GWMO.GB Great Western Mining Corp Plc

TIDMGWMO

RNS Number : 7137W

Great Western Mining Corp. plc

14 December 2023

GREAT WESTERN MINING CORPORATION PLC

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

EXTED GOLD ZONE AT M5

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing gold, silver and copper targets in the Walker Lane trend of Nevada, is pleased to announce the discovery of a substantial area of anomalous gold in soil samples at its M5 prospect in the Jack Springs ("JS") claims group in Mineral County, Nevada.

HIGHLIGHTS

   --    Over 1 km long trend of anomalous gold (greater than 10 ppb Au) 
   --    Several continuous zones of higher grade (greater than 25 ppb Au) 

-- Ten new grab samples including one with 5.14 g/t Au, 1,246 g/t Ag and 0.32% Cu indicating the polymetallic nature of the prospect.

   --    Outlier soil results over 100 ppb Au, including 246, 145, and 130 ppb Au. 
   --    Copper and silver soil anomalies 

-- Two separate sample areas over windows in tertiary cover are anomalous, indicating likely continuation of zone under cover.

BACKGROUND

The M5 prospect in the southeastern part of the Jack Springs claims group has previously been identified by the Company. It is a mafic intrusion in limestones and rhyolites, mineralisation being associated with veins within the alteration zone around the intrusion, and forms a prominent northeast trending ridge, standing proud of the surrounding tertiary lavas.

SOIL SAMPLE RESULTS

Following the success of the first soil sampling grid at M5, reported on 10 July 2023, a follow up programme has now been completed , comprising 298 new soil samples collected at 30 m spacing along 50 m spaced lines (figure 1). Of these samples, 158 graded above 10 ppb Au, 58 graded above 25 ppb Au and 11 graded above 50 ppb Au. There were three outliers over 100 ppb Au, including 246, 145, and 130 ppb Au. There is a particular cluster of higher-grade samples in the eastern window which is an area never previously visited or sampled.

The programme has now identified a zone 1500 m long by 400 m wide containing several corridors of anomalous gold which is open as it reaches the edge of surrounding overlying tertiary lavas. Two disconnected areas of sampling, taken over small window zones in the tertiary cover, are also broadly anomalous, suggesting a more widespread sub-cropping zone. It is likely that the anomalous gold continues beneath the tertiary lavas and is not limited to the sampled zone.

Figure 1 . Left - location of new samples reported here; right - gold abundances of all samples from M5.

Copper and silver

Both copper and silver are also anomalous at M5, with a similar distribution to gold (figure 2).

Figure 2 . left - silver abundances in all soil samples at M5; right - copper abundances for all soil samples at M5.

Grab sample results

Ten new selective grab samples were taken at M5 during the follow up soil sampling. These samples were taken from outcrops that were mineralised in appearance or otherwise of interest to the sampling geologist. One stand-out sample, taken from a small working which features a copper oxide bearing quartz vein (sampled once previously - see 10 July 2023 news release) returned 5.14 g/t Au, 1,246 g/t Ag and 0.32% Cu. This indicates that strongly mineralised structures occur at M5 and are a likely source of the soil anomalies. Two other samples with notably high-grade copper (5.16 % and 1.09 % Cu) occurred on the southeast facing flank of the ridge line. These samples feature sulphide stringers with chalcopyrite and abundant copper oxides.

Figure 3 . Locations and selected grades of new grab samples at M5 collected during follow-up soil sampling.

Remote sensing interpretation

Interpretation of ASTER multispectral satellite imagery shows a distinctive alteration signature over the M5 hill, which also occurs at the two windows through the tertiary cover referred to above, and at a third, as yet unsampled window 400 m farther to the northeast (Figure 4). The imagery also indicates that a larger area, the centre of which is around 1.8 km to the northeast of the M5 ridgeline, may too be prospective. Further soil sampling together with an IP survey is planned for 2024.

Figure 4. additional window in Tertiary lavas, and large area to NE shows similar response on ASTER false colour image (4:6:8 - RGB) as M5 Hill.

Additional information:

All soil samples were submitted to Paragon Geochemical Laboratories, Reno, Nevada. Samples were screened to -80 mesh and analysed by method FSAU-25, aqua regia digest with ICP-MS finish for a 51-element suite. Quality control samples were inserted by the company and results reviewed prior to release.

Grab samples were prepped and analysed at Bureau Veritas in Reno, Nevada, by methods FA430 (fire assay) for gold and AQ300 aqua regia digest with ICP-ES finish for a 33-element suite. Internal QA/QC samples were inserted by the analytical laboratories and reviewed by the Company prior to release.

Great Western Chairman Brian Hall commented: "These new results over the M5 prospect on the Jack Springs claims have identified another strong target for exploration on the Great Western claims. We are seeing the benefits of intensive and continuous geological field work over the spring, summer and autumn of this year and are very excited by the laboratory results at a number of prospects. The results of this field work, together with the indications of a possible copper porphyry at the Huntoon Copper Project, announced on 16 November and with the potential to dwarf the existing resource already established at the nearby M2 claims, underline our belief in the great potential of our 60 km(2) of claims in the prolific Walker Lane Belt of Nevada."

Qualified Person Statement: The information in this announcement that relates to exploration results is based on information reviewed by Dr James Blight MGeol PhD MAusIMM who is Exploration Manager of Great Western Mining PLC. Dr Blight is 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.

For further information:

 
 Great Western Mining Corporation PLC 
 Brian Hall, Chairman                      +44 207 933 8780 
 Max Williams, Finance Director            +44 207 933 8780 
 
 Davy (NOMAD, Euronext Growth Listing 
  Sponsor & Joint Broker) 
  Brian Garrahy                             +353 1 679 6363 
 
 SP Angel (Joint Broker) 
  Ewan Leggat/Harry Davies-Ball            +44 203 470 0470 
 
 Walbrook PR (PR advisers) 
  Nick Rome                                +44 207 933 8783 
 

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. The Company is party to a 50-50 joint venture known as Western Milling LLC which is constructing a mill to process pre-mined material for secondary recovery of gold and silver.

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.

GWM has established an Inferred Resource Estimate of 31,000 tonnes grading 1.6 g/t gold and 3.0 g/t silver in tailings for the OMCO Mine at the Olympic Gold Project. It has also established Exploration targets. In addition, the Company has reported an Exploration Target as follows:

-- 3,400 - 6,400 tonnes grading between 0.5 and 1.2 g/t Au and 1.2 and 2.1 g/t Ag in the substrate beneath the tailings volume at the Olympic Mine.

-- 9,000 - 12,000 tonnes grading between 0.9 and 2.4 g/t Au and 2.0 and 5.1 g/t Ag in a coarse stockpile at Olympic Mine.

-- 4,200 - 7,700 tonnes grading between 40 and 140 g/t Ag and 0.3 and 0.3 g/t Au in spoil heaps at Mineral Jackpot.

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December 14, 2023 02:00 ET (07:00 GMT)