Great Western Mining Corp. plc Operational Update (4857D)

TIDMGWMO

RNS Number : 4857D

Great Western Mining Corp. plc

26 June 2019

Great Western Mining Corporation PLC

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

Operational Update

Great Western Mining (AIM: GWMO; Euronext Growth: 8GW) is pleased to provide the following update on its 2019 field programme in Mineral County, Nevada.

Between April and June 2019, a geological mapping, rock chip sampling and soil sampling programme has been completed on the TUN, JS, RH & EM groups of claims covering a total area of 47.6 km(2) .

A structural synthesis of mineralised veins and brecciated fault zones found in the field, along with a review of a previous Induced Polarisation and Resistivity (IP/RES) survey, has shown excellent correlation with regional anomalous aeromagnetic lineations outlining the position of the Golconda Thrust Fault.

The Golconda Thrust Fault is an extensive regional structure spanning Nevada and providing a major pathway for hydrothermal mineralisation. The gold-silver Candelaria mining district has historically been reported as the most westerly mapped extent of the contiguous Golconda Thrust Fault terrane.

However, recently completed studies by GWM geologists have enabled them to trace discontinuous splays of the Candelaria-Golconda Fault west of the Candelaria mining district, directly intersecting identified mineralised structures and geophysical anomalies within the EM, RH, JS & TUN groups of claims. Great Western Mining's Golconda Claims therefore sit directly upon the projected western continuation of the fault system that hosts the gold-silver Candelaria mining deposits.

Please click link below to view a PDF map of the Golconda-Candelaria Fault Claims.

http://www.rns-pdf.londonstockexchange.com/rns/4857D_1-2019-6-26.pdf

Within the TUN Group of claims (M6), several quartz-hematite veins up to 2 metres wide, over a 2 km strike length of surface exposure, have been located and sampled. The veins occur within a heavily faulted and oxidised sedimentary sequence. Rock chip samples taken from surface exposures, consisting of 2 - 5 kg of material per sample, were submitted to accredited laboratories in Reno, Nevada for precious and base metal analysis. Results from twenty-eight samples collected at TUN are given in Table 1, showing only elevated gold values of > 0.1 ppm Au and elevated copper values of >0.1% Cu.

Table 1 Rock chip assay results taken at TUN, containing elevated levels of gold (>0.1 ppm) and copper (>0.1%) only

 
   X         Y      Claim   Au (ppm)   Cu (%) 
 359124   4219358   TUN     9.84       0.04 
         --------  ------  ---------  ------- 
 359230   4219422   TUN     4.99       0.04 
         --------  ------  ---------  ------- 
 359171   4219372   TUN     4.15       0.08 
         --------  ------  ---------  ------- 
 359307   4219174   TUN     2.66       0.07 
         --------  ------  ---------  ------- 
 359152   4219374   TUN     1.33       0.01 
         --------  ------  ---------  ------- 
 359243   4219390   TUN     0.83       0.01 
         --------  ------  ---------  ------- 
 358852   4219113   TUN     0.57       0.00 
         --------  ------  ---------  ------- 
 359676   4219354   TUN     0.55       0.57 
         --------  ------  ---------  ------- 
 359163   4219376   TUN     0.36       0.04 
         --------  ------  ---------  ------- 
 359297   4219181   TUN     0.27       0.02 
         --------  ------  ---------  ------- 
 359220   4219413   TUN     0.18       0.01 
         --------  ------  ---------  ------- 
 359220   4219413   TUN     0.13       0.07 
         --------  ------  ---------  ------- 
 359243   4219390   TUN     0.11       0.00 
         --------  ------  ---------  ------- 
 357968   4219399   TUN     0.07       1.21 
         --------  ------  ---------  ------- 
 359683   4219496   TUN     0.00       1.11 
         --------  ------  ---------  ------- 
 359685   4219354   TUN     0.00       0.57 
         --------  ------  ---------  ------- 
 359297   4219161   TUN     0.00       0.11 
         --------  ------  ---------  ------- 
 

At RH Group (M7), massive sulphide bearing oxidised quartz breccia veins with pervasive silicification and argillic alteration on faulted contacts between slate, siltstone and rhyolites have been mapped and sampled. These mineralised structures are traceable across the entire 2.7 km east-west extent of the RH claim block. Twenty-two rock chip samples were collected in April 2019 and Table 2 shows elevated gold and copper values in one of the samples, indicating the presence of mineralising fluids within the fault block. This finding will be followed up with further rock chip sampling and a surface soil sampling programme.

Table 2 Rock chip assay results taken at RH, with elevated gold values >0.1 g/T Au and elevated Copper values > 0.1% Cu

 
 X        Y         Claim   Au (ppm)   Cu (%) 
 379646   4222695   RH      0.243      0.13 
         --------  ------  ---------  ------- 
 

Within the JS Group of claims, the M5 prospect lies to the south of the Company's M4 Copper-Gold project. M5 is a copper-gold target associated with sulphide-quartz veining along a gabbro and limestone contact. Results from twenty-eight rock chip samples taken at M5 are given in Table 3, indicating elevated gold and copper values.

Table 3 Rock chip assay results taken at M5 prospect, within the JS Group, showing only samples with elevated gold (>0.1 ppm) and copper (>0.1%) values

 
   X         Y      Claim   Au (ppm)   Cu (%) 
 371386   4222130   JS      0.74       0.01 
         --------  ------  ---------  ------- 
 371427   4222156   JS      0.74       0.03 
         --------  ------  ---------  ------- 
 371427   4222156   JS      0.30       0.01 
         --------  ------  ---------  ------- 
 371408   4222220   JS      0.15       0.01 
         --------  ------  ---------  ------- 
 371402   4222103   JS      0.12       0.01 
         --------  ------  ---------  ------- 
 371354   4222058   JS      0.02       2.79 
         --------  ------  ---------  ------- 
 

Recent geological mapping at the EM Group (M8) has identified numerous copper-quartz-iron oxide breccia veins in silicified stockworks and fault zones that may be traced across large areas of the claim block. Thirty-one surface rock chip samples taken at EM have been submitted to the Bureau Veritas Inspectorate laboratory in Reno, with results expected within the next few weeks. A soil sampling programme is currently underway at EM to define further anomalous targets and host structures.

These recent results demonstrate the potential prospectivity of the Golconda-Candelaria Fault corridor on Great Western Mining claims, evidenced by a regional aeromagnetic anomaly exceeding 4 km in length and encompassing the width of the JS group; 1-2 m wide gold bearing quartz veins within intensely iron oxidized fault zones at TUN Group along a 2 km strike length; and copper oxide, massive sulphide & quartz-iron breccia veins in both silicified and argillised fault zones across both the RH and EM groups. These findings provide a new substantial geological and mineralogical model that will form the basis of future exploration activities on the Golconda Claims by the Company.

Further programmes are planned for the TUN, RH and JS groups over the coming field season.

Chief Executive, David Fraser commented: "The early part of this year's field programme has yielded some really encouraging results. The potential westward extension of the Golconda Fault corridor onto the GWM claim area has significant implications, supporting the Company view of district style faulting over our land area. We are particularly excited about the implications this may have for the very large IP anomaly over M4 that is perfectly aligned to the northern tramline of the Golconda Fault. As previously reported the Company is planning a drilling programme this Autumn to target the M4 anomaly. We look forward to reporting further results as the field work on the Golconda claims continues this Summer."

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    [phone] (via Walbrook) 
  PLC 
  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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June 26, 2019 04:54 ET (08:54 GMT)