M1 Update

RNS Number : 9914J

Great Western Mining Corp. plc

04 July 2017

 

Great Western Mining Corporation PLC

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

M1 Update

Great Western Mining (AIM: GWMO) is pleased to provide the following update on the Company's M1 Copper-gold prospect in Mineral County, Nevada, USA.

The M1 prospect is on the west side of the Huntoon Valley and consists of 164 full and 12 fractional claims covering an area of approximately 1,396 hectares. In 2016 a cooperation agreement covering 34 of these claims was signed with Crown Point Gold & Silver LLC ("Crown Point") and a jointly-funded drill programme was agreed to explore two identified areas of anomalous mineralistion straddling the border of both companies' properties. The 2017 restart of this drilling programme was delayed due to adverse weather conditions early in the year but has now picked up pace and is on schedule for completion in August.

Drilling on the first zone of interest to GWM is now complete. This area is a magnetite breccia zone with gold grades of 400-500 ppb Au, but with the potential for large volume. The breccia zone core is highly friable and oxidised and Cerussite has been observed as a fill within the breccia matrix. Cerussite is often associated with a secondary Lead (Pb) ore and in association with Chlorargyrite, forms as a secondary Silver (Ag) ore in the oxide zone. The Company plans to send 80-100 core samples for assay and will update shareholders once the results have been received.

The second drill zone is targeting an outcrop which at the surface is highly oxidised with stockwork Willemite veins present. Drilling in this area is aiming to intercept the high-grade Lead and Silver veinlets which have been revealed by drilling and trenching work carried out by Crown Point on its adjacent claim area. Previous surface sampling by GWM has produced very encouraging readings of Silver, 1383 and 1986 ppm Ag, and Lead, 4434 ppm Pb. The Company and Crown Point believe that this zone has the potential to form the basis of a high-grade Silver and Lead mine with secondary gold of significant volume.

Great Western Mining's field team is extremely positive about the similar geological characteristics observed between M1 and M2. These similarities provide considerable impetus for further work on the copper oxide drill target already identified at M1. This target is contained within the 132 GWM claims outside the scope of the cooperation agreement with Crown Point.

Chief Executive, David Fraser commented: "Great Western Mining has identified M1 as the third Copper-Gold target in Marietta after M2 and M4. The prospect of developing a high-grade Silver and Lead mine, with secondary Gold on the claims that form the cooperation agreement with Crown Point is a real bonus. The relationship with partner Crown Point is working very well and we are looking forward to analysing all the assay results from the drilling programme. We will update shareholders as further news becomes available."

ENQUIRIES:

Great Western Mining Corporation Plc David Fraser, Chief Executive		[phone] (via Walbrook)
Davy (Nomad, ESM Adviser & Joint Broker) John Frain		[phone]
Beaufort Securities Ltd (Joint Broker) Jon Belliss Elliot Hance		[phone]
Walbrook PR (UK PR and IR) Paul Cornelius Nick Rome		[phone] [e-mail]

 

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