Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Positive Drill Results at M4
A total of six bore holes have been completed at M4, Great Western Mining's (AIM: GWMO and ESM: 8GW) Copper-Gold prospect in Mineral County, Nevada.
Highlights
· 43 metre copper-bearing vein intersected with a high reading of 0.74% Cu
· Anomalous gold encountered in vein with a high reading of 0.338 ppm Au
· Three holes at base of M4 suggest a deep copper porphyry target
· New Plan of Operations submitted to United States Forestry Service
Three diamond core drill holes were completed at M4 to test mineralisation beneath large outcrops of cupiferous vein and silicic alteration mapped at surface. Assay results from two out of the three holes, M4-04 and M4-05, have now been received. M4-06 was logged and sent for assay in mid-November with the results due in January 2019. All three bore holes penetrated sedimentary rock structures. One very large NE-SE trending breccia vein was encountered in M4-05 and may have been briefly clipped at the bottom of M4-04. This was a continuous 43 metre copper-bearing vein averaging 0.24% Cu throughout its length and containing two higher grade intercepts of 0.53% Cu over 3.8 metres and 0.74% Cu over 1.8 metres. Anomalous gold was also encountered in the vein with high readings of 0.338 ppm Au and 0.298 ppm Au.
The geologic character of the M4-05 vein intercept, and geology mapped at the surface, suggest that the vein system may extend 122 metres along a northwest strike and may be open to the east. A vein "shoot" within these confines may also extend to considerable depth below the M4-05 large vein intercept.
The significant copper intersects from M4-05 are summarised below:
Table 1-M4-05 Copper Intersects > 1000 ppm (0.1% Cu)
From (metres) |
To (metres) |
Interval (metres) |
Copper (Cu) (ppm) |
39.7. |
40.46 |
0.7 |
9681 |
106.2 Including 106.2 Including 121.0 |
149.2 110.0 122.8 |
43.0 3.8 1.8 |
2370 5275 7425 |
The significant gold intersects from M4-04 and M4-05 are summarised below:
Table 2- Gold Intersects > 0.1 ppm
Hole |
From (metres) |
To (metres) |
Interval (metres) |
Gold (Au) (ppm) |
M4-04 |
290.3 |
292.5 |
2.1 |
0.122 |
M4-04 |
294.5 |
296.6 |
2.0 |
0.180 |
M4-05 |
106.2 |
107.3 |
1.1 |
0.338 |
M4-05 |
140.2 |
141.1 |
0.9 |
0.298 |
M4-05 |
142.0 |
142.9 |
0.9 |
0.151 |
M4-05 |
143.9 |
144.8 |
0.9 |
0.11 |
Three Reverse Circulation ("RC") holes were drilled with a primary aim of testing the western extent of an Induced Polarisation ("IP") anomaly detected by previously conducted IP studies. All three holes were strongly oxidised throughout their lengths but the holes were too shallow to hit the postulated deep sulphides. However, the traces of partially oxidised, apparently stratiform sulphides encountered over a 21-metre interval near the bottom of hole M4-02 is regarded by the GWM field team as a good indicator of remnant copper oxides above deeper sulphide structures below. In July the Company increased the M4 claim area with the addition of thirty-two claims to the West of M4 for future exploration of a projected deep copper porphyry target.
Great Western Mining is planning a follow-up drill programme and has submitted a "Plan of Operations" to the United States Forestry Service ("USFS") which is currently being reviewed. The process of approval and bonding is expected to be completed by May 2019 with drilling to commence as soon as practicable afterwards.
Chief Executive David Fraser commented: "The assay data from M4 are very encouraging. Next year's drilling will test the extent of what appears to be a very large and continuous structure. We will continue to keep shareholders updated as plans progress."
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: ppm = parts per million
ENQUIRIES:
Great Western Mining Corporation PLC David Fraser, Chief Executive |
+44 207 933 8795 (via Walbrook) |
Davy (Nomad, ESM Adviser & Broker) John Frain Matthew De Vere White |
+353 1 679 6363 |
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Novum Securities Limited (Joint Broker) Jon Belliss |
+44 207 399 9400 |
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Walbrook PR (UK PR and IR) Paul Cornelius Nick Rome |
+44 207 933 8795 [email protected] |
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