TIDMGWMO
RNS Number : 2821N
Great Western Mining Corp. plc
29 January 2021
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
OPERATIONAL & COMPANY UPDATE
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 the Company and its operations.
-- Survey results indicate significant breakthroughs at the Olympic Gold Project
-- Trial processing of precious metals ongoing but temporarily
on hold due to severe winter weather conditions
-- First results of independent laboratory testing of raw material
-- Important EGM for migration of settlement system for
Company's shares requires shareholder votes to be lodged before 11
a.m. GMT on 15 February 2021
PRECIOUS METALS EXPLORATION
Great Western has now completed the acquisition and processing
of data from a follow-up Magnetometer survey conducted over the
Olympic Gold Project, using more powerful instrumentation and
focused on specific areas of interest defined by a broad survey
conducted in 2020.
OMCO Mine Extension: At the Olympic Gold Project, the former
OMCO Mine lies on the eastern side of the concession area and
produced high grades of gold for several decades until the 1940s,
when operations ceased at a point where the main productive vein
had been interrupted by a north-south fault. Great Western's stated
objective is to locate a continuation of the OMCO vein on the
eastern side of the fault. A strong anomaly identified by the most
recent Magnetometer survey now provides a preliminary indication
that this may have been successful, with enough information to
define drill locations with confidence.
Trafalgar Hills Prospect: Also at the Olympic Gold project, the
latest survey has established a very strong magnetic anomaly
beneath the Trafalgar Hill target area which indicates the
potential for precious metals.
Drilling is budgeted and planned for both prospects this year,
as well as for the West Ridge target in the south of the Olympic
Gold concession. The Company is calling for bids from drilling
contractors and currently formulating drill plans for submission to
the federal Bureau of Land Management (BLM) for approval. The
timetable is dependent on contractual arrangements and may be
subject to restrictions on the movement of people as a consequence
of the current pandemic.
The close-in Magnetometer surveys at Olympic Gold have been very
successful and, as soon as ground conditions permit, further
Magnetometer surveys will be conducted over the Mineral Jackpot
area and at the Huntoon Group. At Mineral Jackpot, drilling with a
light mobile rig which can access the site ahead of road upgrading
and construction is planned for the 2021 work season and a
potentially suitable rig has now been identified.
PRECIOUS METALS PROCESSING & INITIAL TEST RESULTS
Processing of further spoil heap material through gravity
separation in Nevada is ongoing but currently slowed down by winter
weather conditions in this high altitude area. During an interval
of good conditions this month, 950 kilogrammes of new material was
recovered from trenching at the Eastern Shear Zone of the RH Group.
This virgin material has strong indications of gold, although
subject to verification through processing which will be carried
out when conditions permit in conjunction with work on the existing
stock pile of spoil heap material.
A sample load of material taken from test spoil heaps at Mineral
Jackpot was air-freighted to the UK towards the end of 2020 and
initial laboratory coarse bottle roll leach tests indicate that
optimum leaching conditions are obtained when the material is
crushed to 9.5mm in diameter. Following this, a static column leach
test is now being performed in the lab, based on the parameters
established from the bottle roll test. In addition a gravity
release analysis will corroborate the gravity separation pilot
operation in Nevada from which first precious metal was poured at
the end of December. Final gravity test results are expected in the
next 2 to 3 weeks with preliminary results from the column test
following on. These results will together be used to help determine
optimum methods for processing and sustainable commercial
production of precious metals.
EXTRAORDINARY GENERAL MEETING
As announced on 22 January 2021, an EGM has been called for 17
February 2021 to approve a migration of the Company's settlement
system for Company's sharesfrom the CREST system in London to the
Euroclear Bank system in Belgium, mandatory for all Irish quoted
companies following Brexit. If this is approved, shareholders
should not be affected when dealing in the Company's shares.
However, this is a special situation because the resolutions
require no less than one third of the Company's entire issued share
capital to participate in the vote. Shareholders are therefore
strongly urged to vote their shares as soon as possible and, where
their shares are held by nominees, to contact these nominees at the
earliest opportunity and instruct them to vote.
Great Western chairman Brian Hall commented: "During the harsh
winter in northern Nevada we have managed to take advantage of
weather windows, both to produce our first precious metals under a
small pilot scheme and also to carry out a highly successful survey
over the Olympic Gold Project, which we are optimistic may have
unlocked the location of the OMCO Mine extension. During this
period we have also identified the presence of gold-bearing
material from the trenching we carried out last summer in the
Eastern Shear Zone at RH, which is a completely new and undrilled
group of claims.
"We have been able to make good progress in Nevada despite
continuing trans-Atlantic travel restrictions. We are funded for
our 2021 plans and we should be well-placed to accelerate our
projects when the effects of the Pandemic are finally behind us. We
anticipate an exciting year for the Company, with significant scope
for increasing prospectivity as well as driving forward our
production plans for precious metals."
Qualified Person
Information in this announcement has been reviewed by William
Cooper, who is the Chief Geologist and Vice-President Exploration
of Great Western. 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
About Great Western Mining
Great Western Mining (AIM:GWMO/Euronext Growth 8-GW) is focused
on accelerating exploitation of its gold and silver prospects in
the U.S. state of Nevada, where an active exploration and
development programme is under way. Its gold exploration target
currently ranges from 0.50 million to 1.50 million ounces from
multiple prospects and a project is being developed to produce
commercial quantities of gold from numerous spoil heaps. In
addition to precious metals, the Company has established a Mineral
Resource of 4.3 million tonnes of 0.45% copper, prepared in
accordance with JORC guidelines, which underpins the longer-term
potential provided by the Company's portfolio of assets.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUWUWRARUAUAR
(END) Dow Jones Newswires
January 29, 2021 02:00 ET (07:00 GMT)
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Jul 2023 to Jul 2024