M2 Update

RNS Number : 7839H

Great Western Mining Corp. plc

18 March 2015

 

Great Western Mining Corporation PLC

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

M2 Update

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 following a successful site visit, the Company has now been formally notified by the Bureau of Land Management ("BLM") that its reclamation work carried out on the M2 project to date has been completed to the required performance standards. Accordingly 2.5 acres of disturbance has been rolled over for further exploration drilling purposes.

November 2014 saw the successful establishment of a maiden independent JORC (Note 1) compliant, Inferred Resource on the Company's M2 copper target, containing 23,636 metric tonnes of Copper, and 16,000 ounces of Gold. The M2 Exploration Target is an Iron Oxide Copper Gold ("IOCG") deposit with inherently favorable metallurgical characteristics. M2 is a potential planer structure, extending 2,134 metres south-southeast beneath the crest of Bass Mountain to the vicinity of the historic Smith Copper Mine. The Company considers that the source of the M2 and Smith Mine copper mineralistion is an epithermal plume located beneath the "Sharktooth" peak of Bass Mountain. Low grade, open-pittable copper-gold values at M2 are indicators of much higher grade and more consistent copper-gold oxide mineralisation at the intersection of the vertical north-easterly Sharktooth structure and the Diorite-Dunlap hanging wall caprock.

The disturbance rollover will permit GWM to devise a Phase 3 drilling programme to identify the core of the epithermal plume, and to extend the strike length of the 2014 Inferred Resource to the Sharktooth peak. Following meetings and discussions with the BLM, Great Western Mining has been invited to submit a revised drilling and disturbance plan under our existing BLM Notice.

Chief Executive, David Fraser commented:

"We are very pleased that the BLM has recognised the high quality of GWM's reclamation work on M2 and allowed this disturbance rollover. The rollover negates the requirement for Great Western Mining to submit a costly and time consuming Plan of Operation to the BLM and enables it to develop a Phase 3 drilling programme. The objective of this will be to establish significant grades and tonnages of oxidised Copper-Gold mineralisation. We will keep shareholders updated on progress. "

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.

ENQUIRIES:

Great Western Mining Corporation Plc
David Fraser, Chief Executive	[phone] (via Walbrook)
Davy (Nomad, ESM Adviser & Joint Broker)
John Frain	[phone]
Roland French
Walbrook (UK PR and IR)	[phone]
Paul Cornelius
Guy McDougall
[e-mail]

 

 

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