REG - Great Western Mining - Exploration Update

Great Western MiningAnnouncement

10/07/2023 07:00

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RNS Number : 3988F  Great Western Mining Corp. plc  10 July 2023

GREAT WESTERN MINING CORPORATION PLC

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

 

EXPLORATION UPDATE

 

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW),
which is exploring and developing gold, silver and copper targets in Nevada,
is pleased to provide the following update on current exploration activity.

 

HIGHLIGHTS

 

·    Follow up drilling planned at Mineral Jackpot, M2 copper prospect
and the OMCO Mine

·    Rhyolite Dome at Olympic Gold Project now a focus of exploration
activity

·    Positive results from soil sampling at M5 and Rock House

·    Further pre-mined material identified for processing

 

 

INTRODUCTION

 

During the past winter, Great Western carried out a thorough desktop review of
most of the Company's claims in Nevada and in the first three months of field
operations has followed this up with work on the ground which is still
ongoing, in particular soil sampling and analysis in areas considered
prospective for both precious metals and base metals.

 

A total of 53 soil samples and 43 grab samples have been taken to date,
covering (1) the Olympic Gold Project (2) Rock House where the Company
successfully drilled in 2021 and 2022 and (3) the Jack Springs group (also
known as JS) which is considered to be prospective but has not until now been
selected as an exploration priority.  Positive results have been achieved in
all three areas.

 

Olympic Gold Project

 

In 2020 Great Western acquired a 4-year option to purchase the 800-acre
Olympic Gold Project and one further payment of $40,000, due no later than May
2024, will complete this purchase.  Olympic contains multiple gold prospects
and was host to the prolific and high-grading OMCO gold mine between the two
world wars.

 

Drilling History:  Over the last two years, Great Western has drilled
numerous holes at Olympic covering three prospects:  Trafalgar Hill, West
Ridge and the OMCO Mine site.  The best intercept at Trafalgar Hill was 8.9
g/t au.  There were no intercepts at West Ridge, but subsequent analysis
indicates that follow-up holes are warranted.  In the OMCO Mine area, Hole
OMRC015 drilled in 2022 significantly discovered what the Company believes to
be an extension of the abandoned OMCO gold mine.

 

In the spring of this year the Company mobilised a diamond core rig to twin
OMRC015 at the OMCO Mine site (figure 1), firstly to try and gain a more
detailed understanding of the mineralisation in the vein and secondly to test
the feasibility of diamond core drilling in this environment.  In the event,
recovery issues were encountered, particularly at the anticipated depth of
mineralisation, believed to be due to the profoundly shattered and tectonised
nature of the OMCO fault in this area  Due to the recovery issues in this
hole, last year's OMRC015, with a best intercept of 1.52 m at 8.110 g/t,
remains the most successful measurement of the unmined portions of the OMCO
vein.

 

Rhyolite Dome: is an under-explored target in the southeastern part of the
Olympic Gold Project (figure 1), consisting of a suite of clay-altered
andesite volcanics surrounding a rhyolite dome with scattered gold anomalies.
Despite a large area of prospective geology and substantial areas of
alteration, very few surface samples were taken by previous claim holders and
reconnaissance sampling this year has shown that there is a considerable area
of surface anomaly.  A cluster of eight samples in a valley to the south of
the dome structure produced grades ranging from below detection limit (BDL) to
0.187 g/t Au, including three above 0.118 g/t. Four samples from an outcrop
700 m northeast of Rhyolite Dome returned grades ranging from 0.08 - 0.135 g/t
Au.  These results illustrate the strong prospectivity of the Rhyolite Dome
target and will be followed-up with a programme of 146 new samples during the
course of this summer.

 

Further Material for Processing:  Additional surface dumps at Olympic were
bulk sampled, two of which returned appreciable grades of gold as follows:

 

1.    A bulk sample taken from a waste heap located near an adit at the
northern end of Trafalgar Hill returned a grade of 5.88 g/t Au from a 13.9 kg
sample. This heap has a volume of approximately 60 m(3).

2.    A dump situated southwest of a previously identified coarse stockpile
exploration target at the OMCO Mine site returned a grade of 1.413 g/t Au from
a 11.2 kg bulk sample. This dump has an approximate volume of 120 m(3).

 

Seven other dumps returned grades between 0.028 and 0.128 g/t Au. The two
higher grade features will be resampled to check the representativity of the
results and added to the inventory of materials available for processing by
the Company's Western Milling JV, due on stream shortly.

