TIDMGWMO
RNS Number : 6812T
Great Western Mining Corp. plc
22 July 2020
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
Olympic Gold Project Further Update
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW) provides a progress report on its recently acquired
option over the Olympic Gold Project in Nevada where further
targeted surface sample assays taken by exploration personnel have
now been successfully analysed in an independent laboratory, with
positive results.
Results of sampling at the OMCO Mine Extension target were
reported to shareholders on 9 July and initial work has now been
completed on three further targets in the area:
-- Trafalgar Hill
-- West Ridge
-- Rhyolite Dome
Preliminary results are set out below:
Trafalgar Hill
The Trafalgar Hill target is centred around a small adit on the
side of Trafalgar Hill where Great Western's selective sampling of
a spoil heap has yielded gold grades of up to 24.20 ppm, as set out
in Table 1 below:
UTM NAD83 (m)
Sample Easting Northing Location Au (ppm) Ag (ppm)
------------- ---------------
Trafalgar Hill - Adit
567209 421,086 4,273,785 T2 dump 24.20 12.40
------------- --------------- ----------------------- ----------- -----------
Trafalgar Hill - north
567212 421,020 4,273,820 outcrop 0.05 <0.30
------------- --------------- ----------------------- ----------- -----------
Trafalgar Hill - south
567213 421,033 4,273,697 of summit 0.07 0.90
------------- --------------- ----------------------- ----------- -----------
Trafalgar Hill - Shaft
567214 421,072 4,273,608 T5 dump 0.01 <0.30
------------- --------------- ----------------------- ----------- -----------
Table 1 Selective sampling results from the Trafalgar Hill
prospect.
Trafalgar Hill Trafalgar Hill is an area of light volcanic rock,
subsequently altered by a significant influx of silica, resulting
in a pale, hard, resistant unit. Great Western considers that the
vein exploited in the past from the small adit could be significant
and ranks it as a strong target for follow up. As this vein has
been worked previously, its orientation may be inferred to a
reasonable degree of accuracy, meaning that it is effectively
drill-ready without the need for further preliminary work.
West Ridge
Selective sampling conducted at the target area found anomalous
gold and silver assays, see Table 2 below, with a best result of
1.47 ppm gold taken from quartz vein material at a spoil heap.
There are few outcrops to be seen but dump material implies that
alteration at West Ridge is mixed, with a combination of green
propylitic alteration occurring in the spoil heaps and
silicification evident. The combination of epithermal vein textures
and anomalous gold-silver assays is very encouraging, so follow-up
mapping and soil sampling will be carried out to establish vein
targets for drill-testing.
UTM NAD83 (m)
Sample Easting Northing Location Au (ppm) Ag (ppm)
------------- ---------------
567215 421,713 4,273,348 Target 4 - Shaft 402 dump 0.72 6.50
------------- --------------- -------------------------- ----------- -----------
567216 421,713 4,273,348 Target 4 - Shaft 402 dump 1.47 4.90
------------- --------------- -------------------------- ----------- -----------
Target 4 - vein 30 m NE
567217 421,725 4,273,362 of Shaft 402 0.71 1.50
------------- --------------- -------------------------- ----------- -----------
567220 421,683 4,273,321 Target 4 - Adit 403 dump 0.42 4.00
------------- --------------- -------------------------- ----------- -----------
Table 2 Selective sampling results from the West Ridge
prospect.
Rhyolite Dome
The Rhyolite Dome prospect is located at the south-east end of
the Olympic Gold Project claim area, occurring within a
heavily-altered felsic unit. Silicification is pervasive, along
with other minor alteration styles. A buried breccia target occurs
beneath the postulated dome structure, where selective sampling
around the dome produced anomalous results, see Table 3. The target
zone does not crop out on surface, and so drilling is required in
order to test it thoroughly.
UTM NAD83 (m)
Sample Easting Northing Location Au (ppm) Ag (ppm)
------------- ---------------
567218 423,449 4,272,027 Rhyolite Dome - dump 0.02 <0.30
------------- --------------- ------------------------ ----------- -----------
567219 423,449 4,272,027 Rhyolite Dome - dump 0.26 2.50
------------- --------------- ------------------------ ----------- -----------
Rhyolite Dome - quartz
567221 423,389 4,271,921 ledge 0.04 3.00
------------- --------------- ------------------------ ----------- -----------
Rhyolite Dome - altered
567222 423,439 4,271,996 outcrop 0.02 0.40
------------- --------------- ------------------------ ----------- -----------
Table 3 Selective sampling results from the Rhyolite Dome
prospect .
The above information has been reviewed by William Cooper, who
is the Vice-President Exploration of Great Western Mining
Corporation PLC. 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.
Great Western Executive Chairman Brian Hall commented: "Together
with the sampling exercise on the OMCO Mine Extension already
reported, this completes our initial assessment of the four main
targets so far identified at the Olympic Gold Project. The next
stage will be a magnetic survey over the OMCO Mine Extension to try
to identify mineralisation on the other side of a fault from the
original successful gold workings, which produced over 35,000 oz.
gold in the first half of the 20(th) century from high grade rocks.
In parallel with this, we expect to use the same contractor to
carry out a magnetic survey over part of the RH Group, where soil
sampling in late 2019 established gold and silver potential in an
area never previously mined. At Mineral Jackpot, we are looking
into the option of using a light mobile rig to drill directly into
veins which we have already mapped, by-passing the need to drill
trenches prior to drilling. Such a rig could potentially be used to
assess the ancient spoil heaps at Mineral Jackpot, which we are
planning to leach for gold and silver. Due to current
trans-Atlantic travel restrictions, we have engaged with local
specialist personnel and are now moving forward strongly with our
2020 programme, funded by our recent share placings."
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
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END
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