Great Western Mining Corp. plc OMCO Mine Tailings Results (5723U)
06 December 2021 - 06:00PM
UK Regulatory
TIDMGWMO
RNS Number : 5723U
Great Western Mining Corp. plc
06 December 2021
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
OMCO Mine Tailings results
Results Exceed Expectations
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW), which is exploring and developing gold, silver and
copper targets in Nevada, announces the results of an independent
assay of tailings material at the OMCO Mine situated on the Olympic
Gold Project in Mineral County, where the Company operates under an
option-to-purchase agreement.
Highlights
-- 12 holes intersected elevated gold grades throughout the tailings material
-- 67 individual assays with average grades of 1.25 g/t, in a range of 0.17 g/t - 3.76 g/t
-- Tailings thicker than expected.
Twelve auger holes were drilled into the tailings heaps at the
OMCO Mine, laid out in six two-hole profiles arranged at 20-30m
intervals along its north-northwest trending axis to provide the
fullest practical sample coverage. Drill cuttings were sent to an
independent laboratory in Nevada for fire assay and the results
have now been received (Table 1). Great Western is very pleased
with these results which show a broad distribution of consistent
gold grades at the drilled positions.
Table 1 . Results from auger drilling of tailings pads at the
OMCO Mine. All holes were vertical into flat lying tailings
material. Intercepts shown are true thicknesses. Gold values shown
are length-weighted averages for all samples in tailings material
from each hole.
Hole From To Interval From To Interval Avg.
ID (ft) (ft) (ft) (m) (m) (m) Au (g/t)
OMA001 0 21 21 0 6.40 6.40 1.46
------ ------ --------- ----- ----- --------- ----------
OMA002 0 16 16 0 4.88 4.88 1.48
------ ------ --------- ----- ----- --------- ----------
OMA003 0 12 12 0 3.66 3.66 0.67
------ ------ --------- ----- ----- --------- ----------
OMA004 0 8 8 0 2.44 2.44 0.78
------ ------ --------- ----- ----- --------- ----------
OMA005 0 20 20 0 6.10 6.10 1.48
------ ------ --------- ----- ----- --------- ----------
OMA006 0 18 18 0 5.49 5.49 1.44
------ ------ --------- ----- ----- --------- ----------
OMA007 0 10 10 0 3.05 3.05 1.28
------ ------ --------- ----- ----- --------- ----------
OMA008 0 6 6 0 1.83 1.83 1.56
------ ------ --------- ----- ----- --------- ----------
OMA009 0 4 4 0 1.22 1.22 0.44
------ ------ --------- ----- ----- --------- ----------
OMA010 0 8 8 0 2.44 2.44 1.88
------ ------ --------- ----- ----- --------- ----------
OMA011 0 5 5 0 1.52 1.52 1.26
------ ------ --------- ----- ----- --------- ----------
OMA012 0 7 7 0 2.13 2.13 1.06
------ ------ --------- ----- ----- --------- ----------
Using the new data, the Company can now model the shape of the
underlying land surface to provide a fair estimate of the amount of
material which will be available for processing. Pre-drill
calculations by the Company had assumed an average tailings
thickness of two metres, whereas average recorded drill depths were
well in excess of three metres and one hole recorded a thickness of
over six metres, providing confidence that the ultimate measured
volume will exceed initial expectations.
Great Western Chairman Brian Hall commented: "The independent
assay results of this large volume of pre-mined material are far
ahead of our expectations and an important milestone in
establishing the basis for a commercial processing operation on a
much larger scale than envisaged at Mineral Jackpot alone. We are
carefully reviewing processing options, including contained cyanide
leaching, and looking at the potential economies of creating a
combined facility for the processing of OMCO tailings and the spoil
material from the Mineral Jackpot claims. We will keep shareholders
informed at every stage".
Competent Person Statement: The information in this announcement
that relates to exploration results is based on information
reviewed by Dr James Blight MGeol PhD MAusIMM (CP) who is
Exploration Manager of Great Western Mining PLC. Dr Blight has
requisite experience relevant to the style of mineralisation and
type of deposit under consideration, and to the activity which he
is undertaking, to qualify as a "Competent Person" as defined in
the 2012 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves'. Dr Blight
is also a "Qualified Person" as defined in the "Note for Mining and
Oil & Gas Companies" which form part of the AIM Rules for
Companies. Dr Blight has reviewed and consented to the inclusion in
the announcement of the information in the form and context in
which it appears.
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
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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBUBDDBXGDGBX
(END) Dow Jones Newswires
December 06, 2021 02:00 ET (07:00 GMT)
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Mar 2023 to Mar 2024