 

Figure 1. Recent grab samples and drillhole at the Olympic claims.

Jack Springs (JS Group)

 

The M5 prospect in the southeastern part of the Jack Springs claim group was
identified early in the Company's history.  It is a gabbro intrusion in
limestones and rhyolites, mineralisation being associated with the alteration
zone around the gabbro, and forms a prominent northeast trending ridge,
standing proud of the surrounding tertiary lavas.   The desktop review
justified a closer look at M5's potential and five new soil traverses across
the northeasterly trend of the M5 ridge have now been conducted.  Spacings of
50 m between lines and 15 m between samples on each line were used with 37
samples collected.  This sampling was successful, identifying anomalous gold
values (>10 ppb Au) in 18 of the samples. Some of the best results included
395, 195, 148 ppb Au. Three lines to the southwest of the survey area
contained most of the anomalous samples and the anomaly is open to the SE, SW
and NW.

 

In addition to soil sampling, several grab samples were taken from features of
interest. Two, from old workings, were particularly notable and a sample taken
from a small pit on the southeastern flank of the M5 hill returned a grade of
1.247 g/t Au. This shows that discrete mineralised structures with potentially
economic grades of gold are present at M5. The majority of the anomalous soil
anomalies are up-slope from this single working.

 

Another working on the northeast flank of the hill, 120 m away from the
nearest soil sample, returned a grade of 0.291 g/t Au, 534 g/t Ag, and 0.105%
Cu from a malachite-bearing quartz vein sample. This represents the first
identification of significant silver results from M5, the previous most
silver-rich samples being 24 g/t and 18 g/t in grab samples from the crest of
the hill.  Three grab samples taken from low topography 500m east of the M5
hill returned anomalous values for Au in the range of 0.018 - 0.040 g/t,
indicating the potential for a far larger zone of prospectivity around the M5
ridge.  Three other samples in this vicinity ranged from BDL to 8 ppb Au.

 

During this summer, the soil coverage at M5 will be expanded in the open
directions, with 165 samples planned.  Further grabs will be taken from
altered / veined outcrops.

 

Figure 2. Recent soil and grab samples taken at M5.

Rock House Group

 

In an area of historic mines, the claims making up the Rock House group had
never previously been explored.  Great Western identified the potential
mineralisation of the area from satellite imagery and consequently staked
claims.  In 2019 an initial 100 m x 100 m reconnaissance grid was
soil-sampled at Rock House (figure 3), leading to the identification of
several targets, including the Southern Alteration Zone (SAZ), the Northern
Slate Zone (NAZ) and the Eastern Shear Zone (ESZ).  The NAZ and ESZ have not
been followed up since then, the Company's primary focus being on drilling at
the SAZ.  First drilling was carried out in 2021.  A significant 1.5 km long
north-south trending structure extends through the NAZ and to the SAZ, passing
close to the best drillhole of 2021 (RHRC006) which intercepted 9.14 m at
1.635 g/t Au from 89.92 m, including 1.52 m at 8.02 g/t Au from 97.5 m.

 

As a conceptual test, two east-west orientated soil traverses were completed
earlier this year, filling in grid gaps around the most anomalous samples from
earlier work proximal to the noted structure (figure 3, inset). The sample
spacings were 20 m on these lines. This sampling was successful and almost all
of the samples returned gold grades similar to or higher than the previous
maximum of a reconnaissance survey in the NAZ and ESZ area (39 ppb Au).  One
sample returned 113 ppb gold, more than double the previous maximum.  Out of
16 samples, 12 were above 36 ppb Au and the other three were between BDL and 9
ppb Au).  Further close-spaced soil sampling will be undertaken as follow up,
with 350 samples planned.

 

Figure 3. Previous reconnaissance grid at Rock House, with all samples >15
ppb Au labelled. Inset; new samples taken in 2023 with all results labelled by
Au (ppb).

M2 Copper Prospect

 

The M2 copper prospect lies in the Black Mountains claims group.  Great
Western has drilled 5,000 metres in this area and established a JORC-compliant
resource, partly indicated/partly inferred, through an independent study
published in 2018.  This reported 4.28 million tonnes grading 0.45% copper.
Additionally, in the centre of the reporting area is a zone which has only
been lightly drilled and regarding which the author of the independent study
states in his report:

 

"The deposit contains a central area, 300 meters in length, which has only
been tested by two drillholes. This area is given a high probability of
containing additional resources. At a finding rate of 3,505 tonnes per meter
we assume a probable target of 1 to 3 million tonnes, grading 0.4 to 0.6
percent total copper."

