Great Western Mining Corp. plc M2 Prospect Update (1793T)
July 16 2015 - 2:00AM
UK Regulatory
TIDMGWMO
RNS Number : 1793T
Great Western Mining Corp. plc
16 July 2015
16 July 2015
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or "the Company")
M2 Prospect Update
Great Western Mining Corporation plc, the Nevada based mineral
exploration company quoted on AIM (under the ticker GWMO) and ESM,
is pleased to provide the following update on its M2 copper-gold
exploration target.
GWM's field team has now completed two site programmes on M2
during spring and early summer 2015, one in conjunction with Donald
G Strachan, the Company's independent geological consultant.
Copper and gold at M2 occur with hematite and magnetite in an
increasingly important geologic style known as
Iron-Oxide-Copper-Gold ("IOCG"). To date the 2015 field programme
on M2 has focused on the Northern section of M2, where GWM's recent
mapping extended IOCG surface trace from the original inferred
resource at M2 for another two kilometres across Bass Mountain.
M2 IOCG mineralisation, alteration, structure, and lithologic
characteristics thus continue west to east across the northern end
of the M2-North area. The 2015 mapping has also confirmed the
steady, gentle southeastern dip of the IOCG environment inferred
earlier by two 2014 drill holes at the current end of the
Sharktooth Road in the center of the project area. Donald Strachan
therefore concludes:
"...the favourable geologic environment for IOCG mineralisation
beneath Bass Mountain is almost 4.0 km long, over 1.0 km wide, and
open to further southwest extension."
The Company's November 2014 near-surface Inferred Resource
occurs within a "stringer zone" of the mineralisation at M2.
Upgrading this near-surface M2 copper resource will include
drilling bore holes south along extensions towards a thicker, more
consistent, and higher grade IOCG core projected beneath Bass
Mountain. A southerly trend of increased grades and thicknesses is
also evident in the 2014 resource blocks. Restating the 2014
Inferred Resource using a 0.15% cut off yields a 350% increase in
grade of mineralised rock (from 0.12% Cu to 0.44% Cu) while only
reducing contained Cu tonnes by 29%:
Summary of Mineral Resource Estimate:
Table 1: M2 Prospect - 2015 Inferred Mineral Resource
Category Tonnes Grade Contained
(g/t) Metal
(tonnes)
Inferred 3,668,614 0.44 Cu % 16,067
Source: Donald G. Strachan, competent person.
Note: Reporting cut-off grade at 0.15 Cu%.
As stated in the Company's Phase 02 JORC-level November 2014
report gold (Au) is present in
sub-ppm values with copper (Cu) and seemingly occurs at a ratio
of 1 Au/50,000 Cu, suggesting that the 2014 inferred M2 open pit
copper resource includes 16,000 oz of gold. Gold profiles mimic
copper profiles in most drill-hole intercepts, suggesting this
ratio would be maintained in the higher underground grades
projected beneath Bass Mountain.
Mapping and sampling undertaken in the 2015 M2 field programme
has further identified that high value silver-copper grades and
thicknesses may exist along the M2 IOCG contact in two peripheral
areas: 1) M2-North and 2) Southwest Bass. These two more localised
high-grade silver-copper targets are projected along the Jd
sediment-Kd diorite (M2 IOCG) mineralised contact. The Company is
planning further mapping and rock chip sampling, leading to follow
up drill holes.
Chief Executive, David Fraser commented:
"This is an excellent result from our 2015 M2 field programme.
We have been able to increase the size of projected IOCG volumes
significantly, and confirm favourable geology for a high-grade
underground IOCG deposit, where the consistent copper-gold ratio
could also indicate significant quantities of gold. The
identification of two high grade silver-copper prospects adjacent
to our primary copper-gold target is an exciting development. We
look forward to updating shareholders as work continues."
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. Mr. Strachan has reviewed and approved the
information contained within this announcement.
Note 3: A large number of small, closely spaced veins, often
with many different orientations, is referred to as a stockwork and
sometimes as a stringer zone.
ENQUIRIES:
Great Western +44 207 933 8795 (via Walbrook)
Mining Corporation
Plc
David Fraser,
Chief Executive
Davy (Nomad, +353 1 679 6363
ESM Adviser john.frain@davy.ie
& Joint Broker) roland.french@davy.ie
John Frain
Roland French
Beaufort Securities
Ltd (Joint
Broker)
Jon Belliss
Elliot Hance +44 207 382 8300
Walbrook (UK +44 207 933 8795
PR and IR)
Paul Cornelius greatwesternmining@walbrookpr.com
Guy McDougall
This information is provided by RNS
The company news service from the London Stock Exchange
END
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