REG - Great Western Mining - OMCO Mine Tailings Results

Great Western MiningAnnouncement

06/12/2021 07:00

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RNS Number : 5723U  Great Western Mining Corp. plc  06 December 2021

GREAT WESTERN MINING CORPORATION PLC

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

 

OMCO Mine Tailings results

 

Results Exceed Expectations

 

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW),
which is exploring and developing gold, silver and copper targets in Nevada,
announces the results of an independent assay of tailings material at the OMCO
Mine situated on the Olympic Gold Project in Mineral County, where the Company
operates under an option-to-purchase agreement.

 

Highlights

 

·    12 holes intersected elevated gold grades throughout the tailings
material

·    67 individual assays with average grades of 1.25 g/t, in a range of
0.17 g/t - 3.76 g/t

·    Tailings thicker than expected.

 

Twelve auger holes were drilled into the tailings heaps at the OMCO Mine, laid
out in six two-hole profiles arranged at 20-30m intervals along its
north-northwest trending axis to provide the fullest practical sample
coverage.  Drill cuttings were sent to an independent laboratory in Nevada
for fire assay and the results have now been received (Table 1).  Great
Western is very pleased with these results which show a broad distribution of
consistent gold grades at the drilled positions.

 

Table 1. Results from auger drilling of tailings pads at the OMCO Mine. All
holes were vertical into flat lying tailings material. Intercepts shown are
true thicknesses. Gold values shown are length-weighted averages for all
samples in tailings material from each hole.

 Hole    From (ft)  To     Interval (ft)  From (m)  To    Interval  Avg. Au (g/t)

 ID                 (ft)                            (m)   (m)
 OMA001  0          21     21             0         6.40  6.40      1.46
 OMA002  0          16     16             0         4.88  4.88      1.48
 OMA003  0          12     12             0         3.66  3.66      0.67
 OMA004  0          8      8              0         2.44  2.44      0.78
 OMA005  0          20     20             0         6.10  6.10      1.48
 OMA006  0          18     18             0         5.49  5.49      1.44
 OMA007  0          10     10             0         3.05  3.05      1.28
 OMA008  0          6      6              0         1.83  1.83      1.56
 OMA009  0          4      4              0         1.22  1.22      0.44
 OMA010  0          8      8              0         2.44  2.44      1.88
 OMA011  0          5      5              0         1.52  1.52      1.26
 OMA012  0          7      7              0         2.13  2.13      1.06

 

 

Using the new data, the Company can now model the shape of the underlying land
surface to provide a fair estimate of the amount of material which will be
available for processing.  Pre-drill calculations by the Company had assumed
an average tailings thickness of two metres, whereas average recorded drill
depths were well in excess of three metres and one hole recorded a thickness
of over six metres, providing confidence that the ultimate measured volume
will exceed initial expectations.

 

 

Great Western Chairman Brian Hall commented:  "The independent assay results
of this large volume of pre-mined material are far ahead of our expectations
and an important milestone in establishing the basis for a commercial
processing operation on a much larger scale than envisaged at Mineral Jackpot
alone. We are carefully reviewing processing options, including contained
cyanide leaching, and looking at the potential economies of creating a
combined facility for the processing of OMCO tailings and the spoil material
from the Mineral Jackpot claims.  We will keep shareholders informed at every
stage".

 

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.

 

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, Chairman                                      +44 207 933 8780
 Max Williams, Finance Director                            +44 207 933 8780

 Davy (NOMAD, Euronext Growth Adviser & Joint Broker)

 John Frain                                                +353 1 679 6363

 Novum Securities (Joint Broker)

 Jon Belliss                                               +44 207 399 9400

 Walbrook PR (PR advisers)

 Nick Rome/Nicholas Johnson                                +44 207 933 8783

 

 

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 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.

 

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