REG - Great Western Mining - OMCO Drilling Results

Great Western MiningAnnouncement

22/09/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220922:nRSV2205Aa&default-theme=true

RNS Number : 2205A  Great Western Mining Corp. plc  22 September 2022

 

 

GREAT WESTERN MINING CORPORATION PLC

("Great Western" or the "Company")

 

OMCO DRILLING RESULTS

 

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW) is
pleased to announce final assay results from its recent drilling programme in
the OMCO Mine area of the Olympic Gold Project in Mineral County, Nevada.

 

HIGHLIGHTS

·    OMCO Mine vein intercepted

·    Extension to OMCO Mine now established

·    Gold recorded over 6.1 metre interval including a best intercept of
8.1 grams/tonne over 1.5 metres

·    Vein extension is open to southeast, adjacent to old workings, and
will be further explored

·    Assay results from a coarse stockpile at OMCO will support an
independent resource estimation

 

 

Note 1 - g/t = grams per metric tonne, equivalent to parts per million

Note 2 - All intervals are quoted as downhole length - true widths are not
known at this time

 

Great Western chairman Brian Hall commented:  "During the summer work seasons
of 2021 and 2022, we have drilled a number of holes in the vicinity of the
abandoned OMCO Mine that yielded high grades of gold for several decades until
the 1940s.  At Hole 15, drilled this summer, assay results tell us that we
have now intercepted an extension of the OMCO vein itself, one of our key
objectives, encountering vein material beyond the known limits of the old
workings.  Significantly, the trend is open to the southeast in unexplored
acreage adjacent to the old workings.  This is a very exciting result which
will enable us to home in on the potential of the asset.  In parallel we have
drilled and are evaluating tailings and previously mined material for our
processing joint venture and have commissioned an independent UK firm of
consultants to report on these. "

 

OMCO RESULTS

Ten holes were drilled in the OMCO Mine area during summer 2022 with results
tabulated below (Table 1).  At Hole 15, an intersection of the OMCO vein was
recorded as follows:

·    2.682 g/t Au average over an interval of 6.10 m, beginning at 38.10
m, including:

o  8.110 g/t Au over 1.52 m, from 39.62 m, and

o  1.747 g/t Au over 1.52 m, from 41.15 m.

This grading zone is associated with logged quartz vein surrounded by clay
alteration and is at a depth consistent with both the old workings and mapped,
unmined portions of the vein. Other holes targeting the unmined OMCO vein
positioned to the southwest intersected the target structure but did not
identify appreciable grade, most likely due to being too far from the centre
of mineralisation.

Mapped, un-mined OMCO vein remains undrilled to the southeast, adjacent to the
historic workings and potentially closer to the source of mineralising fluids,
to be further explored by GWM.

Other holes from the 2022 programme intersected low-grade gold zones, as set
out in table 1, and will support modelling of the broader mineralising systems
to locate the potential of increasing grade on these horizons.

STOCKPILE SAMPLING

A previously-mined stockpile of material at the Olympic Gold Project has been
selected for processing through the Company's planned joint venture milling
operation, in addition to tailings at OMCO and spoil heaps at Mineral Jackpot,
already identified.  An independent UK-based consultancy has been contracted
to prepare a report on these volumes of coarse material together with the
substantial tailings at the OMCO Mine.

The results announced here include four short, vertical holes which have been
drilled into the mineralised coarse stockpile at the mine site this summer,
being material produced when the OMCO Mine was still active, but never
processed.  One bulk sample was taken from each of these holes to provide one
sample per hole.  Results from these four samples fell in the range 0.219 -
1.113 g/t gold and are set out in table 2 below and are being used in support
of the current independent resource estimation process.

 

Table 1: OMCO in situ gold Intercepts greater than 0.10 g/t.

 Hole ID  Collar Easting  Collar Northing  Collar Elevation  Azimuth  Dip     Hole                     From (metres)  To         Interval (metres)  Gold        Silver

          (NAD83)         (NAD83)          (metres)                           length (metres)                         (metres)                      (Au; g/t)   (Ag; g/t)

 OMRC015  422,211         4,273,557        1,830             000      -90     121.92                   38.10          44.20      6.10               2.682       9.2
          including                        39.62                      41.15                     1.52                  8.110                         14.8
          and                              41.15                      42.67                     1.52                  1.747                         14.9
 OMRC016  422,275         4,273,566        1,832             000      -90     124.97                   22.86          24.38      1.52               0.138       1.3
                                           24.38                      27.43                     3.04                             Mined void
                                           27.43                      28.96                     1.52                  0.141      1.2
                                           64.01                      65.53                     1.52                  0.126      1.2
 OMRC017  422,216         4,273,517        1,834             000      -90     60.96                    No significant intercepts
 OMRC018  422,081         4,273,731        1,826             000      -90     137.11                   35.05          36.58      1.52               0.106       BDL
                                           71.63                      82.30                     10.67                 0.142                         0.13
          including                        79.25                      80.77                     1.52                  0.246                         0.3
 OMRC019  422,464         4,273,590        1,829             000      -90     259.08                   74.68          76.2       1.52               0.107       BDL
 OMRC020  423,065         4,273,420        1,834             000      -90     274.02                   No significant intercepts
 OMRC021  422,197         4,273,525        1,834             000      -90     70.10                    No significant intercepts
 OMRC026  421,988         4,273,651        1,838             030      -60     149.35                   0.00           12.19      12.19              0.110       BDL
                                           88.39                      89.92                     1.52                  0.138                         BDL
                                           103.63                     105.16                    1.52                  0.128                         BDL
 OMRC027  422,194         4,273,489        1,840             000      -90     60.96                    No significant intercepts
 OMRC028  422,226         4,273,479        1,838             000      -90     60.96                    56.39          57.91      1.52               0.113       BDL

*BDL = Below detection limit

 

Table 2: OMCO coarse stockpile gold Intercepts greater than 0.10 g/t.

 Hole ID  Collar Easting  Collar Northing  Collar Elevation  Azimuth  Dip  Hole                    From (metres)  To         Interval (metres)  Gold        Silver

          (NAD83)         (NAD83)          (metres)                        length (metres)                        (metres)                      (Au; g/t)   (Ag; g/t)

 OMRC022  422,253         4,273,686        1,822             000      -90  5.18              Bulk  0              5.18       5.18               0.219       0.5
 OMRC023  422,251         4,273,697        1,821             000      -90  7.32              Bulk  0              7.32       7.32               0.571       1.5
 OMRC024  422,257         4,273,694        1,821             000      -90  5.18              Bulk  0              5.18       5.18               0.898       2
 OMRC025  422,256         4,273,694        1,821             000      -90  4.57              Bulk  0              4.57       4.57               1.113       2.4

*BDL = Below detection limit

 

 

Competent Person Statement: The information in this announcement that relates
to exploration results is based on information reviewed by Dr James Blight
MGeol PhD MAusIMM (CP) who is Exploration Manager of Great Western Mining
PLC.  Dr Blight has requisite 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'.  Dr Blight is also 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, Chairman                                             +44 207 933 8780
 Max Williams, Finance Director                                   +44 207 933 8780

 Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker

 Brian Garrahy                                                    +353 1 679 6363

 Novum Securities (Joint Broker)

 Jon Belliss                                                      +44 207 399 9400

 Walbrook PR (PR advisers)

 Nick Rome/Joe Walker                                             +44 207 933 8783

 

Notes to Editors

The Company has a large acreage position 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 is generally considered to be 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.

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLUAVBRURUKUAR