TIDMGWMO
RNS Number : 7253S
Great Western Mining Corp. plc
18 July 2022
GREAT WESTERN MINING CORPORATION PLC
(AIM - GWMO, Euronext Growth - 8GW, "Great Western" or the
"Company")
OLYMPIC GOLD DRILLING UPDATE
Great Western is pleased to provide the following update on its
2022 drilling programme at the OMCO Mine area of the Olympic Gold
Project in Mineral County, Nevada where initial results exceed
management expectations.
Following a three-hole drill project at the nearby Trafalgar
Hill prospect, announced by the Company on 13 June, the reverse
circulation (RC) rig was moved to the area of the former OMCO Mine,
which produced gold at grades of 25-30 grams/ton and silver at 30
g/t until the 1940s.
HIGHLIGHTS
-- Ten holes totalling 1,339 metres drilled in the OMCO Mine area
o Assays pending
-- Five of the holes were drilled over parts of the OMCO vein
which had been mapped as unmined but never previously drilled
-- The five holes intercepted quartz chip zones of 1-3 m
thickness at depths ranging from 25 to 45 m, consistent with the
predicted thickness and depth of the vein
-- The remaining five holes delivered visual indications of alteration and veining
-- Four further very shallow holes drilled to evaluate a
stockpile of previously mined material for future processing
Great Western Chairman Brian Hall commented: "The initial
indications from all these holes are very encouraging. By far the
most significant development is the apparent identification of
unmined portions of the OMCO vein itself. Should laboratory
analysis establish grades of gold comparable to those achieved from
material mined in the past at the main OMCO vein, a shallow gold
resource could potentially be defined and expanded in short order,
with minimal additional work. We cannot determine the timing of the
assay results as all the laboratories in the area are currently
overworked but we will update shareholders as soon as they are
available."
SUMMARY
Below is a summary of the targets drilled and the resulting
features of interest:
-- Unmined portions of the main OMCO vein
Five holes, numbered OMRC015, 17, 21, 27 and 28 have now been
drilled into this target. All five holes intersected evidence of
quartz veining at depths consistent with the predicted OMCO vein.
This part of the vein, discovered in 1915 and mined during
1917-1921, historically averaged 25-30 g/t gold and 30 g/t silver
recovered. Maps prepared by previous lease holders identified this
area of 'unmined vein' to the southwest of the main workings, not
drilled until now.
-- Mined portions of the main OMCO vein
The OMCO vein workings are understood to be surrounded by a
potentially mineralised alteration zone. One hole, OMRC016, was
drilled over the mined portions of the OMCO vein to investigate
this envelope, striking a mined void from 24.5 - 27.5 m, with
quartz vein chips and alteration in the 2-3 m above and below this
feature.
-- OMCO vein in host rhyolite, NW of the main workings
Hole OMRC018 investigated the possible presence of the main vein
in this vicinity. Several zones of quartz chips were intercepted,
with coarse fragments and clay alteration from 15--27 m, a depth
which may correlate to the OMCO vein.
-- OMCO vein, east
Hole OMRC019 was drilled directly to the east of the main OMCO
vein on the other side of a north-south fault, which had been the
limit of previous mining activity in the vein when operations
ceased in the 1940s. Quartz vein chips were intersected at 128-144
m and 156-161 m around lithological transitions. In 2021, through
magnetometry and drilling, Great Western identified a low-grade
gold anomaly east of the fault. OMRC019 provides further evidence
of veining in this fault block, closer to the existing workings and
there will be follow-up work on this target in due course.
-- Far southeast target
Hole OMRC020 was targeted to follow up on drilling conducted in
2021 around a magnetic anomaly which identified a weak but
intensifying gold trend in the far southeast of the zone. Mild
pyrite impregnation was identified from 113-273 m, with local 10-20
m zones of pyrite veinlets occurring within that interval.
-- Mid Ridge
Hole OMRC026 was drilled directly west of the mine site on a
north-south ridge which features several silicified horizons at
surface. This ridge had not previously been drilled. Silicification
and some quartz vein chips occurred between 24-32 m and another
zone of quartz was encountered at 133-148 m, possibly correlating
to the OMCO and Lower Veins respectively.
-- Mineralised stockpile
In addition to the mineralised tailings pads at the OMCO Mine
site which the Company plans to exploit, there is a substantial
stockpile of coarse mined material near the headframe of the mine.
Grab samples have confirmed that this contains both mineralised and
unmineralised clasts. Four short holes (OMRC022-25) have been
drilled into this pile and six 20 kg bulk samples taken from
different locations on the surface and flanks. Depending on assay
results, this stockpile may be treated for recovery of gold and
silver through the Company's proposed process plant.
Drill cuttings for all these holes in the OMCO Mine area are
being assayed at a laboratory, results of which will be announced
when available.
The RC rig has now moved to the Mineral Jackpot target group, to
undertake the first holes ever drilled at those prospects. This has
been made possible with a conventional drill rig following the
Company's upgrade of the 14 km mountain access road earlier this
year.
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.
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 Listing
Sponsor & Joint Broker)
Brian Garrahy +353 1 679 6363
Novum Securities (Joint Broker)
Jon Belliss +44 207 399 9400
Walbrook PR (PR advisers)
Nick Rome +44 207 933 8783
Notes to Editors
The Company has a large acreage position in Mineral County,
Nevada. Much of the area consists of rugged, mountainous terrain,
large parts of which are 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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END
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