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REG - Great Western Mining - Copper Agreement at Eastside Mine

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RNS Number : 9843Z  Great Western Mining Corp. plc  12 August 2024

GREAT WESTERN MINING CORPORATION PLC

("Great Western", "GWM" or the "Company")

 

COPPER AGREEMENT AT EASTSIDE MINE

 

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW),
which is exploring and developing gold, silver and copper targets in the
Walker Lane belt of Nevada, USA, is pleased to announce that it has entered
into a pooling agreement (the "Agreement") with Bronco Creek Exploration, Inc.
("Bronco Creek") for developing copper potential in and around the Company's
Eastside Mine group of claims in Mineral County, Nevada.

 

The Eastside Mine group is located approximately 11 miles to the southeast of
Great Western's current focus of copper exploration activity in the Huntoon
Valley region. Bronco Creek's 'Tango Project' adjoins Great Western's holdings
at Eastside Mine (together the "Pooled Project").  The Agreement pools the
respective projects for the purpose of consolidating a primary porphyry
target.  Bronco Creek will serve as the operator of the Pooled Project, with
the intention of advancing the target concept and with the ultimate goal of
including the Pooled Project in an exploration and option agreement with a
future partner to fund exploration and development.

 

Benefits and liabilities will be shared by the parties to the Agreement 30%
Great Western / 70% Bronco Creek, being approximately the ratio of the claims
held by each party.    No formal joint venture is created by the Agreement
and each party will continue to own its own claims.

 

In addition to the copper bearing prospects, Great Western and Bronco Creek
have identified intense quartz-sericite-pyrite "QSP" alteration, which is
indicative of the high levels of a porphyry copper system over a significant
area of the Pooled claims.  Furthermore, the targeted porphyry system appears
to extend beneath post-mineral cover, adding additional exploration upside to
the Pooled Project.

 

Bronco Creek is a division of EMX Royalty Corporation which has a large and
active portfolio of mining operations and investments, in north America and
around the world.

 

Great Western Executive Chairman Brian Hall commented: "We are very pleased to
be working with Bronco Creek on this project.  We have long considered
Eastside Mine to be a valuable asset and in recent times have conducted an IP
survey over the area, resulting in the identification of drill targets.  By
pooling acreage into a much bigger unit and working with a larger and
well-resourced company, we are implementing our strategy of attracting funding
at the project level without recourse to shareholders.

 

"Within one year we have now therefore identified two potential porphyry
deposits on our claims.  At the Huntoon copper project we are working to
establish connectivity of copper showings across the Huntoon Valley.
Eastside Mine is some distance away from the Huntoon Valley, where field work
is ongoing, and a completely separate but equally interesting porphyry
prospect."

 

MARs Statement:  This press release contains inside information as defined in
Article 7(1) of the Market Abuse Regulations.

 

For further information:

 

 Great Western Mining Corporation PLC
 Brian Hall,                                                                                                              +44 207 933 8780
 Chairman
 Max Williams, Finance                                                                                                    +44 207 933 8780
 Director

 Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker)

 Brian Garrahy                                                                                                            +353 1 679 6363

 SP Angel Corporate Finance LLP (Joint Broker)

 Ewan Leggat/Adam Cowl                                                                                                    +44 203 470 0470

 Walbrook PR (PR advisers)

 Nick                                                                                                                     +44 207 933 8783
 Rome

 

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, copper and other
minerals 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 the
seventh and most recent acquisition, the Olympic Gold Project, is in the east
of the county, some 50 miles from the main group.  All are 100% owned and
operated.  Great Western's small exploration team is supported by locally
based consultants and contractors.

 

 

The state of Nevada is 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. The Company is party to a 50-50 joint venture known as
Western Milling LLC which is constructing a mill to process pre-mined material
for secondary recovery of gold and silver.

 

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 at 0.45% copper, for 19,000 tonnes of contained copper metal.
This resource has been independently reported in accordance with JORC
guidelines.

 

GWM has also established an Inferred Resource Estimate of 31,000 tonnes
grading 1.6 g/t gold and 3.0 g/t silver in tailings associated with the OMCO
Mine at the Olympic Gold Project.  Additionally, exploration targets have
been independently reported as follows:

 

·    3,400 - 6,400 tonnes grading between 0.5 and 1.2 g/t Au and 1.2 and
2.1 g/t Ag in the substrate beneath the tailings volume at the Olympic Mine.

·    9,000 - 12,000 tonnes grading between 0.9 and 2.4 g/t Au and 2.0 and
5.1 g/t Ag in a coarse stockpile at Olympic Mine.

·    4,200 - 7,700 tonnes grading between 40 and 140 g/t Ag and 0.3 and
0.3 g/t Au in spoil heaps at Mineral Jackpot.

 

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.   END  AGRSFFSWFELSEDA

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