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GWMO Great Western Mining Corporation Plc

0.0465
0.001 (2.20%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Great Western Mining Corporation Plc LSE:GWMO London Ordinary Share IE00B1FR8863 ORD EUR0.0001 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.001 2.20% 0.0465 0.046 0.047 0.0465 0.0455 0.0455 20,762,231 16:19:01
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Metal Mining Services 0 -792k -0.0002 -2.50 1.79M

Great Western Mining Corp. plc M2 JORC Resource Upgrade (6004X)

22/02/2017 5:16pm

UK Regulatory


Great Western Mining (LSE:GWMO)
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From Mar 2019 to Mar 2024

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RNS Number : 6004X

Great Western Mining Corp. plc

22 February 2017

Great Western Mining Corporation PLC

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

M2 JORC Resource Upgrade

In 2016 Great Western Mining (AIM: GWMO) commissioned Nevada based mining engineer Mr. W T Cohan to undertake a JORC Compliant Scoping Study for the Company's copper-gold exploration target M2. The scoping study is the first stage in the development of a pilot heap leach facility on 10 acres of private land owned by GWM in Marietta, Nevada.

The first stage of the study involved independently verifying the drill data on M2 and constructing a resource model using mining engineering software. Mr Cohan has calculated the Inferred Mineral resource using various cut-off grades as set out in the table below:

Summary of Mineral Resource Estimate:

Table 1: M2 Prospect - 2017 Inferred Mineral Resource

 
 Category    Cut-Off       Tonnes      Grade      Contained 
              Grade Cu%                            Metal (tonnes) 
----------  -----------  -----------  ---------  ---------------- 
                                       0.159 Cu 
 Inferred    0.05%        23,127,774    %         36,773 
----------  -----------  -----------  ---------  ---------------- 
                                       0.421 Cu 
 Inferred    0.15%        6,314,008     %         26,582 
----------  -----------  -----------  ---------  ---------------- 
                                       0.542 Cu 
 Inferred    0.20%        4,134,042     %         22,407 
----------  -----------  -----------  ---------  ---------------- 
 

Source: W.T. Cohan, competent person.

The full report including the economic assessment is scheduled for completion by the end of March.

The current open -pittable M2 Inferred Resource is obtained from a 795-metre strike length, which the Company has modelled as an Iron Oxide Copper Gold ("IOCG") "stringer" zone projecting up-dip from a thicker, more consistent, and higher grade IOCG core hosted mainly in diorite beneath the Sharktooth peak of Bass mountain. The favourable geological environment for IOCG mineralistion beneath Bass mountain is almost 4 km long, over 1 km wide and open to further south west extension.

The Company looks forward to further updating shareholders once the Technical Scoping Study has been received, and with the progress of further field work on M2, scheduled for this Spring.

Chief Executive, David Fraser commented: "This is a good resource upgrade from the first stage of the Scoping Study. It is encouraging to receive such positive results from a relatively small section of the M2 potential. We look forward to updating shareholders with the results from the study and as work continues on M2."

Note 1: W.T. Cohan, competent person, is a Registered Professional Engineer in the States of Colorado (No.11954), and Nevada (No.6955), a Registered Geologist in the State of California (No.2523), and a Registered Water Rights Surveyor in the State of Nevada (No. 868). Mr. Cohan is a member of the Society of Mining Engineers AIMME (Legion of Honor), the Canadian Institute of Mining & Metallurgy, Society of Ground Water Scientists and Engineers of the National Ground Water Association, and the National Society of Professional Engineers. Mr. Cohan is a graduate of the South Dakota School of Mines and Technology, with a degree in Mining Engineering. Mr. Cohan 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 the advancement of the M2 Oxide Copper Project. Mr. Cohan has reviewed and approved the information contained within this announcement.

ENQUIRIES:

 
 Great Western Mining      +44 207 933 8795 (via Walbrook) 
  Corporation Plc 
  David Fraser, Chief 
  Executive 
 Davy (Nomad, ESM          +353 1 679 6363 
  Adviser & Joint           john.frain@davy.ie 
  Broker)                   roland.french@davy.ie 
  John Frain 
  Roland French 
 
   Beaufort Securities 
   Ltd (Joint Broker) 
   Jon Belliss 
   Elliot Hance              +44 207 382 8300 
 Walbrook PR (UK           +44 207 933 8795 
  PR and IR)                greatwesternmining@walbrookpr.com 
  Paul Cornelius 
  Gary Middelton 
  Nick Rome 
 

Glossary

Cut-Off Grade The level below which material within an orebody does not contain sufficient value to economically justify processing into a final salable form.

 
 Geochemistry           Geochemistry is the science 
                         that uses the tools and principles 
                         of chemistry to explain the 
                         mechanisms behind major geological 
                         systems such as the Earth's 
                         crust and its oceans. 
 Grade                  Quantity of metal per unit 
                         weight of host rock. 
 Host rock              The rock containing a mineral 
                         or an ore body. 
 Induced Polarisation   An Induced Polarisation/resistivity 
                         survey involves transmitting 
                         a current into the ground using 
                         two electrodes and measuring 
                         the voltage between another 
                         pair of electrodes. Induced 
                         Polarisation (IP) techniques 
                         are especially useful in exploration 
                         for disseminated sulphide mineralisation. 
 Inferred Mineral       The term "inferred mineral 
  Resource               resource" refers to that part 
                         of a mineral 
                         resource for which quantity 
                         and grade or quality can be 
                         estimated on the basis of geological 
                         evidence and limited sampling 
                         and reasonably assumed, but 
                         not verified, geological and 
                         grade continuity. The estimate 
                         is based on limited information 
                         and sampling gathered through 
                         appropriate techniques from 
                         locations such as outcrops, 
                         trenches, pits, workings and 
                         drill holes. 
 JORC                   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. 
 Jura-Cretaceous        Refers to the boundary between 
                         the Jurassic and Cretaceous 
                         geological periods. 
 Mineral Resource       The term "mineral resource" 
                         refers to a concentration or 
                         occurrence of natural, solid, 
                         inorganic or fossilized organic 
                         material in or on the Earth's 
                         crust in such form and quantity 
                         and of such a grade or quality 
                         that it has reasonable prospects 
                         for economic extraction. The 
                         location, quantity, grade, 
                         geological characteristics 
                         and continuity of a mineral 
                         resource are known, estimated 
                         or interpreted from specific 
                         geological evidence and knowledge. 
 Mineralisation         A natural occurrence in rocks 
                         or soil of one or more metal 
                         yielding minerals. 
 ppm                    Parts Per Million. This is a way of expressing very dilute concentrations of 
                         substances. Just 
                         as per cent means out of a hundred, so parts per million or ppm means out of a 
                         million. Usually 
                         describes the concentration of something in water or soil. 
 Reverse Circulation    Reverse Circulation Drilling 
  Drilling               (RC) is a technique which allows 
                         for full recuperation of the 
                         soil and rock samples, without 
                         any wall contamination. Performed 
                         by using a triblade, tricone 
  Stringer Zone          or a down-hole hammer, the 
                         samples are evacuated through 
                         the face of the bit into the 
                         inside tube of a dual wall 
                         drill steel so that they never 
                         come in contact with the borehole 
                         wall. 
 
                         A large number of small, closely 
                         spaced veins, often with many 
                         different orientations, is 
                         referred to as a stockwork 
                         and sometimes as a stringer 
                         zone. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

February 22, 2017 12:16 ET (17:16 GMT)

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