Olympic Gold Project Update

RNS Number : 4560S

Great Western Mining Corp. plc

09 July 2020

 

GREAT WESTERN MINING CORPORATION PLC

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

Olympic Gold Project Update

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW) provides a progress report on its recently acquired option over the Olympic Gold Project in Nevada, which was announced on 22 May 2020, where targeted surface sample assays taken by locally based exploration personnel have now been successfully analysed with positive results.

Highlights

· Confirmation of alteration styles and vein textures indicating epithermal precious metal systems.

· Surface sampling assays up to 21.50 ppm Au and 37.30 ppm Ag in surface dumps and stope material, confirming precious metal enrichment potential.

Among four potential targets so far identified, a preliminary assessment has now been completed on the OMCO Mine Extension prospect which confirms the potential of the claim area.

The OMCO mine has been prolifically worked for gold and silver in the past and is underlaid by felsic tuffs.  Faulting which occurred post-mineralisation had the effect of cutting the Olympic vein to the west and south but the previous mine operator only ever exploited the vein up to the limits defined by the faults.  It did not attempt to locate or follow the continuation of the vein on the far side of the faults.

The Olympic vein has platy quartz pseudomorphs of calcite, which indicate boiling of the hydrothermal fluid - an important process for the deposition of gold in epithermal systems.  Samples collected by the Company in recent weeks from both surface dumps and collapsed stope material were taken to an independent laboratory for analysis and range in gold values from 0.09 ppm to 21.50 ppm (see Table 1 below).  The samples were individually crushed until at least 70% of the material was greater than 2mm in size.  A subsequent 250 g split portion of each sample was then pulverised until 85% of the material was less than 75 microns (µm) in size.  A 30 g split of the pulverised rock was then analysed for gold by fire assay with atomic absorption finish, and a 0.5 g split was partially dissolved in Aqua Regia and analysed for 33 trace elements, including silver, by ICP-OES.

Table 1 Selective sampling results from the OMCO Mine Extension prospect.

Sample	UTM NAD83 (m)		Location	Au (ppm)	Ag (ppm)
	Easting	Northing
567204	422,213	4,273,900	Cosmos decline dump, north end	0.60	19.20
567205	422,188	4,273,907	Cosmos decline dump, north end	0.09	0.80
567206	422,230	4,273,644	OMCO stopes - pillar	0.17	6.50
567207	422,244	4,273,634	OMCO stopes - south wall	21.50	37.30
567208	422,240	4,273,645	OMCO stopes - east wall, north of shaft	0.79	15.00

Veins on the east side of the OMCO area may also have potential for precious metal mineralisation and will be reviewed in due course.  One vein exposed in a small adit in the east displays platy textures comparable to those seen in the Olympic vein.

Previous drilling to the north-west of the former Olympic workings encountered a thick zone of silicification with conspicuous pyrite throughout. This vein, dubbed the Cosmos vein, although low grade where sampled, has potential elsewhere and will be followed up.

Targets for immediate follow up work:

· Continuation of the Olympic Vein to the east of the OMCO fault, likely using a ground magnetic survey to define a drill target.

· Continuation of the Olympic vein to the south.

· Assessment of the Cosmos vein potential.  Locations in the footwall of the west fault are likely be shallower than those tested to the east. Tests for the Cosmos vein could be combined with tests of the Olympic vein, south of the main workings, or north-east of the OMCO fault.

Great Western's Executive Chairman Brian Hall commented :   " Despite the constraints of current operating circumstances, we are very pleased to have been able to make a proper assessment of the Olympic Gold Prospect on the ground and to have analysed physical rock samples in an independent laboratory, which fully justifies our participation in this exciting gold play.  In addition to the OMCO mine extension we are finalising analysis of other targets on the Olympic Gold property and will report on the results shortly.  Elsewhere, Great Western is gearing up for the delayed work season at its Mineral Jackpot and RH Group gold and silver projects in Nevada and we will update shareholders as soon as we have progress to report . "

Information in this announcement has been reviewed by William Cooper, who is the Vice-President Exploration of Great Western Mining Corporation PLC.   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	[phone]
Max Williams, Finance Director	[phone]
Davy (NOMAD, Euronext Growth Adviser & Joint Broker) John Frain	[phone]
Novum Securities (Joint Broker) Jon Belliss	[phone]
ETX Capital (Joint Broker) Philip Adler	[phone]
Walbrook PR (PR advisers) Nick Rome/Nicholas Johnson	[phone]

 

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