Great Western Mining Corp. plc Operations Update (5161C)
October 20 2020 - 2:00AM
UK Regulatory
TIDMGWMO
RNS Number : 5161C
Great Western Mining Corp. plc
20 October 2020
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
Operations Update
Olympic Gold & the RH Group
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW), the mineral exploration and development company with
gold, silver and copper assets in the USA, provides the following
update on operations at the Olympic Gold Project ('Olympic') and
the Rock House Group ('RH') in Mineral County, Nevada.
Olympic Gold Project
The Company acquired an option-to-purchase the Olympic Gold
Project in May this year and in September a ground magnetics survey
was carried out over the principal prospects in the Olympic
acreage, the results of which have now been analysed. Highlights
are:
Trafalgar Hill: A very strong magnetic anomaly indicating the
potential for precious metals has now been established beneath the
Trafalgar Hill target area.
OMCO Mine extension: Of particular interest is establishing a
cross-fault continuation of the veins which were the source of
precious metals for the prolific OMCO Mine and which produced very
high grades of gold and silver until the 1940s. A Magnetometer
survey has revealed encouraging magnetic anomalies and the next
stage will be a follow-up ground magnetics survey this month to
define the anomalies around the faulting more clearly. This will be
followed by an Induced Polarisation ('IP') survey over the
strongest anomalies, aiming to locate buried, sulphide-rich
gold-silver mineralisation. Timing of starting the IP survey cannot
be finalised yet due to the high level of mineral exploration
activity in the area at present.
Rock House Group
A magnetometer survey is currently in progress. Trench sampling
during the summer in the Southern Alteration Zone ('SAZ') has
yielded two areas of elevated gold mineralisation with 1.5 metres
at 0.23 grams/tonne gold from 9.14 metres and 1.5 metres at 0.10
grams/tonne gold from 18.29 metres, both in Trench 4. Between these
two intercepts, significant areas have yet to be sampled and these
will be infilled with a further trenching and sampling programme,
timing dependent on contractor availability. The follow-up
programme will also target outcrop south of Trench 5 which appears
to be along strike of this newly discovered zone and not yet
sampled.
Great Western chairman Brian Hall commented: "We are fortunate
in having numerous gold and silver prospects across our extensive
land holdings in Mineral County, Nevada, in addition to the copper
potential already established. In parallel with the work we are
currently doing to commercialise gold and silver at the Mineral
Jackpot group of claims, the newly acquired Olympic Gold Project is
proving to be of high interest to our exploration team. The results
we are seeing from the work we have now done on the RH Group
support the prospectivity of these claims, which have never before
been mined and which we successfully identified from satellite
imagery. The JS Group and the Huntoon Valley are also prospective
for precious metals and we will be targeting these in due
course."
Qualified Person: Information in this announcement has been
reviewed by William Cooper, who is the Chief Geologist and
Exploration Manager of Great Western Mining. He holds a MSc in
Mining Geology from the Camborne School of Mines. He is a Member of
the Australian Institute of Geoscientists (MAIG) and is a Qualified
Person as defined in the Note for Mining and Oil & Gas
Companies which form part of the AIM Rules for Companies. Mr.
Cooper consents to the inclusion of the information in the form and
context in which they appear.
For further information:
Great Western Mining Corporation PLC
Brian Hall, Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Adviser
& Joint Broker)
John Frain +353 1 679 6363
Novum Securities (Joint Broker)
Jon Belliss +44 207 399 9400
ETX Capital (Joint Broker)
Thomas Smith +44 207 392 1494
Walbrook PR (PR advisers)
Nick Rome/Nicholas Johnson +44 207 933 8783
Notes to Editors
The Company has a large tract of acreage in Mineral County,
Nevada. The area consists of rugged, mountainous terrain, which
means that large parts of it remain under-explored. Mineral
potential is hosted by the regional Walker Lane Structural Belt,
the largest structural and metallogenic belt in Nevada, yet one of
the least explored in recent times, with gold, silver and copper
currently produced in Mineral County. Great Western has seven
distinct concession areas which offer the potential for exploiting
(1) short term gold and silver deposits and (2) long-term,
world-class copper deposits.
Six of the Company's properties are in the west of Mineral
County and are 100% owned and operated. The Company has an option
to acquire a seventh property, the Olympic Gold Project, in the
east of the county. Great Western's small exploration team is
supported by locally based consultants and contractors.
The state of Nevada is generally considered to be one of the
world's most mining friendly jurisdictions. While tightly regulated
and environmentally conscious, Nevada welcomes the mining industry.
Great Western takes care to ensure that its claims are maintained
in good standing and all regulations observed.
There are numerous gold and silver prospects on the Company's
acreage, including extensive historic mine workings which offer the
opportunity for secondary recovery.
Furthermore, through extensive drilling over a five-year period,
GWM has established a Mineral Resource on its first target area
known as M2, of 4.3 million tonnes 0.45% copper, for 19,000 tonnes
of contained copper metal. This resource has been independently
reported in accordance with JORC guidelines.
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