Drilling Update and Investor Presentation
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
Drilling Update and Investor Presentation
Encouraging Results From Latest Drilling
Current drilling seeks to identify OMCO Vein Continuation
Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW) ("Great Western" or the "Company") which is exploring and developing early-stage gold, silver and copper targets in Nevada, provides the following progress report on its multi-prospect 2021 drilling campaign for gold and silver in Mineral County, Nevada.
The Company's ongoing drilling programme continues apace and within budget. The first phase of the 2021 programme is the Olympic Gold Project, over which the Company acquired a purchase option in 2020, formally extended for a second year with effect from 21 May 2021. Commencing last month, the Company has now successfully completed its initial 6-hole programme at the Trafalgar Hill prospect. Following this, the rig was moved to the West Ridge prospect where Hole OMRC-7 was drilled and completed, then to the OMCO Mine extension prospect where hole OMRC-8 has also been completed, both with encouraging results.
West Ridge (OMRC-7)
The target at West Ridge was a quartz-adularia epithermal style vein deposit, similar to the nearby Olympic Vein at the long-abandoned OMCO Mine which produced prolific quantities of gold at high grades until the 1940s. OMRC-7 intercepted moderate to strong argillic alteration within a rhyodacite unit from surface to a depth of 115 feet (35.1 metres) down hole. This was followed by a zone of strong silicification down to 160 feet (48.8 metres). Within the silicified rhyodacite, vuggy quartz veining was logged between 140 feet (42.7 metres) and 150 feet (45.7 metres) downhole, which is expected to correlate with the mapped veins on surface that were successfully mined in the past. Beneath the veining, further strong argillic alteration occurs in conjunction with an increase in metal sulphides until the end of the hole at 500 feet (152.4 metres).
OMCO Mine Extension (OMRC-8)
OMRC-8 was drilled to the south of the old OMCO Mine, targeting a projected southerly extension of the Olympic vein on the western side of the OMCO fault. The drill hole intercepted argillic alteration from surface, which transitioned into strong silification from 45 feet (13.7 metres) down hole. From 45 feet (13.7 metres) to 100 feet (30.5 metres), silicification was accompanied by vuggy quartz veining and micro comb quartz intervals. Beneath this, further argillic alteration was encountered throughout the hole, interspersed with silicification and disseminated metal sulphides, until the end of hole at 395 feet (120.4 metres). It is currently projected that the zone of quartz veining intercepted between 45 feet (13.7 metres) and 100 feet (30.5 metres) is analogous to the Olympic Vein along strike to the northwest, and could well mark its southerly continuation.
The rig has now been moved to the eastern side of the OMCO fault, to continue the OMCO Mine extension drill programme over anomalies identified by a magnetometer survey conducted in 2020. Three further holes in this zone will complete the initial Olympic Gold Project drilling programme.
Assays and remaining programme
Laboratory assay results from the first four of the six holes drilled at Trafalgar Hill are expected by the end of this month or soon after and will be announced when available. Drill cuttings from the last two holes at Trafalgar Hill, together with OMRC 7 (West Ridge) and OMRC-8 (OMCO Mine extension), are being delivered to an independent laboratory for assay this week, with results likely to be available in June. While target structures have been successfully identified throughout the eight holes drilled to date, precious metal content cannot be established until the independent laboratory assays have been completed. Subject to the results of the laboratory assays, the highly faulted nature of the geology around the OMCO Mine will require follow-up drilling which the Company is funded to do, this summer if possible.
Immediately after completing the current Olympic Gold Project drill programme, the rig will move to the Rock House Group for the next stage of the 2021 drilling campaign.
Further updates will be issued as information become available.
In order to access and engage with existing and potential shareholders efficiently, the Company plans to use Investor Meet Company as part of its wider communications strategy. This is a digital platform that provides individual investors with similar direct access to management enjoyed by Institutional Investors following company announcements.
The Company intends to host its first live presentation on the Investor Meet Company platform in the coming weeks, once assay results from the drilling campaign are available. A date and time will be announced in due course. Investors can sign up to Investor Meet Company for free via https://www.investormeetcompany.com/great-western-mining-corporation-plc/register-investor and add to meet Great Western.
Information in this announcement has been reviewed by William Cooper, who is the Chief Geologist and Exploration Manager of Great Western Mining. He holds a MSc in Mining Geology from the Camborne School of Mines. He is a Member of the Australian Institute of Geoscientists (MAIG) and is a Qualified Person as defined in the Note for Mining and Oil & Gas Companies which form part of the AIM Rules for Companies. Mr Cooper consents to the inclusion of the information in the form and context in which they appear.
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)
+353 1 679 6363
Novum Securities (Joint Broker)
+44 207 399 9400
ETX Capital (Joint Broker)
+44 207 392 1494
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 0.45% copper, for 19,000 tonnes of contained copper metal. This resource has been independently reported in accordance with JORC guidelines.