OMCO Mine Tailings Results

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 ID	From (ft)	To (ft)	Interval (ft)	From (m)	To (m)	Interval (m)	Avg. Au (g/t)
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	[phone]
Max Williams, Finance Director	[phone]
Davy (NOMAD, Euronext Growth Adviser & Joint Broker) John Frain	[phone]
Novum Securities (Joint Broker) Jon Belliss	[phone]
Walbrook PR (PR advisers) Nick Rome/Nicholas Johnson	[phone]

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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