Last checked at 1 Oct 2018 13:29
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
M2 Revised JORC Resource and Update
Great Western Mining (AIM: GWMO, ESM: 8GW) provides the following update on its M2 Copper-Gold prospect in Mineral County, Nevada, USA.
Highlights
· 16% increase in the JORC compliant resource to 4.28 million tonnes of 0.45% Cu
· Assay results from all 40 M2 RC holes have now been received and a further round of infill and step-out drilling being evaluated
· Potential to deliver a further substantial increase in the quantum of mineral resource and an upgrade of the JORC classification
Resource Update
In 2014 a maiden JORC resource was established at M2 consisting of 3.7 million tonnes of 0.44% Cu at a 0.15% cut-off. The mineral resource was established after completion of 32 reverse circulation ("RC") boreholes for an aggregate total of 5,042 metres.
WT Cohan & Associates Inc ("WTC"), consultants to the Company, have reviewed the previous resource estimate by using block modelling software RockWorks16 created by RockWare of Golden, Colorado, USA.
The WTC JORC compliant resource estimate at a 0.2% cut-off grade is detailed in the table below:
Table 1: M2 Prospect - Mineral Resource
Category | Cut-Off Grade Cu% | Tonnes (millions) | Grade (% Cu) | Contained Cu (000's tonnes) |
Indicated | 0.20% | 1.53 | 0.45 % Cu | 6.87 |
Inferred | 0.20% | 2.75 | 0.44 % Cu | 12.20 |
Total | 0.20% | 4.28 | 0.45 % Cu | 19.07 |
Source: WT Cohan & Associates Inc, Grand Junction, Colorado, USA.
The full WTC report will be published under the Expert Reports section of the Company's website.
2018 RC Drilling Programme
In 2018 Great Western Mining has drilled a further 8 RC bore-holes totalling 1,314 metres. The significant copper intervals from these eight holes are outlined in the table below.
Table 1-Significant 2018 Copper Intersects > 0.1% Cu
Hole | From (metres) | To (metres) | Interval (metres) | Copper Grade % Cu |
M2-033 | 54.9 | 56.4 | 1.5 | 0.102 |
M2-034 | 30.5 | 33.5 | 3.0 | 0.104 |
M2-034 | 93.0 | 99.1 | 6.1 | 0.149 |
M2-034 | 108.0 | 109.5 | 1.5 | 0.117 |
M2-034 | 166.1 | 170.7 | 4.6 | 0.234 |
M2-034 | 175.0 | 176.5 | 1.5 | 0.120 |
M2-034 Including | 184.4 193.5 | 198.1 195 | 13.7 1.5 | 0.564 2.59 |
M2-035 | 64.0 | 65.5 | 1.5 | 0.217 |
M2-036 | 38.1 | 42.7 | 4.6 | 0.192 |
M2-039 | 56.4 | 64.00 | 7.6 | 0.302 |
M2-039 Including | 195.0 195.0 | 199.6 196.5 | 4.6 1.5 | 0.67 1.49 |
Anomalous Gold (Au) was also observed and the significant intervals from the 2018 drill programme are outlined in the table below:
Table 2 Significant 2018 Gold intersects > 0.1 ppm
Hole
| From (metres) | To (metres) | Interval (metres) | Gold (Au) Ppm |
M2-034 | 169.0 | 170.5 | 1.5 | 0.12 |
M2-034 | 192.0 | 195.0 | 3.0 | 0.295 |
M2-039 | 59.4
| 64.0
| 4.6
| 0.157
|
M2-039 Including | 195.0 195.0 | 199.6 196.5 | 4.6 1.5 | 0.820 1.95 |
The assay results from all 40 RC holes have been uploaded into geological software packages and are currently being analysed by the Company's geological team and external consultants. The initial analysis is recommending a further phase of infill and step-out drilling which the Company believes has the potential to deliver a further substantial increase in the quantum of mineral resource and an upgrade of the JORC classification to 'Measured & Indicated'.
Chief Executive, David Fraser commented: "Beyond the 16% increase in our current JORC compliant resource, we believe that there is considerable scope for further increases in the resource, both at depth and by expanding the current pit footprint. We will keep shareholders updated with developments as and when appropriate."
Qualified Person
Mr. Bill Cohan is a principal of WT Cohan & Associates Inc. of Grand Junction, Colorado. His qualifications are set out below:
· Registered Professional Engineer in the State of Colorado (No.11954)
· Registered Member of the Society of Mining Engineers of the American Institute of Mining and Metallurgical Engineers
· Member of the Canadian Institute of Mining & Metallurgy
· Mining graduate from the South Dakota School of Mines and Technology
Mr Cohan has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and as a Qualified Person as defined in the Note for Mining and Oil & Gas Companies which form part of the AIM Rules for Companies.
Mr. Cohan has reviewed and approved the information contained within this announcement.
Cautionary Statement
This study conforms to the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code") and has employed accepted engineering practice. However, this resource estimate is preliminary in nature and has relied upon assumptions that may later prove to be invalid.
The study has assumed that future exploration would discover additional deposits, defined as Exploration Targets. It is emphasised that the potential quantities and grades of the Exploration Targets are conceptual in nature. Insufficient exploration has been completed to define a Mineral Resource at these targets and it is uncertain that future exploration will result in the estimation of a Mineral Resources at any of the target areas.
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
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| +44 207 933 8795 (via Walbrook) |
Davy (Nomad, ESM Adviser & Joint Broker) John Frain Matthew De Vere White |
| +353 1 679 6363
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Novum Securities Limited (Joint Broker) Jon Belliss
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+44 207 399 9400 |
Walbrook PR (UK PR and IR) Paul Cornelius 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 saleable form.
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Diamond Core Drilling
| Diamond core drilling is so called because it uses a 'diamond bit'. This drill bit is composed of a group of small, industrial grade diamonds set into a metallic, soft matrix. As the ground is drilled, this matrix will wear away and expose more diamonds. This bit is attached to a drill rod, and inside this drill rod, a core tube is attached to a cable via a latching mechanism. The core tube is lifted to the surface using the cable, so the solid core can be removed. | ||||
Down Dip | Parallel to or in general direction of the dip of a bed, rock stratum, or vein.
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Exploration Target | An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate relates to mineralisation for which there has been insufficient exploration to estimate a resource. | ||||
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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Indicated Mineral Resource | The term "indicated mineral resource" refers to that part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed;
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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 based on 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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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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Mineral Reserves or Ore Reserves | Mineral reserves are resources known to be economically feasible for extraction. Reserves are either Probable Reserves or Proved Reserves. A Probable Ore Reserve is the part of indicated, and in some circumstances, measured mineral resources that can be mined in an economically viable fashion. | ||||
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Reverse Circulation Drilling
| 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 encounter the borehole wall.
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