Great Western Mining Corp. plc M4 Update (6258S)

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RNS Number : 6258S

Great Western Mining Corp. plc

12 March 2019

Great Western Mining Corporation PLC

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

M4 Update

Great Western Mining (AIM: GWMO; Euronext Growth: 8GW) is pleased to announce that assay results received on the sixth hole drilled on the M4 Copper-Gold Project, M4-06, have now been received. Significant gold was encountered from the surface in tandem with elevated copper readings of 484ppm Cu and 361ppm Cu:

Table 1. Gold Intersects > 0.1 ppm

 
 From (metres)   To (metres)   Interval (metres)   Gold (Au) ppm 
       0            4.27             4.27              0.137 
                ------------  ------------------  -------------- 
 

The large breccia vein encountered in M4-05 runs parallel to M4-06 in a NW-SE direction. The elevated copper readings found at surface in M4-06, along with similar elevated readings found in holes M4-04 and M4-05, point to a diffuse expression of both the breccia vein and other copper oxide vein mineralisation identified in surface mapping. The breccia vein encountered in M4-05 remains open in all directions.

A magnetic low at M4 points to magnetite destruction which can be a reliable indicator of hydrothermal fluid activity. Analysis of hyperspectral imagery from "ASTER" studies and Induced Polarisation ("IP") studies strongly suggest the presence of metal sulphides at depth beneath a silica cap, a common feature of epithermal deposits. The Company believes that the breccia vein intercepted at M4-05, along with the other veins mapped at surface, could be offshoot structures in the roof of a buried sulphide ore body.

GWM is currently awaiting United States Forest Service ("USFS") permit approval (currently expected May 2019) for follow up drilling on M4 to test both the lateral and down dip extent of the breccia vein. Further drilling is now being planned to test the buried IP anomaly at M4.

Chief Executive, David Fraser commented: "In preparation for the recommencement of drilling GWM has planned an aggressive Spring field campaign of geological mapping and sampling commencing at the beginning of April. In the Summer a drill programme on M4 will follow up on the successful results of 2018, while at M2 the Spring campaign will finalise the best route to return to test the Sharktooth target. The Company also provisionally plans a first drill campaign on the Mineral Jackpot Gold-Silver target (M3) subject to permit approval from the US Bureau of Land Management ("BLM"). 2019 promises to be a busy and exciting year for Great Western Mining and as always we will keep shareholders updated as news becomes available."

Qualified Person

Information in this announcement has been reviewed by William Cooper, who is the Chief Geologist and Exploration Manager of Great Western Mining. He holds a MSc in Mining Geology from the Camborne School of Mines. He is a Member of the Australian Institute of Geoscientists (MAIG) and a Fellow of the Geological Society of London (FGS), and is a Qualified Person as defined in the Note for Mining and Oil & Gas Companies which form part of the AIM Rules for Companies. Mr Cooper consents to the inclusion of the information in the form and context in which they appear.

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          [phone] (via Walbrook) 
  David Fraser, Chief Executive 
 Davy (Nomad, Euronext Growth Adviser 
  & Broker) 
  John Frain 
  Matthew De Vere White                                        [phone] 
 Novum Securities Limited (Joint Broker) 
  Jon Belliss                                                 [phone] 
 Walbrook PR (UK PR and IR)                                   [phone] 
  Paul Cornelius                             [e-mail] 
  Nick Rome 
 

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END

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March 12, 2019 08:34 ET (12:34 GMT)