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RNS Number : 2087Z
Great Western Mining Corp. plc
20 May 2021
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
Drilling Update and Investor Presentation
Encouraging Results From Latest Drilling
Current drilling seeks to identify OMCO Vein Continuation
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW) ("Great Western" or the "Company") which is exploring
and developing early-stage gold, silver and copper targets in
Nevada, provides the following progress report on its
multi-prospect 2021 drilling campaign for gold and silver in
Mineral County, Nevada.
The Company's ongoing drilling programme continues apace and
within budget. The first phase of the 2021 programme is the Olympic
Gold Project, over which the Company acquired a purchase option in
2020, formally extended for a second year with effect from 21 May
2021. Commencing last month, the Company has now successfully
completed its initial 6-hole programme at the Trafalgar Hill
prospect. Following this, the rig was moved to the West Ridge
prospect where Hole OMRC-7 was drilled and completed, then to the
OMCO Mine extension prospect where hole OMRC-8 has also been
completed, both with encouraging results.
West Ridge (OMRC-7)
The target at West Ridge was a quartz-adularia epithermal style
vein deposit, similar to the nearby Olympic Vein at the
long-abandoned OMCO Mine which produced prolific quantities of gold
at high grades until the 1940s. OMRC-7 intercepted moderate to
strong argillic alteration within a rhyodacite unit from surface to
a depth of 115 feet (35.1 metres) down hole. This was followed by a
zone of strong silicification down to 160 feet (48.8 metres).
Within the silicified rhyodacite, vuggy quartz veining was logged
between 140 feet (42.7 metres) and 150 feet (45.7 metres) downhole,
which is expected to correlate with the mapped veins on surface
that were successfully mined in the past. Beneath the veining,
further strong argillic alteration occurs in conjunction with an
increase in metal sulphides until the end of the hole at 500 feet
(152.4 metres).
OMCO Mine Extension (OMRC-8)
OMRC-8 was drilled to the south of the old OMCO Mine, targeting
a projected southerly extension of the Olympic vein on the western
side of the OMCO fault. The drill hole intercepted argillic
alteration from surface, which transitioned into strong
silification from 45 feet (13.7 metres) down hole. From 45 feet
(13.7 metres) to 100 feet (30.5 metres), silicification was
accompanied by vuggy quartz veining and micro comb quartz
intervals. Beneath this, further argillic alteration was
encountered throughout the hole, interspersed with silicification
and disseminated metal sulphides, until the end of hole at 395 feet
(120.4 metres). It is currently projected that the zone of quartz
veining intercepted between 45 feet (13.7 metres) and 100 feet
(30.5 metres) is analogous to the Olympic Vein along strike to the
northwest, and could well mark its southerly continuation.
The rig has now been moved to the eastern side of the OMCO
fault, to continue the OMCO Mine extension drill programme over
anomalies identified by a magnetometer survey conducted in 2020.
Three further holes in this zone will complete the initial Olympic
Gold Project drilling programme.
Assays and remaining programme
Laboratory assay results from the first four of the six holes
drilled at Trafalgar Hill are expected by the end of this month or
soon after and will be announced when available. Drill cuttings
from the last two holes at Trafalgar Hill, together with OMRC 7
(West Ridge) and OMRC-8 (OMCO Mine extension), are being delivered
to an independent laboratory for assay this week, with results
likely to be available in June. While target structures have been
successfully identified throughout the eight holes drilled to date,
precious metal content cannot be established until the independent
laboratory assays have been completed. Subject to the results of
the laboratory assays, the highly faulted nature of the geology
around the OMCO Mine will require follow-up drilling which the
Company is funded to do, this summer if possible.
Immediately after completing the current Olympic Gold Project
drill programme, the rig will move to the Rock House Group for the
next stage of the 2021 drilling campaign.
Further updates will be issued as information become
available.
Investor Presentation
In order to access and engage with existing and potential
shareholders efficiently, the Company plans to use Investor Meet
Company as part of its wider communications strategy. This is a
digital platform that provides individual investors with similar
direct access to management enjoyed by Institutional Investors
following company announcements.
The Company intends to host its first live presentation on the
Investor Meet Company platform in the coming weeks, once assay
results from the drilling campaign are available. A date and time
will be announced in due course. Investors can sign up to Investor
Meet Company for free via
https://www.investormeetcompany.com/great-western-mining-corporation-plc/register-investor
and add to meet Great Western.
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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