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Great Western Mining - Operational Update

RNS Number : 2798Y
Great Western Mining Corp. plc
08 September 2020
 

GREAT WESTERN MINING CORPORATION PLC

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

 

Operational Update and Company Presentation

 

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), the mineral exploration and development company with gold, silver and copper assets in Nevada, USA, today provides an update on current operations and plans for the remainder of the year.  An up to date company presentation has now been posted to the Company website www.greatwesternmining.com/media-centre/presentations This presentation contains new information.

 

Highlights

·    Aiming to produce first gold from the Mineral Jackpot processing operation this year

·    Ultimate target 0.5 to 1.5 million ounces gold across all prospects in Mineral County, Nevada (see note 1. below)

·    2020 programme funded

 

Mineral Jackpot Group

The access road to the site was upgraded in August and an excavator will take bulk grab samples from a selection of the 38 existing spoil heaps at Mineral Jackpot, all of which have potential for precious metals recovery and roughly half of which are now already accessible for vehicles.  Based on analysis of the bulk samples, a first consignment of material will be offloaded for processing.  Timing depends on equipment and contractor availability.  As well as the spoil heap processing, drilling will be carried out to follow veins identified by sampling, using a small mobile rig, subject to availability.

 

RH Group (Rock House)

Trenching was completed in August and samples from intersected potential veins have now been trucked to a laboratory for analysis, results of which are expected to be available  within a month and form the basis of determining follow-up bore hole locations.

 

Olympic Gold Project

A contract for a Magnetometer and associated equipment has now been signed and this was delivered to site last week.  A Magnetometer survey will be searching for the continuation of a prolific vein at the historic OMCO Mine vein, on the eastern side of a fault at which previous mining operations were terminated in the late 1930s.  Magnetometer surveys will also be carried out on other prospects at the Olympic Gold Project.  Once complete, the Magnetometer will be mobilised to the RH Group to survey all the main prospects there.  All the Magnetometer surveys are scheduled for completion in the next month but the likely timing of the results cannot yet be predicted.

 

Other Projects

While the above three projects have been prioritised for the remainder of this year, the Company has several other precious metal and base metal projects which are of high interest.  In the event of delays occurring beyond the Company's control, any idle time may be used to work on the JS Group, the TUN Group and/or the Huntoon Valley which are all prospective for gold mineralisation and the EM Group which is prospective for copper.

 

Note 1: The potential quantity and grade of gold is conceptual in nature, there has so far been insufficient exploration to define mineral resources and it is uncertain if further exploration will result in the determination of mineral resources.

 

Great Western Executive Chairman Brian Hall commented:  "We have made much more progress than seemed likely earlier in this difficult year, thanks to excellent trans-Atlantic cooperation between our specialist teams.  While there can be no guarantees, our aim is to produce first gold for sale from the Mineral Jackpot processing operation this year and, if successful, we will then instigate a longer term project for sustained revenues.  Our seven projects in Nevada ensure that we will have plenty to keep us busy for the foreseeable future and the 2020 programme is funded.  We will keep shareholders advised." 

 

Qualified Person

Information in this announcement has been reviewed by William Cooper, who is the Chief Geologist and Vice-President Exploration of Great Western.  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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