Great Western Mining Corp. plc Operations Update (1438X)
25 August 2022 - 4:00PM
UK Regulatory
TIDMGWMO
RNS Number : 1438X
Great Western Mining Corp. plc
25 August 2022
GREAT WESTERN MINING CORPORATION PLC
(AIM - GWMO, Euronext Growth - 8GW, "Great Western" or "the
Company")
OPERATIONS UPDATE
Great Western Mining Corporation PLC provides the following
update on its operations in Mineral County, Nevada.
MINERAL PROCESSING JOINT VENTURE
The Company's processing joint venture project is making good
progress. A project manager has been appointed and the first stage
design of a processing mill for secondary recovery of gold and
silver from mining waste is now complete and will shortly be
reviewed by an independent engineer prior to formal sign-off. The
initial phase of the project will consist of gravity separation,
followed by a contained leaching operation for tailings.
Independent certification of the design and formalisation of the
processing joint venture agreement are expected in the coming
weeks, following which a detailed application to construct and
operate the mill will be submitted to the state of Nevada. The mill
and associated facilities will have sufficient capacity to
accommodate all known mining waste on claims held by the joint
venture partners, with excess capacity to handle any additional
material acquired from third parties in the area.
ASSAY RESULTS FOR 2022 DRILL PROGRAMME
Great Western has this summer completed a programme of twenty
four holes totalling 2,798 metres drilled depth over four separate
prospects and has lodged cuttings at two separate laboratories for
assay and certification. Results are expected to start arriving in
September and will be announced when available. The Company's next
phase of exploration and development will be planned around these
results.
COMPLETION OF RECLAMATION PROGRAMME
A land reclamation programme covering the Rock House group, the
Black Mountain group and the Olympic Gold Project was completed in
August. There are strict limits on how much ground may be disturbed
at any one time for exploration and, by restoring drill sites to
their original condition, Great Western is fulfilling its
obligations under surface management regulations while freeing up
potential acreage for a 2023 drilling programme.
Upon official acceptance of the reclamation works, cash-backed
bonds lodged by the Company against future performance may either
be reclaimed in cash or applied as surety against future
exploration.
Great Western Chairman Brian Hall commented: "Our drilling
programme was conducted effectively, on time and under budget with
encouraging signs of mineralisation so we share investors'
frustration at the delays in securing assay results, which appears
to be an industry-wide problem in the area. We will announce the
assay results as soon as available and in the meantime we are
making good progress on the processing joint venture. We anticipate
a busy and productive remainder of the year and will keep
shareholders updated."
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. 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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END
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