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RNS Number : 9335A
Great Western Mining Corp. plc
08 February 2022
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
Drilling Programme 2022
Great Western Mining Corporation PLC, which is exploring and
developing gold, silver and copper targets in Nevada, today updates
shareholders on its 2022 approved drilling programme. Four drill
targets have been prioritised for the first stage of the 2022 drill
programme, with start-up in early spring as soon as ground
conditions permit.
Highlights
-- 23 holes planned at Trafalgar Hill, OMCO and Rock House
-- Early spring start-up when ground conditions permit
-- Drill programme funded from existing cash reserves
The Olympic Gold Project ("Olympic")
The 825-acre Olympic group of claims is located on the northern
flanks of the Cedar Mountain range in central-east Mineral County,
Nevada. Olympic is a low-sulphidation epithermal banded quartz gold
vein deposit type. At the heart of the claim group is the OMCO Mine
which produced 35,000 tons at 25 g/t Au and 30 g/t Ag between 1918
and 1939 from 900 metres of underground workings, before being
abandoned in the 1940s.
Trafalgar Hill (Olympic)
In 2021, Great Western drilled six holes at Trafalgar Hill,
totalling 4,435 feet (1,352 metres), to test both shallow and deep
levels of the vein and fault system. The drilling resulted in
previously announced high-grade gold intercepts (1.5m at 8.9 g/t Au
and 1.5m at 1.04 g/t Au) in the shallower zone to the south of the
hill. Trafalgar Hill comprises gold-bearing quartz veins with a
corresponding mineralised argillic alteration zone at surface,
proximal to a fault identified by ground magnetometry surveys
carried out by the Company.
The shallow zone mineralisation occurs in the contact zone at
the base of a mafic horizon, confirmed by visual inspection and
chemostratigraphy. Enrichment in gold and silver occurs at this
contact in all six holes, but it was in the southernmost fence,
adjacent to sulphides and elevated manganese concentrations, that
the high grades were identified. The mafic unit dips to the east,
and the mineralisation is interpreted to be following this dipping
contact.
In 2022, five holes totalling 3,310 feet (1,009 metres) will be
drilled to follow-up the encouraging 2021 results, with the aim of
tracking the structure to the south (along-strike) and east
(down-dip) of the existing intercepts. In the deeper zone an
induced polarisation (IP) survey will most likely be carried out
for better target definition prior to further drilling.
OMCO Mine Extension (Olympic)
The principal productive vein at the old OMCO Mine is truncated
by a north-south trending fault. In 2021 Great Western drilled four
holes on the east side of this fault, totalling 3,185 feet (971
metres), with the objective of locating a possible continuation of
the OMCO vein in this area. Any such extension, if located, could
host high gold grades similar to those achieved at the OMCO Mine in
the past. A breakthrough was achieved in 2021 when assays of
cuttings from the drill programme east of the fault established
mineralisation similar in style to the productive OMCO vein.
Further drilling this year will attempt to zone in on the main
target.
The 2022 programme will also test other potential vein
mineralisation in the vicinity of the OMCO Mine.
OMCO Mine South (Olympic)
After reviewing work carried out at the OMCO Mine site by
previous claim holders, Great Western believes that the wall rocks
to the abandoned OMCO Mine vein workings may host appreciable
quantities of gold, not mined during previous operations. In 2022,
this will be addressed by drilling through the mined portions of
the OMCO vein, which has never previously been attempted.
13 holes, expected to total 7,285 feet (2,220 metres), are
planned in the OMCO area.
The Rock House Group (RH)
The Rock House Group covers 6.2 km(2) and contains three
distinct gold and silver targets. Great Western identified these
targets through satellite imagery, desktop research, rock chip
sampling, soil sampling and trenching, prior to first drilling in
2021. Within these three targets, work last year focused on the
Southern Alteration Zone (SAZ), with six holes drilled totalling
1,685 feet (515 metres). Gold was encountered at shallow depths in
multiple holes with best intercepts of 8.02 g/t Au in one hole and
2.29 g/t Au in another (as previously announced).
The stratigraphy and structural settings at RH are similar to
those found in the nearby Candelaria District, which produced
38.5mt at 61 g/t of silver from an open-pit and heap-leaching
operation from 1980 until recent times, as well as high grade ore
from narrow veins mined underground in the late 19(th) and early
20(th) centuries.
Southern Alteration Zone (RH)
The objective of the 2022 programme will be to uncover further
extensions to the identified mineralisation along-strike to the
west and deeper drilling will aim to establish whether the zone
contains significant dip extents. The programme will test a
potential increase in zone thickness and grade where narrow
structures coalesce, either along-strike or down-dip. Five holes
totalling 2,380 feet (725 metres) are planned at RH.
Great Western Chairman Brian Hall commented: "Following our
successful 2021 drill results we have an excellent slate of targets
and are looking forward to starting field work in the spring.
During the winter GWM's team has been working intensely on the
selected prospects and a well-thought out programme reflects the
results of their efforts.
"Rock House had never been drilled prior to 2021 and follow-up
drilling this year will be exciting. At Olympic, Great Western has
a target range of 450,000-1,250,000 oz. gold from a combination of
all the prospects and a successful drill campaign at either the
OMCO Mine Extension or Trafalgar Hill could be transformational for
the company. In addition to the programme announced today, we have
a rich pipeline of further targets to address later in the
year.
We will keep shareholders advised on progress."
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.
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