Operations Update

RNS Number : 1438X

Great Western Mining Corp. plc

25 August 2022

 

GREAT WESTERN MINING CORPORATION PLC

(AIM - GWMO, Euronext Growth - 8GW, "Great Western" or "the Company")

OPERATIONS UPDATE

Great Western Mining Corporation PLC provides the following update on its operations in Mineral County, Nevada.

MINERAL PROCESSING JOINT VENTURE

The Company's processing joint venture project is making good progress.  A project manager has been appointed and the first stage design of a processing mill for secondary recovery of gold and silver from mining waste is now complete and will shortly be reviewed by an independent engineer prior to formal sign-off.  The initial phase of the project will consist of gravity separation, followed by a contained leaching operation for tailings.  Independent certification of the design and formalisation of the processing joint venture agreement are expected in the coming weeks, following which a detailed application to construct and operate the mill will be submitted to the state of Nevada.  The mill and associated facilities will have sufficient capacity to accommodate all known mining waste on claims held by the joint venture partners, with excess capacity to handle any additional material acquired from third parties in the area.

ASSAY RESULTS FOR 2022 DRILL PROGRAMME

Great Western has this summer completed a programme of twenty four holes totalling 2,798 metres drilled depth over four separate prospects and has lodged cuttings at two separate laboratories for assay and certification.  Results are expected to start arriving in September and will be announced when available.  The Company's next phase of exploration and development will be planned around these results.

COMPLETION OF RECLAMATION PROGRAMME

A land reclamation programme covering the Rock House group, the Black Mountain group and the Olympic Gold Project was completed in August.  There are strict limits on how much ground may be disturbed at any one time for exploration and, by restoring drill sites to their original condition, Great Western is fulfilling its obligations under surface management regulations while freeing up potential acreage for a 2023 drilling programme. 

Upon official acceptance of the reclamation works, cash-backed bonds lodged by the Company against future performance may either be reclaimed in cash or applied as surety against future exploration.

Great Western Chairman Brian Hall commented:  "Our drilling programme was conducted effectively, on time and under budget with encouraging signs of mineralisation so we share investors' frustration at the delays in securing assay results, which appears to be an industry-wide problem in the area.  We will announce the assay results as soon as available and in the meantime we are making good progress on the processing joint venture.  We anticipate a busy and productive remainder of the year and will keep shareholders updated."

For further information:

Great Western Mining Corporation PLC
Brian Hall, Chairman	[phone]
Max Williams, Finance Director	[phone]
Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker Brian Garrahy	[phone]
Novum Securities (Joint Broker) Jon Belliss	[phone]
Walbrook PR (PR advisers) Nick Rome	[phone]

Notes to Editors

The Company has a large acreage position 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. 

 

END

 

 

UPDPPUMWRUPPGRC