Great Western Mining Corp. plc M4 Update (6258S)
12 March 2019 - 11:34PM
UK Regulatory
TIDMGWMO
RNS Number : 6258S
Great Western Mining Corp. plc
12 March 2019
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
M4 Update
Great Western Mining (AIM: GWMO; Euronext Growth: 8GW) is
pleased to announce that assay results received on the sixth hole
drilled on the M4 Copper-Gold Project, M4-06, have now been
received. Significant gold was encountered from the surface in
tandem with elevated copper readings of 484ppm Cu and 361ppm
Cu:
Table 1. Gold Intersects > 0.1 ppm
From (metres) To (metres) Interval (metres) Gold (Au) ppm
0 4.27 4.27 0.137
------------ ------------------ --------------
The large breccia vein encountered in M4-05 runs parallel to
M4-06 in a NW-SE direction. The elevated copper readings found at
surface in M4-06, along with similar elevated readings found in
holes M4-04 and M4-05, point to a diffuse expression of both the
breccia vein and other copper oxide vein mineralisation identified
in surface mapping. The breccia vein encountered in M4-05 remains
open in all directions.
A magnetic low at M4 points to magnetite destruction which can
be a reliable indicator of hydrothermal fluid activity. Analysis of
hyperspectral imagery from "ASTER" studies and Induced Polarisation
("IP") studies strongly suggest the presence of metal sulphides at
depth beneath a silica cap, a common feature of epithermal
deposits. The Company believes that the breccia vein intercepted at
M4-05, along with the other veins mapped at surface, could be
offshoot structures in the roof of a buried sulphide ore body.
GWM is currently awaiting United States Forest Service ("USFS")
permit approval (currently expected May 2019) for follow up
drilling on M4 to test both the lateral and down dip extent of the
breccia vein. Further drilling is now being planned to test the
buried IP anomaly at M4.
Chief Executive, David Fraser commented: "In preparation for the
recommencement of drilling GWM has planned an aggressive Spring
field campaign of geological mapping and sampling commencing at the
beginning of April. In the Summer a drill programme on M4 will
follow up on the successful results of 2018, while at M2 the Spring
campaign will finalise the best route to return to test the
Sharktooth target. The Company also provisionally plans a first
drill campaign on the Mineral Jackpot Gold-Silver target (M3)
subject to permit approval from the US Bureau of Land Management
("BLM"). 2019 promises to be a busy and exciting year for Great
Western Mining and as always we will keep shareholders updated as
news becomes available."
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 a Fellow of the Geological Society of
London (FGS), 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.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Note: ppm = parts per million
ENQUIRIES:
Great Western Mining Corporation PLC +44 207 933 8795 (via Walbrook)
David Fraser, Chief Executive
Davy (Nomad, Euronext Growth Adviser
& Broker)
John Frain
Matthew De Vere White +353 1 679 6363
Novum Securities Limited (Joint Broker)
Jon Belliss +44 207 399 9400
Walbrook PR (UK PR and IR) +44 207 933 8795
Paul Cornelius greatwesternmining@walbrookpr.com
Nick Rome
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.
END
DRLUUOURKAAOAAR
(END) Dow Jones Newswires
March 12, 2019 08:34 ET (12:34 GMT)
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Apr 2024 to May 2024
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From May 2023 to May 2024