Last checked at 12 Jun 2017 07:00
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Significant M2 JORC Resource Upgrade
Great Western Mining (AIM: GWMO) is pleased to announce a large increase in JORC Mineral Resources resulting from a comprehensive review by WT Cohan & Associates Inc. ("WTC") as part of a JORC Compliant Scoping Study over the Company's M2 copper-gold prospect in Mineral County, Nevada, USA.
Resources were independently calculated from the results of reverse circulation drilling conducted by GWM in 2013 and 2014. These resources were calculated employing block modelling software and using 15.24 metre square x 1.52-metre-high blocks. A cut-off grade of 0.20% copper was employed in the resource estimates.
Summary of Mineral Resource Estimate:
Table 1: M2 North Zone - WTC Estimate of Indicated and Inferred Resources
Category | Cut-Off Grade Cu% | Tonnes | Grade | Contained Metal (tonnes) |
Indicated | 0.2% | 3,914,740 | 0.525% Cu | 20,552 |
Inferred | 0.2% | 13,074,830 | 0.525% Cu | 68,643 |
Total | 0.2% | 16,989,570 | 0.525% Cu | 89,195 |
The review has highlighted the scope to double or triple this open pittable resource down dip, towards the Sharktooth Peak, and along the strike of the resource's controlling geological characteristics.
In addition, WTC has provided an independent estimate of the Exploration Target beneath the M2 Sharktooth Peak, which was identified by reconnaissance and outcrop mapping, surface sampling and two discovery drillholes in 2014:
Table 2: M2 Sharktooth Zone - WTC Estimate of Exploration Target
Category | Tonnage Range | Grade Range (%) | Contained Metal Range (tonnes) |
Exploration Target | 87,100,000- 116,100,000 | 1.00 - 1.75 | 871,100 - 2,031,750 |
The Sharktooth Zone estimate was extrapolated from geologic cross sections prepared by Donald G Strachan (Strachan 2014). The estimated grade was provided by Mr. Strachan in May 2017.
Chief Executive, David Fraser commented: "We are really pleased with this new resource estimate, and are confident of further upgrades as potential additional resources have been identified in an undrilled zone at the centre of the current strike. The Sharktooth Exploration Target estimate demonstrates the potential for very significant increases in Total Mineral Resource at M2. We look forward to updating shareholders once the full Scoping Study has been delivered and assessed by the Company."
Note 1: 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 fulfills the requirements of a Qualified Person as defined in the JORC (2012) standards. Mr Cohan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking. He is a qualified person as defined in the AIM Rules.
Mr. Cohan has reviewed and approved the information contained within this announcement.
This announcement contains Inside Information
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
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| +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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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.
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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 come in contact with the borehole wall.
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