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RNS Number : 5147A
Great Western Mining Corp. plc
23 January 2024
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
HUNTOON MINE AREA COOPERATION AGREEMENT
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW), which is exploring and developing gold, silver and
copper targets in Nevada, announces the signing of a new agreement
with Crowne Point Gold & Silver LLC ("Crowne Point") for
cooperation in exploring the western part of the Huntoon Valley
(the "Agreement").
The Agreement novates a previous cooperation agreement with
Crowne Point, signed in 2016 but now expired, under which a single
hole, CPGW_1, was drilled, intercepting both copper and gold. The
Agreement has been negotiated primarily to build on Great Western's
recent progress in establishing the copper potential of its West
Huntoon claims.
HIGHLIGHTS
-- Early drilling on private land will attempt to prove up a copper porphyry
-- Access to existing infrastructure
-- Potential for both copper and precious metals
-- Great Western to focus on copper potential, Crowne Point on precious metals
Great Western has recently staked and registered an additional
19 claims in the West Huntoon Valley and now holds 126 full and 12
fractional claims which form part of the Company's larger Huntoon
Copper Project area, where a copper resource has already been
reported at M2. Crowne Point owns patented land equivalent in area
to six standard claims (the "Six Claims") and which is surrounded
by Great Western claims. The Six Claims include the historic and
abandoned Huntoon gold mine, together with a comprehensive network
of access roads. Under the Agreement, Great Western will have
access to the Six Claims and in return will assign a 50% interest
in nine of its unpatented claims to Crowne Point. The surface
rights on the Six Claims belong to Crowne Point and the Agreement
will enable Great Western to drill on and from them without the
requirement to obtain regulatory approval which could otherwise
cause long delays. Initial drilling will be aimed at proving up the
copper porphyry potential of the West Huntoon area which Great
Western identified during its productive 2023 field programme, as
already announced to shareholders.
Each party will plan its own exploration activity and bear its
own exploration cost unless a decision is made to explore on a
joint basis. The Agreement includes the following provisions:
-- Copper or other base metal discovered by Great Western on the
Six Claims will be owned in equal shares and gold or precious
metals discovered by Crowne Point will be shared 70% by Crowne
Point and 30% by Great Western.
-- Any minerals discovered by Great Western on its own claims
through angled drilling from the Six Claims will belong exclusively
to Great Western except where the drilling targets shared claims,
in which case the benefits of any discovery may be shared equally
between the parties subject to Crowne retroactively reimbursing
Great Western for 50% of the direct costs of drilling the
discovery.
-- Any value extracted from pre-existing mining waste present on
Crowne Point's existing claims will belong exclusively to
Crowne.
Great Western Chairman Brian Hall commented: "We have
successfully cooperated with Crowne Pointe in the past and are very
pleased to have entered into this new cooperation arrangement with
them. The flexibility to carry out initial drilling on private
land, which will circumvent a potentially lengthy permitting
process, will enable us to fast-track our work in defining what we
consider may be a significant new copper porphyry in the Walker
Lane trend of Nevada. We are actively seeking a joint venture
partner to help finance this programme and currently working on
several positive leads."
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 acreage partly consists of rugged, mountainous terrain,
large parts of which 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 was rated the world's most mining friendly
jurisdictions by the Fraser Institute of Canada in 2023. 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. As well as mineral exploration
and appraisal, he Company is a 50% participant in the Western
Milling LLC joint venture which has now completed construction of a
mill to process pre-mined material for secondary recovery of gold
and silver. The mill is currently waiting on a state environmental
permit to enable commissioning and first production of precious
metal concentrates.
Through extensive drilling over a five-year period, GWM has
established a Mineral Resource on its M2 target area in the Black
Mountains group of claims. 4.3 million tonnes at 0.45% copper are
reported, being 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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END
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