M2 Update

RNS Number : 0490P

Great Western Mining Corp. plc

23 May 2018

 

Great Western Mining Corporation PLC

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

M2 Update

Great Western Mining (AIM: GWMO, ESM: 8GW) provides the following update on its M2 Copper-Gold prospect in Mineral County, Nevada, USA.

The M2 prospect is on the North-West flank of Black Mountain (locally known as Bass Mountain) where in 2013 and 2014 GWM conducted two drill programmes. Thirty-two reverse circulation ("RC") boreholes were drilled, totalling 5,042 metres. In 2014 a maiden JORC resource was established at M2 consisting of 3.7 million tonnes of 0.44% Cu.

The 2018 drill programme is underway with an eight-hole RC drill programme to develop the M2 JORC resource and a diamond core drilling programme being conducted on the M2-Sharktooth Zone in the centre of Black Mountain. The objective at Sharktooth is to prove up a deep high-grade Iron Oxide Copper Gold ("IOCG") deposit. The M2- Sharktooth IOCG target is modelled as more central, higher grade and nearer to the source of the M2 IOCG mineralising fluids, creating the stringer zone of the M2 mineral resource.

The eight RC holes have now been completed and the first M2-Sharktooth hole (M2-041) is currently at 305 metres. Assay results from the first four RC holes (M2-033 to M2-036) have been received and significant copper intervals have been outlined in the table below.

Table 1-Copper Intersects

Hole	From (metres)	To (metres)	Interval (metres)	Copper Grade % Cu
M2-034	93.00	99.1	6.1	0.146
M2-034	166.1	170.7	4.6	0.234
M2-034 including	184.4 193.5	198.1 195	13.7 1.5	0.564 2.59
M2-036	38.1	42.7	4.6	0.192

Anomalous Gold (Au) gold readings occurred throughout all four holes, coincident with anomalous copper readings. In hole M2-034 a high gold result of 450ppb Au occurred with the high copper reading of 2.59% Cu.

A high coincidence of Manganese (Mn) with Cu in hole M2-033 from 2018 and holes M2-010, M2-30 and M2-026 from 2014 has been noted.  This coincidence continued at depth in M2-034, providing good indications of continuing hydrothermal oxidation. This is a very positive sign that provides significant encouragement for discovery of the higher-grade Cu Au source targeted by M2-041 in the Sharktooth Zone.

Chief Executive, David Fraser commented: "Drilling to date has been very encouraging, particularly in M2-034 where we encountered highly anomalous copper intercepts with a high reading of 2.59% Cu accompanied by significant gold. M2-034 is the most northerly drill hole to date, 1,690 metres from M2-041 and providing further indication of the potential size of the M2 prospect. We will keep shareholders updated when appropriate as the 2018 drill programme continues."

Qualified Person

Donald G. Strachan is a Certified Professional Geologist (CPG-10376) under the auspices of the American Institute of Professional Geologists. Mr. Strachan is also a Fellow of the Geologic Association of Canada, a Member of the Society of Economic Geologists, and a Member of the Geological Society of Nevada.

Mr Strachan has sufficient 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' and as a Qualified Person as defined in the Note for Mining and Oil & Gas Companies which form part of the AIM Rules for Companies.

Mr Strachan has reviewed and approved the geological content of this announcement.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

Note 1: JORC stands for Australasian Joint Ore Reserves Committee (JORC), which is sponsored by the Australian mining industry and its professional organisations. The Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code) is widely accepted around the world as the definitive standard for the reporting of a company's resources and reserves.

Note 2: ppb = parts per billion

ENQUIRIES:

Great Western Mining Corporation Plc David Fraser, Chief Executive		[phone] (via Walbrook)
Davy (Nomad, ESM Adviser & Joint Broker) John Frain		[phone]
Novum Securities Limited (Joint Broker) Jon Belliss		[phone]
Walbrook PR (UK PR and IR) Paul Cornelius Nick Rome		[phone] [e-mail]

 

END

 

 

UPDEAFSDAEDPEFF