Last checked at 29 Jun 2021 07:00
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
COMPLETION OF DRILLING AT THE ROCK HOUSE GROUP ("RH")
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, advises that it has now completed its first-phase drilling programme for gold and silver at the Rock House Group, with six holes drilled at the Southern Alteration Zone ("SAZ") totalling 1,685 feet (515 metres) using a reverse circulation ("RC") rig.
This week the cuttings from these holes will be bagged and trucked to an independent laboratory in the area for assaying.
The SAZ is one of three potential prospects at RH, the others being the Eastern Shear Zone and the Northern Slate Zone. Whilst RH has never previously been drilled, possible mineralisation has been identified through satellite imagery. This was confirmed prior to the commencement of drilling by rock chip sampling, soil sampling and trenching, with minor amounts of gold and silver produced from 'float material' collected on site.
Ongoing Drilling Programme
GWM has now completed the initial RC drilling programme for RH as well as the Olympic Gold Project, previously reported, with a total of 17 holes drilled since mobilisation in April. Once assay results become available, the next phase of follow-up drilling can be determined for later this year.
The current pause in RC drilling will provide the opportunity to commence drilling at Mineral Jackpot and at the M4 copper target, using a small and easily transportable coring rig.
Great Western Executive Chairman Brian Hall commented: "The drilling programmes at both Olympic Gold and RH have been very satisfactorily conducted and completed on time within budget, with no health and safety incidents occurring. Due to a heavy workload stemming from a backlog related to the pandemic, the turn-around time for receiving assay results from the independent laboratory is proving to be longer than expected.
"We will review and publish the results as soon as we have them and they will enable us to plan, prioritise and firm up the next phase of drilling. We look forward to updating the market in due course and will host an investor presentation once the assay results are available."
Qualified Person
Information in this announcement has been reviewed by William Cooper, who is the Chief Geologist and Vice-President Exploration of Great Western Mining Corporation PLC. 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 |
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Brian Hall, Chairman | +44 207 933 8780 |
Max Williams, Finance Director | +44 207 933 8780 |
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Davy (NOMAD, Euronext Growth Adviser & Joint Broker) John Frain |
+353 1 679 6363 |
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Novum Securities (Joint Broker) Jon Belliss |
+44 207 399 9400 |
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ETX Capital (Joint Broker) Thomas Smith |
+44 207 392 1494 |
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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.