Interim Results

RNS Number : 1679P

Great Western Mining Corp. plc

30 September 2013

 



30 September 2013

Great Western Mining Corporation PLC

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

 Interim Results for the six months ended 30 June 2013

Great Western Mining, the AIM and ESM quoted mineral development and exploration Company, provides its interim results for the six months ended 30 June 2013.

Great Western Mining today also announces the retirement of Emmett O'Connell as Chairman of the Board. Brian Hall, a non-executive director, has been appointed Chairman in his place. Mr. Hall is concurrently Chairman of Aminex PLC, an oil and gas company premium-listed on the London and Dublin Stock Exchanges.

The Company's mineral area under claim stands at 896 individual 20 acre claims, all on a 100% working interest basis, located in Mineral County, Nevada. 

Highlights

·     Completion of maiden 2,580 feet drilling programme on the M2 copper target.

·     JORC compliant Phase 1 report produced.

·     Encouraging copper grades intersected in eight out of nine holes drilled.

·     Holes 4 and 5 intersected 30 feet of oxide copper at 1.13% Cu and 0.84% Cu respectively, and Hole 1 contained 40 feet of oxide copper at 0.2% Cu.

·     Mineralisation is believed to extend over 1200m of strike and is up to 120m wide.

·     Significant gold occurred in Hole 4, where 15 feet grading 0.09 gpt Au was intercepted at 35 feet.

·     Loss for period €211,833 (€150,018 in H1 2012).

·     Initial drilling on the adjacent Target 4 and initial sampling and mapping of the Huntoon Mine (Target M1) planned, subject to funding.

Retiring Chairman and founder Emmett O'Connell commented:  "I am delighted with the results of Great Western's first drill programme where all but one of the holes intersected encouraging grades of oxide copper.  We look forward to building on this discovery at M2 and to drill testing the nearby Target 4. These successful results provide the encouragement needed to plan for an increasing level of future activity on our properties, located on the prolific Walker Lane Trend, which host many more as yet untested targets. With a discovery now under our belts I am very pleased to welcome Brian Hall as newly-appointed Chairman of the group. Brian and our new CEO David Fraser will guide the expansion of our activities in Nevada into the next important phase. I plan to remain as a non-executive Director of the Company, and look forward to making an active contribution to its future progress."

Newly-appointed Chairman Brian Hall commented: "Emmett O'Connell's vision in identifying GWM's Nevada properties and his perseverance in bringing them to the discovery stage have laid the valuable foundations of a growing business. Although stepping down as Chairman, we are fortunate in being able to retain Emmett's services as a director and thus benefit from his vast experience. I would like to wish him well on behalf of the Board and to offer him sincere thanks for his tireless efforts."

CEO David Fraser commented: " Long and painstaking efforts in Nevada by the Great Western team have resulted in exciting results from the company's first ever drilling. Our target selection process has clearly worked and there are many more targets to be prioritised, mapped, sampled and drilled. I am very privileged to be joining the Company at a key moment in its development, and confident that our well located property in a secure jurisdiction that has produced potentially economic grades of near surface, oxide copper, will attract ongoing support. I am looking forward to exploring and developing these exciting mineral properties."

Management report

During the first half of 2013 the company completed the first ever drill programme on its 74 km² claim block in southwest Nevada. A total of nine reverse circulation holes, for 2580 ft, were drilled covering a strike length of 1200m. Samples were taken every five feet and analysed by Florin Analytical Laboratories, Reno, Nevada. In all, some 1500 sample points were examined for copper, silver and gold. The resulting JORC compliant report, produced by GWM's independent consulting geologist, Donald Strachan, Consulting Geologist QP CPG, indicates that mineralisation is up to 120m wide and extends the length of the strike.

The M2 target, located on the eastern flank of the Huntoon Valley consists of Mesozoic sediments and volcanics, where the mineralisation is associated with the contact with intermediate intrusives.

The target was defined using Aster spectral analysis, airborne and ground magnetics, induced polarisation (IP), soil and rock geochemistry and geological mapping. These highly encouraging results call for follow up work; more detailed geological mapping, structural interpretation and infill and step out drilling.

The results demonstrate the validity of the company's targeting methodology and provide the necessary justification for a maiden drill programme on the larger Target 4 to the southwest.

Once the extent of the outcropping oxide copper mineralisation is clearer, and the relationship with the intermediate intrusives is better understood, deeper drilling may be justified to test the extensive IP anomaly which may be indicative of buried primary sulphide mineralisation.

On the west side of the valley is the former Huntoon mine where copper-gold ore was mined intermittently from 1906 to 1925.  Extensive outcropping copper mineralisation and widespread propylitic alteration occur in and around the old mine.  A limited programme of mapping and sampling is planned to identify the extent of the mineralised zone(s) and drill targets.

Great Western Mining finished the period ending 30 June 2013 with a cash balance of €278,475 (€318,402 in H1 2012).

The condensed consolidated financial reports for the period 30 June 2013 can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/1679P_-2013-9-27.pdf

Enquiries:

Great Western Mining Corporation Plc Emmett O'Connell, Chairman David Fraser, Chief Executive	[phone] [phone]	[e-mail]
Davy (Nomad, ESM Adviser & Broker) John Frain Roland French	[phone]	[e-mail] [e-mail]
Walbrook (UK PR and IR) Paul Cornelius/Guy McDougall	[phone]	[e-mail]
Gordon MRM (Irish PR) Brendan McGrath	[phone] [phone]	[e-mail]

 

END

 

 

IR EDLFLXKFXBBK