Great Western Mining Corp. plc Operational Update and Placing (3395T)
July 03 2018 - 2:00AM
UK Regulatory
TIDMGWMO
RNS Number : 3395T
Great Western Mining Corp. plc
03 July 2018
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Operational Update and Placing
Great Western Mining (AIM: GWMO) provides the following update
on operations in Mineral County, Nevada, USA.
Status of M2-Sharktooth drilling:
Drill hole M2-041 is currently at 1,503 feet (458 metres). The
last 200 feet (61 metres) of this vertical drill hole has
intercepted intense hydrothermal alteration and mineralisation at
the projected base of the M2-Sharktooth Dunlap caprock. The
unexpectedly thick alteration and mineralisation, in the form of
multiply-silicified, quartz-magnetite, hydrothermal breccia,
appears to have taken the place of, or is very likely above, the
copper and gold-bearing diorite. Drilling will continue through the
hydrothermal breccia and is expected to then encounter the
mineralised diorite intrusive.
The last 10 metres of drill hole M2-041, besides intersecting
numerous large vugs and voids from one to several feet in width,
has been characterised by even more intense, multiple quartz and
quartz-magnetite breccia, banding, and flooding than intervals
above. The intensely altered and mineralised core from 1050 to 1480
feet (320-450 metres) is currently undergoing assay, with the
results expected around the end of the month.
Status of M4 drilling:
Drill hole M4-004 is currently at 400 feet (122 metres). The
entire length of M4-004 is in silty limestones, siltstones, and
sandstones of the Permian Mina Formation. Alteration is variably
recrystallized to partially silica flooded, with orange-grey clayey
zones dispersed throughout. Fine fractures both subparallel and
oblique to bedding typify all the harder zones. Clay-breccia is
common. Much brown and orange brown limonites are disseminated
throughout the clayey zones, and, along with reddish brown
hematite, are disbursed along open and vuggy fractures.
Placing to raise Gross Proceeds of GBP1 million:
Great Western Mining further announces that it has raised
approximately GBP1,000,000 (before expenses) via a placing (the
"Placing") of 77,000,000 new Ordinary Shares of EUR 0.0001 each
(the "Placing Shares") at a price of 1.30 pence per Placing Share,
to institutions and existing shareholders. The placing was
conducted by Novum Securities Limited ("Novum").
The net proceeds of the Placing will enable the Company to
extend the current M2-Sharktooth drill programme. GWM plans to
drill up to two further boreholes from existing permitted drill
pads to investigate the extent of the newly discovered hydrothermal
breccia.
Details of Placing and Total Voting Rights
Application will be made to the London Stock Exchange and
Euronext Dublin for the Placing Shares to be admitted to trading on
AIM and ESM respectively, with admission expected to occur on 25
July 2018. The Placing Shares will, when issued, rank pari passu in
all respects with the existing Ordinary Shares, including the right
to receive dividends and other distributions declared following
admission, and represent 11.5% of the Company's enlarged issued
share capital following admission of the Placing Shares.
Following the issue of the Placing Shares, the Company's
enlarged issued share capital will be 669,673,809 Ordinary Shares
of EUR 0.0001 each. The above figure may be used by the Company's
shareholders as the denominator for the calculations by which they
may determine if they are required to notify their interest in or a
change in their interest in the Company.
Warrants to subscribe for 1,925,000 new Ordinary Shares at a
price of 1.75 pence per Ordinary Share, exercisable within 3 years
from the date of admission of the Placing Shares, have been issued
to Novum in connection with the Placing.
Chief Executive, David Fraser commented: "We are very excited by
the discovery of the highly anomalous hydrothermal breccia at M2.
Our geological team are very encouraged by observations made during
core logging. We now await the first assay results from this
breccia zone and will update shareholders as soon as
practicable."
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
ENQUIRIES:
Great Western Mining +44 207 933 8795 (via Walbrook) +44 207 933 8795 (via Walbrook)
Corporation PLC
David Fraser, Chief
Executive
Davy (Nomad, ESM Adviser
& Broker)
John Frain +353 1 679 6363
Novum Securities Limited
(Joint Broker)
Jon Belliss +44 207 399 9400 +353 1 679 6363
Walbrook PR (UK PR and +44 207 933 8795
IR) greatwesternmining@walbrookpr.com
Paul Cornelius
Nick Rome
+44 207 933 8795
greatwesternmining@walbrookpr.com
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contact rns@lseg.com or visit www.rns.com.
END
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