Source - LSE Regulatory
RNS Number : 7898W
Great Western Mining Corp. plc
28 April 2021
 

GREAT WESTERN MINING CORPORATION PLC

("Great Western", "GWM" or the "Company")

 

DRILLING UPDATE

 

OLYMPIC GOLD PROJECT

 

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing multiple early-stage gold, silver and copper targets in Nevada, USA, provides the following update on its ongoing drilling programme in Mineral County, Nevada.

 

Highlights

·    Drilling has progressed rapidly

·    Four holes have been completed at Trafalgar Hill

Positive initial indications of structure and strike length

·    The fifth of a 6-hole programme is currently in progress

·    Following completion at Trafalgar Hill, the rig will move to the West Ridge prospect, then to the Omco Mine Extension prospect

 

A Reverse Circulation ('RC') drilling rig was mobilised to the Company's Trafalgar Hill prospect at the Olympic Gold Project earlier this month, as reported to shareholders on 16 April.  Since then, drilling has progressed rapidly with high rates of penetration and the first 10-day roster achieved 2,455 feet (748 metres), at an average rate of 300 feet (91 metres) per drilling day. 

 

Four holes have now been completed at Trafalgar Hill, with initial indications that the main shallow target structure has been intercepted in all of them, providing a potential strike length of at least 300 metres and a continuation down dip of over 100 metres.  This shallow structure, which remains open in all directions, is a breccia zone focused on an east dipping fault.  The same structure has previously been mined for gold on a small scale near surface, on the eastern side of Trafalgar Hill. 

 

The northernmost hole drilled to date has also intercepted the Company's deeper target in the footwall of this breccia zone.  The deeper target is a disseminated zone, likely to be much more extensive than the shallow target but possibly lower grade material.  It appears to fade out to the south but is open to the north and this may be targeted in a follow-up drill programme.

 

Cuttings from each of the four holes drilled to date are being delivered to an independent laboratory for assay and the results will be published as soon as known, precise timing of which is outside the Company's control.  While target structures have been identified, precious metal content cannot be established until the independent laboratory assays have been completed.

 

A new 10-day drill roster has now commenced at Trafalgar Hill and the fifth of a 6-hole programme is in progress.  Once the Trafalgar Hill programme has been completed, the rig will move to the close-by West Ridge prospect, then to the Omco Mine Extension prospect.

 

Separately, the small coring rig under contract has now been tested, as a consequence of which some modifications are being undertaken to handle the subsurface conditions at the M4 copper prospect.  Drilling with this rig will continue once the modifications are complete.

 

Executive Chairman Brian Hall commented: "This is an excellent start to our busy 2021 work season, with the speed and efficiency of drilling providing a strong cornerstone for the year ahead. We look forward to providing updates whenever we have significant progress and results to report."

 

Qualified Person

Information in this announcement has been reviewed by William Cooper, who is the Chief Geologist and Exploration Manager of Great Western Mining.  He 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.

 

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 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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