TIDMGWMO
RNS Number : 6676J
Great Western Mining Corp. plc
25 August 2021
GREAT WESTERN MINING CORPORATION PLC
("Great Western" or the "Company")
ROCK HOUSE AND OLYMPIC GOLD PROJECT DRILLING RESULTS
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW), which is exploring and developing gold, silver and
copper targets in Nevada, is pleased to announce the results of
recent drilling at the Rock House and Olympic Gold projects.
-- Major gold breakthrough at Rock House in virgin territory
-- Best intercepts of 8.02 grams gold per tonne and 2.29 grams gold per tonne
-- Continuation of OMCO vein identified at Olympic Gold east of faulted zone, as predicted
-- Reportable gold intercepts returned west of the OMCO fault
This drilling campaign is a continuation of Great Western's
ongoing efforts to establish a significant resource base over a
wide area which has been the subject of major high-grade mining in
the past.
The Company has previously set a resource exploration target of
25,000-75,000 ounces gold for Rock House and a separate resource
exploration target of 450,000-1,200,000 ounces gold for
Olympic.
Note 1 - g/t = grams per metric tonne, equivalent to parts per
million
Note 2 - All intervals are quoted as downhole length - true
widths are not known at this time
Great Western Chairman Brian Hall commented: "At the Rock House
Project, the Southern Alteration Zone (SAZ) results represent a
major breakthrough for the Company in virgin territory, which we
will be following up as soon as possible. The SAZ is only one of
three prospects at Rock House and the other two have yet to be
drilled.
"We are also extremely encouraged by our progress at Olympic
Gold. Olympic has been explored by several companies since the
highly productive OMCO gold vein was abandoned nearly 80 years ago,
but in little over a year our drilling campaign has achieved much
more than those of our predecessors. We now have a greatly improved
understanding of the geological setting and structures involved in
the OMCO mineralisation and we will use this additional information
to zero in on what we believe to be a significant gold exploration
opportunity.
"We are currently planning and permitting the second phase of
drilling for which we are well funded."
ROCK HOUSE GROUP
SOUTHERN ALTERATION ZONE
-- First ever exploration drilling encountered gold at shallow
depths in multiple holes
-- Best intercepts 8.02 grams/tonne and 2.29 grams/tonne
respectively
-- Further drill locations now clearly sign-posted
Final assay results from drilling at the SAZ prospect have now
been received. The SAZ is one of three prospects identified by
Great Western's team through analysis of satellite imagery and desk
top studies at the Rock House Project, none of which has previously
been explored or exploited.
Following initial soil sampling and trenching at the prospect,
six holes have been drilled at the SAZ this summer, as reported to
shareholders on 29 June, to test a shear vein target. Drilling
results have clearly established the prospectivity of the SAZ for
gold at shallow depths as set out in table one below. Best
intercepts are (1) 1.52 metres at 8.02 g/t gold from 97.53 metres
downhole in hole RHRC006 and (2) 1.52 metres at 2.29 g/t gold from
28.95 metres downhole in hole RHRC007.
Follow-up drilling is needed to uncover further extensions along
strike to the west, while deeper drilling beneath holes RHRC006 and
RHRC007 will aim to establish whether the zones contain significant
dip extents. The greatest potential appears to be for an increase
in zone thickness and grade upon the coalescing of narrow
structures, either along strike or down dip, which the next phase
of drilling will be designed to test.
Table 1 : SAZ gold Intercepts greater than 0.10 g/t
Hole Collar Collar Collar Azimuth Dip From To (metres) Interval Gold
ID Easting Northing Elevation (metres) (metres) (Au)
(NAD83) (NAD83) (metres) (g/t)
RHRC001 379,030 4,221,925 1,670 0 -60 79.24 80.77 1.53 0.18
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
RHRC002 379,030 4,221,950 1,680 180 -60 No Significant Intercepts
--------- ----------- ----------- -------- ---- ---------------------------------------------
RHRC004 379,000 4,221,925 1,675 0 -60 77.72 80.77 3.05 0.16
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
91.44 92.96 1.52 0.14
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
97.53 99.06 1.52 0.16
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
RHRC005 379,000 4,221,975 1,690 180 -60 27.43 28.95 1.52 0.11
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
47.24 48.77 1.52 0.13
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
92.96 94.48 1.52 0.24
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
RHRC006 378,950 4,221,925 1,676 0 -60 13.72 15.24 1.52 0.10
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
30.48 32 1.52 0.58
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
50.29 51.81 1.52 0.10
---------- ------------ ---------- -------
89.91 94.48 4.57 0.58
---------- ------------ ---------- -------
97.53 99.06 1.52 8.02
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
RHRC007 378,950 4,221,975 1,689 180 -60 28.95 30.48 1.52 2.29
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
33.53 36.57 3.04 0.17
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
62.48 68.58 6.10 0.16
---------- ------------ ---------- -------
71.62 74.67 3.05 0.20
---------- ------------ ---------- -------
86.86 88.39 1.52 0.12
--------- ----------- ----------- -------- ---- ---------- ------------ ---------- -------
OLYMPIC GOLD PROJECT
OMCO MINE AREA
-- Analysis of mineralisation in two holes indicates
continuation of the OMCO Mine vein to east of a north-south
fault
-- Further drill locations provisionally planned (1) to
northeast of existing holes and (2) close to the fault and directly
opposite the previously-mined high grade vein, to pinpoint its
continuation
-- Two holes drilled to west of the fault and close to the
abandoned OMCO Mine delivered reportable grades of gold and a
follow-up hole will be drilled between them.
