Last checked at 23 Nov 2017 07:00
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
M1 Update
Great Western Mining (AIM: GWMO) is pleased to provide the following update on its M1 Copper-Gold prospect and other operations in Mineral County, Nevada, USA.
The M1 prospect consists of 164 full and 12 fractional claims covering approximately 15km². In 2016 the Company entered into a Cooperation Agreement with Crown Point Gold & Silver LLC ("Crown Point") for the exploration of 34 of these claims. As part of a drilling programme this summer GWM paid for two diamond core drill-holes, 100 metres apart, to explore an area of anomalous gold mineralisation straddling the border of the Company's property with Crown Point's. Ground conditions made core recovery difficult, and in some places the core was fractured. Anomalous gold intersects were found in both holes.
The table below provides a summary of gold intersects.
Table 1-Gold Intersects
Hole | From (metres) | To (metres) | Interval (metres) | Gold Grade (ppb) |
No.1 | 67.7 | 70.4 | 2.7 | 1528 |
No.1 | 75.9 | 79.00 | 3.1 | 1187 |
No.2 | 111.3 | 112.8 | 1.5 | 464 |
No.2 | 146.3 | 147.8 | 1.5 | 556 |
No.2 | 172.2 | 173.7 | 1.5 | 483 |
Anomalous copper intersects were found in both holes. Hole 2 had four separate intersects of greater than 0.11% Cu, while Hole 1 had a high copper intersect of 0.62% Cu.
The table below provides a summary of copper intersects.
Table 2-Copper Intersects
Hole | From (metres) | To (metres) | Interval (metres) | Copper Grade (ppm) |
No.1 | 12.00 | 13.6 | 1.6 | 6156 |
No.2 | 111.3 | 112.8 | 1.5 | 1127 |
No.2 | 118.9 | 120.4 | 1.5 | 1595 |
No.2 | 146.3 | 147.8 | 1.5 | 1160 |
No.2 | 172.2 | 173.7 | 1.5 | 1136 |
The copper indications are very encouraging as these holes are located over 1,500 metres from the copper oxide drill target already identified at M1, within 132 GWM claims which lie outside the scope of the Crown Point agreement. The Company is considering potential drill-hole locations on the SE border with Crown Point's property to test for further copper mineralisation.
GWM is currently in discussions with Crown Point for the establishment of a jointly-operated gold and silver ore crushing and processing facility on GWM-owned land at Marietta, Nevada. This facility would operate as a "Small Miner/Pilot Plant" as regulated by the Nevada Department of Environmental Protection (NDEP) Bureau of Mining Regulation and Reclamation (BMRR). The discussions to date anticipate a two-phase process whereby the gravity circuit and flotation mill would be installed in Phase 1 prior to the installation of acid leach pads in Phase 2. The objective of this project is to yield first revenues for GWM from its Nevada operations.
Chief Executive, David Fraser commented: "Our summer programme on M1 has yielded fruitful results. We have been able to correlate the geological characteristics of M1 with M2, where we have already done extensive work. Additionally, on M1 we have now established a third copper target, while the two boreholes drilled with Crown Point have encountered anomalous gold intercepts. The proposed processing plant at Marietta should launch the Company into its next phase of operations and we will continue to keep shareholders updated."
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
ENQUIRIES:
Great Western Mining Corporation Plc David Fraser, Chief Executive
| +44 207 933 8795 (via Walbrook) | |
Davy (Nomad, ESM Adviser & Joint Broker) John Frain
| +353 1 679 6363
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Beaufort Securities Ltd (Joint Broker) Jon Belliss Elliot Hance
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+44 207 382 8300 | |
Walbrook PR (UK PR and IR) Paul Cornelius Nick Rome | +44 207 933 8795 greatwesternmining@walbrookpr.com
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