Great Western Mining Corp. plc M2 JORC Resource Upgrade (6004X)
23 February 2017 - 4:16AM
UK Regulatory
TIDMGWMO
RNS Number : 6004X
Great Western Mining Corp. plc
22 February 2017
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
M2 JORC Resource Upgrade
In 2016 Great Western Mining (AIM: GWMO) commissioned Nevada
based mining engineer Mr. W T Cohan to undertake a JORC Compliant
Scoping Study for the Company's copper-gold exploration target M2.
The scoping study is the first stage in the development of a pilot
heap leach facility on 10 acres of private land owned by GWM in
Marietta, Nevada.
The first stage of the study involved independently verifying
the drill data on M2 and constructing a resource model using mining
engineering software. Mr Cohan has calculated the Inferred Mineral
resource using various cut-off grades as set out in the table
below:
Summary of Mineral Resource Estimate:
Table 1: M2 Prospect - 2017 Inferred Mineral Resource
Category Cut-Off Tonnes Grade Contained
Grade Cu% Metal (tonnes)
---------- ----------- ----------- --------- ----------------
0.159 Cu
Inferred 0.05% 23,127,774 % 36,773
---------- ----------- ----------- --------- ----------------
0.421 Cu
Inferred 0.15% 6,314,008 % 26,582
---------- ----------- ----------- --------- ----------------
0.542 Cu
Inferred 0.20% 4,134,042 % 22,407
---------- ----------- ----------- --------- ----------------
Source: W.T. Cohan, competent person.
The full report including the economic assessment is scheduled
for completion by the end of March.
The current open -pittable M2 Inferred Resource is obtained from
a 795-metre strike length, which the Company has modelled as an
Iron Oxide Copper Gold ("IOCG") "stringer" zone projecting up-dip
from a thicker, more consistent, and higher grade IOCG core hosted
mainly in diorite beneath the Sharktooth peak of Bass mountain. The
favourable geological environment for IOCG mineralistion beneath
Bass mountain is almost 4 km long, over 1 km wide and open to
further south west extension.
The Company looks forward to further updating shareholders once
the Technical Scoping Study has been received, and with the
progress of further field work on M2, scheduled for this
Spring.
Chief Executive, David Fraser commented: "This is a good
resource upgrade from the first stage of the Scoping Study. It is
encouraging to receive such positive results from a relatively
small section of the M2 potential. We look forward to updating
shareholders with the results from the study and as work continues
on M2."
Note 1: W.T. Cohan, competent person, is a Registered
Professional Engineer in the States of Colorado (No.11954), and
Nevada (No.6955), a Registered Geologist in the State of California
(No.2523), and a Registered Water Rights Surveyor in the State of
Nevada (No. 868). Mr. Cohan is a member of the Society of Mining
Engineers AIMME (Legion of Honor), the Canadian Institute of Mining
& Metallurgy, Society of Ground Water Scientists and Engineers
of the National Ground Water Association, and the National Society
of Professional Engineers. Mr. Cohan is a graduate of the South
Dakota School of Mines and Technology, with a degree in Mining
Engineering. Mr. Cohan 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 the
advancement of the M2 Oxide Copper Project. Mr. Cohan has reviewed
and approved the information contained within this
announcement.
ENQUIRIES:
Great Western Mining +44 207 933 8795 (via Walbrook)
Corporation Plc
David Fraser, Chief
Executive
Davy (Nomad, ESM +353 1 679 6363
Adviser & Joint john.frain@davy.ie
Broker) roland.french@davy.ie
John Frain
Roland French
Beaufort Securities
Ltd (Joint Broker)
Jon Belliss
Elliot Hance +44 207 382 8300
Walbrook PR (UK +44 207 933 8795
PR and IR) greatwesternmining@walbrookpr.com
Paul Cornelius
Gary Middelton
Nick Rome
Glossary
Cut-Off Grade The level below which material within an orebody
does not contain sufficient value to economically justify
processing into a final salable form.
Geochemistry Geochemistry is the science
that uses the tools and principles
of chemistry to explain the
mechanisms behind major geological
systems such as the Earth's
crust and its oceans.
Grade Quantity of metal per unit
weight of host rock.
Host rock The rock containing a mineral
or an ore body.
Induced Polarisation An Induced Polarisation/resistivity
survey involves transmitting
a current into the ground using
two electrodes and measuring
the voltage between another
pair of electrodes. Induced
Polarisation (IP) techniques
are especially useful in exploration
for disseminated sulphide mineralisation.
Inferred Mineral The term "inferred mineral
Resource resource" refers to that part
of a mineral
resource for which quantity
and grade or quality can be
estimated on the basis of geological
evidence and limited sampling
and reasonably assumed, but
not verified, geological and
grade continuity. The estimate
is based on limited information
and sampling gathered through
appropriate techniques from
locations such as outcrops,
trenches, pits, workings and
drill holes.
JORC 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.
Jura-Cretaceous Refers to the boundary between
the Jurassic and Cretaceous
geological periods.
Mineral Resource The term "mineral resource"
refers to a concentration or
occurrence of natural, solid,
inorganic or fossilized organic
material in or on the Earth's
crust in such form and quantity
and of such a grade or quality
that it has reasonable prospects
for economic extraction. The
location, quantity, grade,
geological characteristics
and continuity of a mineral
resource are known, estimated
or interpreted from specific
geological evidence and knowledge.
Mineralisation A natural occurrence in rocks
or soil of one or more metal
yielding minerals.
ppm Parts Per Million. This is a way of expressing very dilute concentrations of
substances. Just
as per cent means out of a hundred, so parts per million or ppm means out of a
million. Usually
describes the concentration of something in water or soil.
Reverse Circulation Reverse Circulation Drilling
Drilling (RC) is a technique which allows
for full recuperation of the
soil and rock samples, without
any wall contamination. Performed
by using a triblade, tricone
Stringer Zone or a down-hole hammer, the
samples are evacuated through
the face of the bit into the
inside tube of a dual wall
drill steel so that they never
come in contact with the borehole
wall.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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