At the Olympic Gold Project, final assay results have now been
received in respect of four holes drilled in the vicinity of the
abandoned OMCO Mine which produced gold at high grades until the
1940s. Drilling targeted (1) unexploited veins adjacent to the OMCO
Mine and (2) a possible extension of the principal vein at the OMCO
Mine, east of a north-south trending fault which was the limit of
mining operations in the past.
Hole OMRC008 was drilled 200 metres south of the OMCO mine
headframe to test a faulted section of the OMCO vein and also a
potential deeper vein. Reportable gold values have been established
in the deeper section which are tabulated below. From 6 to 12
metres down hole, significant voids were encountered which indicate
past underground mining activity and GWM considers that these
workings were exploiting a continuation of the main OMCO vein.
Follow up drilling will pursue this lead.
Hole OMRC009 was drilled 400 metres southeast of hole OMRC008
and is the most westerly of three holes designed to test the ground
east of the OMCO fault, in the vicinity of a magnetic high
established during a recent magnetometer survey. However,
geological logging of drill cuttings indicates that the fault
deviates further to the east than expected in this area and OMRC009
lies to the west of the OMCO fault. Vein mineralisation encountered
downhole, with intercepts as shown in Table Two below, are aligned
with the vein intercepts seen in hole OMRC008, on the western side
of the fault. The vein intercept in hole OMRC009 from 51.8 metres
downhole aligns with the strike continuation of the OMCO vein and
the old mine workings encountered in hole OMRC008. Further drilling
will test the ground between the two holes to verify this
interpretation and to determine whether the vein identified has
richer grades nearer to the OMCO Mine.
Holes OMRC010 and OMRC011 were drilled to the northeast of hole
OMRC009. Geological analysis of the drill cuttings indicates that
both these holes were drilled east of the OMCO fault zone as
planned and the target felsic host unit was intercepted at depth in
both of them. Broad zones of sulphide alteration with variable
quartz veining and silicification were logged over an 80-90
metre-wide shear zone in both holes, with a best result of 10.7
metres at 0.13 g/t gold from 217.9 metres downhole in hole OMRC011.
The continuation of the OMCO vein east of the north-south fault has
not yet been directly encountered, but these two holes have
successfully proved that mineralisation is present east of the OMCO
fault, buried beneath later cover. Three follow-up holes east of
the OMCO fault are scheduled for the next phase of drilling, aiming
for both the sulphide zone in the vicinity of the existing holes,
together with targets directly east of the former OMCO Mine
headframe.
Table 2 : OMCO East gold Intercepts greater than 0.10 g/t
Hole ID Collar Collar Collar Azimuth Dip From To Interval Gold
Easting Northing Elevation (metres) (metres) (metres) (Au)
(NAD83) (NAD83) (metres) (g/t)
OMRC008 422,358 4,273,459 1,837 270 -60 38.1 39.6 1.5 0.11
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
42.7 44.2 1.5 0.12
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
67.1 68.6 1.5 0.11
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
OMRC009 422,658 4,273,199 1,859 90 -90 51.8 54.9 3.0 0.12
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
112.8 115.8 3.0 0.1
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
129.5 131.1 1.5 0.11
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
OMRC010 422,766 4,273,299 1,844 90 -90 No Significant Intercepts
--------- ---------- ----------- -------- ---- -------------------------------------------
OMRC011 422,978 4,273,374 1,836 90 -90 179.8 185.9 6.1 0.10
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
192.0 195.0 3.0 0.14
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
199.6 201.2 1.5 0.11
---------- ---------- ---------- -------
217.9 228.6 10.7 0.12
---------- ---------- ---------- -------
263.7 265.2 1.5 0.12
--------- ---------- ----------- -------- ---- ---------- ---------- ---------- -------
Spoil heaps
Work continues on commercialisation of the spoil heaps at the
Mineral Jackpot group of old mines and concurrently the commercial
potential of leaching substantial tailings heaps at the OMCO Mine
for future gold production is being assessed, with samples
currently under analysis at an independent laboratory.
Investor Presentation
With results of the first phase drilling campaign now available,
the Company will shortly announce the timing of its planned
Investor Meet Company presentation and will update shareholders
further in due course. Investors can sign up to Investor Meet
Company at no charge via
http://www.investormeetcompany.com/great-western-mining-corporation-plc/register.
Qualified Person
Information in this announcement has been reviewed by William
Cooper, who 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.
MARs Statement
This press release contains inside information as defined in
Article 7(1) of the Market Abuse Regulations
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 at 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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