Last checked at 22 Feb 2017 17:16
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
M2 JORC Resource Upgrade
In 2016 Great Western Mining (AIM: GWMO) commissioned Nevada based mining engineer Mr. W T Cohan to undertake a JORC Compliant Scoping Study for the Company's copper-gold exploration target M2. The scoping study is the first stage in the development of a pilot heap leach facility on 10 acres of private land owned by GWM in Marietta, Nevada.
The first stage of the study involved independently verifying the drill data on M2 and constructing a resource model using mining engineering software. Mr Cohan has calculated the Inferred Mineral resource using various cut-off grades as set out in the table below:
Summary of Mineral Resource Estimate:
Table 1: M2 Prospect - 2017 Inferred Mineral Resource
Category | Cut-Off Grade Cu% | Tonnes | Grade | Contained Metal (tonnes) |
Inferred | 0.05% | 23,127,774 | 0.159 Cu % | 36,773 |
Inferred | 0.15% | 6,314,008 | 0.421 Cu % | 26,582 |
Inferred | 0.20% | 4,134,042 | 0.542 Cu % | 22,407 |
Source: W.T. Cohan, competent person.
The full report including the economic assessment is scheduled for completion by the end of March.
The current open -pittable M2 Inferred Resource is obtained from a 795-metre strike length, which the Company has modelled as an Iron Oxide Copper Gold ("IOCG") "stringer" zone projecting up-dip from a thicker, more consistent, and higher grade IOCG core hosted mainly in diorite beneath the Sharktooth peak of Bass mountain. The favourable geological environment for IOCG mineralistion beneath Bass mountain is almost 4 km long, over 1 km wide and open to further south west extension.
The Company looks forward to further updating shareholders once the Technical Scoping Study has been received, and with the progress of further field work on M2, scheduled for this Spring.
Chief Executive, David Fraser commented: "This is a good resource upgrade from the first stage of the Scoping Study. It is encouraging to receive such positive results from a relatively small section of the M2 potential. We look forward to updating shareholders with the results from the study and as work continues on M2."
Note 1: W.T. Cohan, competent person, is a Registered Professional Engineer in the States of Colorado (No.11954), and Nevada (No.6955), a Registered Geologist in the State of California (No.2523), and a Registered Water Rights Surveyor in the State of Nevada (No. 868). Mr. Cohan is a member of the Society of Mining Engineers AIMME (Legion of Honor), the Canadian Institute of Mining & Metallurgy, Society of Ground Water Scientists and Engineers of the National Ground Water Association, and the National Society of Professional Engineers. Mr. Cohan is a graduate of the South Dakota School of Mines and Technology, with a degree in Mining Engineering. Mr. Cohan fulfills the requirements of a Qualified Person by reason of experience and education, as set out in JORC (2012) standards, to act as a consulting geologist for the advancement of the M2 Oxide Copper Project. Mr. Cohan has reviewed and approved the information contained within this announcement.
ENQUIRIES:
Great Western Mining Corporation Plc David Fraser, Chief Executive
| +44 207 933 8795 (via Walbrook) | |
Davy (Nomad, ESM Adviser & Joint Broker) John Frain Roland French | +353 1 679 6363 john.frain@davy.ie roland.french@davy.ie
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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 Gary Middelton Nick Rome | +44 207 933 8795 greatwesternmining@walbrookpr.com
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Glossary
Cut-Off Grade The level below which material within an orebody does not contain sufficient value to economically justify processing into a final salable form.
Geochemistry | Geochemistry is the science that uses the tools and principles of chemistry to explain the mechanisms behind major geological systems such as the Earth's crust and its oceans.
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Grade | Quantity of metal per unit weight of host rock.
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Host rock | The rock containing a mineral or an ore body.
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Induced Polarisation | An Induced Polarisation/resistivity survey involves transmitting a current into the ground using two electrodes and measuring the voltage between another pair of electrodes. Induced Polarisation (IP) techniques are especially useful in exploration for disseminated sulphide mineralisation.
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Inferred Mineral Resource | The term "inferred mineral resource" refers to that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
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JORC | JORC stands for Australasian Joint Ore Reserves Committee (JORC), which is sponsored by the Australian mining industry and its professional organisations. The Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code) is widely accepted around the world as the definitive standard for the reporting of a company's resources and reserves.
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Jura-Cretaceous | Refers to the boundary between the Jurassic and Cretaceous geological periods.
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Mineral Resource | The term "mineral resource" refers to a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge.
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Mineralisation | A natural occurrence in rocks or soil of one or more metal yielding minerals.
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Reverse Circulation Drilling
Stringer Zone | Reverse Circulation Drilling (RC) is a technique which allows for full recuperation of the soil and rock samples, without any wall contamination. Performed by using a triblade, tricone or a down-hole hammer, the samples are evacuated through the face of the bit into the inside tube of a dual wall drill steel so that they never come in contact with the borehole wall.
A large number of small, closely spaced veins, often with many different orientations, is referred to as a stockwork and sometimes as a stringer zone.
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