depths from 170 feet (51.8 metres) to
1,380 feet (420.6 metres).
The M2 Oxide Copper Project is an Iron Oxide Copper Gold (IOCG)
deposit with inherently favourable metallurgical characteristics.
Great Western Mining's initial, wide-spaced, 32-hole drilling
programme at M2 has identified a first-order, shallow,
moderately-dipping inferred oxide resource of 21,711,416 tons
grading 0.12% Cu, or 50,121,378 pounds of copper (23,636 metric
tonnes Cu). This inference is based on a planar
structural-stratigraphic interpretation for host rock and metal
volumes with an overall strike of 030deg azimuth, southeast dip of
30deg, and strike length of 2,600 feet. Gold (Au) tends to mimic
copper (Cu) profiles in most of the drill hole intercepts at a
ratio of about 1 Au/50,000 Cu, suggesting that the 2014 inferred
copper (Cu) resource contains 16,000 ounces of gold (Au). If the
geometric model holds true, this resource may be doubled or tripled
down-dip and along strike of the inferred resource blocks and
controlling geologic characteristics.
The Phase 2 Exploration and Drilling report prepared by GWM's
independent consulting geologist, Donald G Strachan (Note 2), has
recommended a Phase 3 drilling programme with the objective of
significantly increasing the Inferred Resource, by extending the
known planar structure towards the historic Smith Mine, and by
creating a JORC-compliant Measured and Indicated Resource over the
M2 Oxide Copper Project.
Chief Executive, David Fraser commented:
"I am very proud to be able to announce Great Western Mining's
maiden JORC Resource, and to provide a tangible demonstration of
the potential value of the Company's first copper prospect,
M2-Smith. GWM's second prospect, Target 4, is drill ready and
awaiting drilling permit approval. The Company believes that this
will provide further momentum towards the establishment of an
altogether larger copper resource in Mineral County, Nevada,
provisionally designated as The Marietta Copper District. We will
update shareholders as further work and analysis is conducted on
the M2-Smith results".
Note 1: JORC stands for Australasian Joint Ore Reserves
Committee (JORC), which is sponsored by the Australian mining
industry and its professional organisations. The Code for Reporting
of Mineral Resources and Ore Reserves (the JORC Code) is widely
accepted around the world as the definitive standard for the
reporting of a company's resources and reserves.
Note 2: Donald G. Strachan is a Certified Professional Geologist
(CPG-10376) under the auspices of the American Institute of
Professional Geologists. Mr Strachan is also a Fellow of the
Geologic Association of Canada, a Member of the Society of Economic
Geologists, and a Member of the Geological Society of Nevada. Mr
Strachan fulfills the requirements of a Qualified Person by reason
of experience and education, as set out in JORC (2012) standards,
to act as a consulting geologist for advancement of the M2 Oxide
Copper Project.
Note 3: The London Metal Exchange (LME) Cu Official Price at
31/10/14 was 6,835.50 US$/tonne.
Enquiries:
Great Western Mining Corp Plc
David Fraser, Chief Executive +44 207 933 8795
-------------------------------- -----------------------------------
Davy (Nomad, ESM Adviser & +353 1 679 6363
Joint Broker) john.frain@davy.ie
John Frain roland.french@davy.ie
Roland French
-------------------------------- -----------------------------------
Hume Capital Securities plc
(Joint Broker)
Jon Belliss
Abigail Wayne +44 203 693 1470
-------------------------------- -----------------------------------
Walbrook (UK PR and IR) +44 207 933 8795
Paul Cornelius greatwesternmining@walbrookpr.com
Guy McDougall
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This information is provided by RNS
The company news service from the London Stock Exchange
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