Great Western Mining Corp. plc Placing and Retail Offer

RNS Number : 5930N

Great Western Mining Corp. plc

26 November 2024

 

GREAT WESTERN MINING CORPORATION PLC

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

 

PLACING OF NEW SHARES

RETAIL OFFER

 

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing gold, silver and copper targets in the Walker Lane belt of Nevada, USA, announces a placing to raise gross proceeds before expenses of £300,000 through the issue of 1,818,181,818 New Ordinary Shares of €0.0001 each (the "Placing Shares") at a price of 0.0165 pence each (the "Placing").  CMC Markets UK PLC, trading as CMC CapX, acted as the Company's placing agent in respect of the Placing.

 

In addition to the Placing, the Company also intends to offer its existing shareholders a "Retail Offer" of new Ordinary Shares at the same Issue Price as the Placing (the "Retail Offer Shares" and together with the Placing Shares the "Fundraising Shares").

 

The Company will release a separate announcement regarding the Retail Offer and its terms. For avoidance of doubt, the Placing is separate from and is not conditional on the Retail Offer.

 

USE OF PROCEEDS

 

Great Western will use the proceeds from the Fundraising Shares for some or all of the following:

 

·    Complete commissioning of process mill for pilot production

·    Create optimum drill programme for West Huntoon copper porphyry

·    Analyse and report on 751 soil and grab samples taken over six prospects during 2024 field season (TUN, W Huntoon, M2 NE extension, M5 NE extension, Smith Mine and Rock House)

·    Pursue tungsten opportunities in the Black Mountain claims group in the vicinity of two historic mines 

·    General corporate purposes

 

Great Western Chairman Brian Hall commented:  "We have a busy programme of exploration and development and are making good progress on all fronts.  The West Huntoon copper porphyry project is now effectively drill ready and we are anticipating pilot production of gold and silver concentrates at the Western Milling joint venture in the near future.  We are also looking at other promising mineral opportunities on and around our claims.  This Placing will enable us to continue our efforts effectively and we are taking the opportunity to make new shares available to existing shareholders through a Retail Offer which will shortly be announced".

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION IN RELATION TO GREAT WESTERN MINING CORPORATION PLC.

 

For further information:

 

Great Western Mining Corporation PLC
Brian Hall, Chairman	[phone]
Max Williams, Finance Director	[phone]
Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker) Brian Garrahy	[phone]
SP Angel Corporate Finance LLP (Joint Broker) Ewan Leggat/Adam Cowl	[phone]
Walbrook PR (PR advisers) Nick Rome	[phone]

 

Notes to Editors

The Company has a large tract of acreage in Mineral County, Nevada. The area consists of rugged, mountainous terrain, which means that large parts of it remain under-explored. Mineral potential is hosted by the regional Walker Lane Structural Belt, the largest structural and metallogenic belt in Nevada, yet one of the least explored in recent times, with gold, silver and copper currently produced in Mineral County.  Great Western has seven distinct concession areas which offer the potential for exploiting (1) short term gold and silver deposits and (2) long-term, world-class copper deposits. 

 

Six of the Company's properties are in the west of Mineral County and the seventh and most recent acquisition, the Olympic Gold Project, is in the east of the county, some 50 miles from the main group.  All the Company's claims are 100% owned. Claims at the Eastside Mine Group have been contributed to a pooling agreement with Bronco Creek Exploration, Inc. and in addition the Company participates in the Huntoon Mine Area Cooperation Agreement with landowner-neighbour Crowne Point Resources with whom it shares resources.  Great Western's small exploration team is supported by locally based consultants and contractors. 

The state of Nevada is one of the world's most mining friendly jurisdictions.  While tightly regulated and environmentally conscious, Nevada welcomes the mining industry.  Great Western takes care to ensure that its claims are maintained in good standing and all regulations observed. 

 

There are numerous gold and silver prospects on the Company's acreage, including extensive historic mine workings which offer the opportunity for secondary recovery. The Company is party to a 50-50 joint venture known as Western Milling LLC which is constructing a mill to process pre-mined material for secondary recovery of gold and silver.

 

Furthermore, through extensive drilling over a five-year period, GWM has established a Mineral Resource on its first target area known as M2, of 4.3 million tonnes at 0.45% copper, for 19,000 tonnes of contained copper metal. This resource has been independently reported in accordance with JORC guidelines. 

GWM has also established an Inferred Resource Estimate of 31,000 tonnes grading 1.6 g/t gold and 3.0 g/t silver in tailings associated with the OMCO Mine at the Olympic Gold Project.  Additionally, exploration targets have been independently reported as follows:

 

·    3,400 - 6,400 tonnes grading between 0.5 and 1.2 g/t Au and 1.2 and 2.1 g/t Ag in the substrate beneath the tailings volume at the Olympic Mine.

·    9,000 - 12,000 tonnes grading between 0.9 and 2.4 g/t Au and 2.0 and 5.1 g/t Ag in a coarse stockpile at Olympic Mine.

·    4,200 - 7,700 tonnes grading between 40 and 140 g/t Ag and 0.3 and 0.3 g/t Au in spoil heaps at Mineral Jackpot.

 

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