 

The area already successfully drilled is also open to the southeast and to the
northwest over considerable distances, covering a much larger area than the
prospect already established.

 

In a northeasterly direction M2 is open along strike for 2.5 km.  There are
clear surface indications of copper and evidence of historic workings for
copper and tungsten but there has been no modern exploration.  To the
southwest M2 is open for 2 km along strike, with untested IP and magnetic
anomalies.

 

Anomalous values of rare earth elements La and Ce have been detected in
samples taken at M2.

 

To help unlock the copper potential, Great Western plans to drill a minimum of
one and a maximum of three holes on M2 during 2023 as a first stage in
expanding the size of the potential resource and to encourage participation by
industry partners with the means to expand this potentially commercial copper
project.

 

Current Plans

 

Drilling:

 

1.    An RC hole is planned in the near future at Mineral Jackpot, to
follow up a successful hole drilled in 2022.

2.    A minimum of one hole and a maximum of three holes are planned at the
M2 copper prospect.

3.    Further holes are planned at the Olympic Gold project, particularly
around the extension to the OMCO Mine historic vein.

 

Other Exploration:

As well as ongoing soil sampling plans at Rhyolite Dome, M5 and Rock House,
sampling programmes are planned at:

 

·    Jack Springs Northeast:  An open copper anomaly identified through
existing soil sampling results lines up with copper in grab samples 1.5 km to
the east. The unsampled area will be filled in for better definition of a
future drill target.

·    Tun Group of Claims:  A reconnaissance soils grid will be sampled
over the whole area of the Tun claims.

·    Huntoon Group of Claims:  Open soils anomalies will be followed up
and new road-cuts mapped and sampled.

 

 

Great Western Chairman Brian Hall commented:  "It will be apparent that we
have a very active exploration effort in progress and planned for the rest of
this year, with numerous prospects to work on at different stages of
development and which over time we plan to integrate with our milling joint
venture now under construction and well advanced.  We will keep shareholders
informed about significant developments."

 

Qualified Person Statement: The information in this announcement that relates
to exploration results is based on information reviewed by Dr James Blight
MGeol PhD MAusIMM who is Exploration Manager of Great Western Mining PLC. Dr
Blight is a "Qualified Person" as defined in the "Note for Mining and Oil
& Gas Companies" which form part of the AIM Rules for Companies. Dr Blight
has reviewed and consented to the inclusion in the announcement of the
information in the form and context in which it appears.

 

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 (Joint Broker)

 Ewan Leggat                                                                                                              +44 203 470 0470

 Walbrook PR (PR advisers)

 Nick Rome/Joseph                                                                                                         +44 207 933 8783
 Walker

 

 

Appendix A

Drill collar

 Hole ID  Easting  Northing  Elevation  EOH (m)  Azimuth  Dip
 OMDD01   422211   4273557   1830.34    51.51    0        -90

 

Drill results

 Hole ID  Start (m)  End (m)  Interval (m)  Au (g/t)  Ag (g/t)  Recovery (%)
 OMDD01   0.00       36.27    36.27         Not analysed        96.9
 OMDD01   36.27      37.80    1.52          0.053     1.4       77.0
 OMDD01   37.80      39.32    1.52          0.052     3.2       92.6
 OMDD01   39.32      40.84    1.52          0.09      8.3       24.0
 OMDD01   40.84      41.61    0.76          0.243     17.8      12.0
 OMDD01   41.61      42.37    0.76          0.141     5.7       25.2
 OMDD01   42.37      43.89    0.02          0.022     6.8       92.0
 OMDD01   43.89      45.42    1.52          0.008     <0.3      99.0
 OMDD01   45.42      46.94    1.52          0.018     0.6       89.0
 OMDD01   46.94      51.51    4.57          Not analysed        83.0

 

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 and copper
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 are 100%
owned and operated.  The Company has an option to acquire a seventh property,
the Olympic Gold Project, in the east of the county.  Great Western's small
exploration team is supported by locally based consultants and contractors.

 

The state of Nevada has recently been rated by the Fraser Institute of Canada
as the world's most mining friendly jurisdiction.  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 established an Inferred Resource Estimate of 31,000 tonnes grading 1.6
g/t gold and 3.0 g/t silver in tailings for the OMCO Mine at the Olympic Gold
Project.  It has also established Exploration targets.  In addition, the
Company has reported an Exploration Target 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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