Great Western Mining Corp. plc
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Maiden JORC Resource
Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mineral exploration company with 73 sq. kilometres of mineral claims in south-west Nevada, USA, is pleased to announce that it has now received an independently prepared JORC-compliant (Note 1) report. This quantifies an inferred Oxide Copper (Cu) resource following completion of the Phase 2 drilling programme at the Company's M2-Smith ("M2") Oxide Copper Project, in Marietta District, Mineral County, Nevada earlier this year.
Highlights:
· JORC-compliant Inferred Resource of 23,636 tonnes Cu.
· The Mineral Resource is contained within a near-surface, shallow-dipping and mineralised system, which extends over a strike length of 2,600 feet.
· Mineral Resource estimate is based on assays from 32 Reverse Circulation bore holes drilled in 2013 and 2014.
· Potential to double or triple resource down-dip and along strike of the inferred resource blocks.
· Phase 3 drilling programme planned.
A total of 32 Reverse Circulation holes were drilled at M2, including nine holes between 8 February 2013 and 4 March 2013, and 23 holes between 25 March 2014 and 16 August 2014. A total of 2,580 feet (786.4 metres) were drilled in 2013 and a total of 13,950 feet (4,252 metres) were drilled in 2014. Drill angles ranged from -45° to vertical, and drill depths from 170 feet (51.8 metres) to 1,380 feet (420.6 metres).
The M2 Oxide Copper Project is an Iron Oxide Copper Gold (IOCG) deposit with inherently favourable metallurgical characteristics. Great Western Mining's initial, wide-spaced, 32-hole drilling programme at M2 has identified a first-order, shallow, moderately-dipping inferred oxide resource of 21,711,416 tons grading 0.12% Cu, or 50,121,378 pounds of copper (23,636 metric tonnes Cu). This inference is based on a planar structural-stratigraphic interpretation for host rock and metal volumes with an overall strike of 030° azimuth, southeast dip of 30°, and strike length of 2,600 feet. Gold (Au) tends to mimic copper (Cu) profiles in most of the drill hole intercepts at a ratio of about 1 Au/50,000 Cu, suggesting that the 2014 inferred copper (Cu) resource contains 16,000 ounces of gold (Au). If the geometric model holds true, this resource may be doubled or tripled down-dip and along strike of the inferred resource blocks and controlling geologic characteristics.
The Phase 2 Exploration and Drilling report prepared by GWM's independent consulting geologist, Donald G Strachan (Note 2), has recommended a Phase 3 drilling programme with the objective of significantly increasing the Inferred Resource, by extending the known planar structure towards the historic Smith Mine, and by creating a JORC-compliant Measured and Indicated Resource over the M2 Oxide Copper Project.
Chief Executive, David Fraser commented:
"I am very proud to be able to announce Great Western Mining's maiden JORC Resource, and to provide a tangible demonstration of the potential value of the Company's first copper prospect, M2-Smith. GWM's second prospect, Target 4, is drill ready and awaiting drilling permit approval. The Company believes that this will provide further momentum towards the establishment of an altogether larger copper resource in Mineral County, Nevada, provisionally designated as The Marietta Copper District. We will update shareholders as further work and analysis is conducted on the M2-Smith results".
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: 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 fulfills the requirements of a Qualified Person by reason of experience and education, as set out in JORC (2012) standards, to act as a consulting geologist for advancement of the M2 Oxide Copper Project.
Note 3: The London Metal Exchange (LME) Cu Official Price at 31/10/14 was 6,835.50 US$/tonne.
Enquiries:
Great Western Mining Corp Plc David Fraser, Chief Executive |
+44 207 933 8795 |
Davy (Nomad, ESM Adviser & Joint Broker) John Frain Roland French |
+353 1 679 6363 [email protected] [email protected] |
Hume Capital Securities plc (Joint Broker) Jon Belliss Abigail Wayne |
+44 203 693 1470 |
Walbrook (UK PR and IR) Paul Cornelius Guy McDougall |
+44 207 933 8795 [email protected] |
