TIDMGWMO
RNS Number : 0869P
Great Western Mining Corp. plc
07 February 2023
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
Operations Update
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW) which is exploring and developing gold, silver and
copper targets in Nevada is pleased to provide the following
activity update:
PRODUCTION
In January, Western Milling LLC, (a production joint venture,
50% owned by the Company) attended a review meeting with the Nevada
Department of Environmental Protection (NDEP), the state agency
responsible for regulating its proposed mill, which is being
constructed to produce gold and silver concentrates from pre-mined
material and shallow ore. Certain changes to the plans were
requested by NDEP, all of which were reasonable and will be easily
manageable, with a modified plan now submitted for formal
approval.
NDEP approval is required for the operating phase but not for
the construction phase and accordingly the joint venture can
proceed confidently with mill construction while awaiting formal
approval for operations.
Ground conditions at the mill site are now good and surface work
started last week in preparation for laying concrete, scheduled for
the end of this month, subject to weather conditions.
PRIORITY EXPLORATION DRILLING
Follow-up shallow drilling at The Olympic Gold Project is a
priority for Great Western. A track-mounted RC (reverse
circulation) drill rig has now been secured and is currently being
mobilised to the Olympic Gold site for shallow drilling at the OMCO
Mine prospect.
Drilling in 2022 intercepted the OMCO Mine vein for the first
time and an extension to the OMCO Mine is now believed to have been
established. This previously reported intercept contained 6.10 m at
2.682 g/t gold from 38.10 m, including 1.52 m at 8.110 g/t gold and
1.52 m at 1.74 g/t gold.
The discovery can potentially be expanded by drilling angled
holes from the same permitted pad position. Drill timing will
depend on weather conditions at the site and crew availability.
APPOINTMENT OF AUDITOR
As part of a rotation policy, PKF Ireland has been appointed the
Company's auditor for the financial year ended 31 December 2022 and
going forward, replacing KPMG Ireland. Shareholders will be asked
to approve this appointment at the next general meeting of the
Company.
COMPANY PRESENTATION
An updated corporate presentation has been uploaded to the
Company's website and can be found at
https://www.greatwesternmining.com/investors/company-presentations/
TAX CREDIT
Great Western has been granted a tax credit in the form of an
GBP83,000 cash payment for geological work in carried out in the
years 2020 and 2021.
Great Western Chairman Brian Hall commented: "We are pleased to
have started work on the mill site and to have secured a drill rig
for shallow drilling at the OMCO Mine prospect, a priority for the
Company. We welcome SP Angel as joint brokers to the Company, who
are planning to visit our properties in late March. With the net
proceeds from the recent placing, no debt and a tax credit
received, we are well-placed to progress our production project and
our exploration objectives this spring."
For further information:
Great Western Mining Corporation PLC
Brian Hall, Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Listing
Sponsor & Joint Broker)
Brian Garrahy +353 1 679 6363
SP Angel Corporate Finance LLP (Joint
Broker)
Ewan Leggat/Harry Davies-Ball +44 203 470 0470
Walbrook PR (PR advisers)
Nick Rome +44 207 933 8783
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 are 100% owned and operated. The Company has an option
to acquire a seventh property, the Olympic Gold Project, in the
east of the county. Great Western's small exploration team is
supported by locally based consultants and contractors.
The state of Nevada is generally considered to be 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.
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END
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