TIDMGWMO
RNS Number : 8922W
Great Western Mining Corp. plc
13 November 2014
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Inferred JORC Resource
Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mineral
exploration company with 73 sq. kilometres of mineral claims in
south-west Nevada, USA, is pleased to provide further details of
the recently announced maiden Mineral Resource at the Company's
M2-Smith ("M2") Oxide Copper Project, licensed on a 100% interest
basis, in Marietta District, Mineral County, Nevada. A
JORC-compliant report, quantifying an inferred Oxide Copper (Cu)
resource was prepared by Donald G Strachan (Note 1) following
completion of the Company's Phase 2 drilling programme earlier this
year.
Summary of Mineral Resource Estimate:
Table 1: M2-Smith - November 2014 Inferred Mineral Resource
Category Tonnes Grade Contained
(millions) (g/t) Metal
(million tonnes)
---------- ------------ ---------- ------------------
Inferred 19.696 0.12 Cu % 23.636
---------- ------------ ---------- ------------------
Source: Donald G. Strachan, competent person.
Note: Reporting cut-off grade at 0.05 Cu%.
Mineral Resources for the M2 mineralisation have been estimated
in accordance with the specifications of the JORC Code. In the
opinion of Donald G Strachan the block model inferred resource
estimate and classification reported herein are reasonable
representations of the copper mineral resources found in the M2
Oxide Copper Project.
Geochemical Exploration
Reconnaissance rock samples were taken from the Fletchers Camp
area north of the M2 Oxide Copper Project in 2008. In 2012 and
2013, a total of 33 rock chip samples and 16 soil samples were
taken from the west side of Bass Mountain and the vicinity of the
Smith Mine on the southeast side.
In 2014, a total of 32 rock chip samples and 127 soil samples
were taken, all from the M2 project area and further south along
the Sharktooth Road towards the Smith Mine. All assay results for
Cu were plotted on three maps along with geology.
Drill Exploration
A total of 32 Reverse Circulation bore holes were drilled at M2,
including nine holes between 8 February 2013 and 4 March, 2013, and
23 holes between 25 March 2014 and 16 August, 2014 (Table 2). A
total of 2,580 feet (786.4 metres) were drilled in 2013 and a total
of 13,950 feet (4,252 metres) were drilled in 2014. Drill angles
ranged from -45deg to vertical, and drill depths from 170 feet
(51.8 metres) to 1,380 feet (420.6 metres). All collars were
located by GPS (NAD 83). Drillhole dip and azimuth were measured by
Brunton compass. Collar elevations were estimated from USGS
7.5-minute topographic maps.
Table 2: Drillhole Locations and Depths
http://www.rns-pdf.londonstockexchange.com/rns/8922W_-2014-11-12.pdf
Copper in 2013 and 2014 Drill Holes-Grades, Thickness and
Depths
At the end of 2013, 20 separate oxide copper intervals with cut
off grades of 0.1% Cu (1,000 ppm Cu) had been drilled at M2. Seven
of these calculated intervals had grade-thicknesses greater than
45,000 ppm Cu.
At the end of 2014, 50 more oxide copper intervals with cutoff
grades of 0.1% Cu (1,000 ppm Cu) had been drilled. Thirteen of
these calculated intervals had grade-thicknesses greater than
45,000 ppm Cu.
Tables 3 and 4 below show the interval grades for 2013 and 2014
respectively.
Table 3: Drill Results 2013 - Cu Interval Grades, Thickness and
Depths
http://www.rns-pdf.londonstockexchange.com/rns/8922W_-2014-11-12.pdf
Table 4: Drill Results 2014 - Cu Interval Grades, Thickness and
Depths
http://www.rns-pdf.londonstockexchange.com/rns/8922W_-2014-11-12.pdf
Exploration Potential
The copper host and possible copper source at M2 is a
Jura-Cretaceous diorite intrusive. The copper, along with primary
iron-oxides and gold were deposited during emplacement and pulsed,
retrograde cooling of the diorite (Kd). Loci of copper deposition
were internal structural networks in the diorite and along a
hangingwall contact with Jurassic Dunlap (Jd) caprock sediments.
The hornfelsed caprock formed a barrier to the retrograde
copper-bearing solutions emanating from the diorite.
Extensional structural fabrics within the diorite and the planar
diorite/Dunlap contact zone will be the focus of future exploration
and development by Great Western Mining, to upgrade and extend
oxide copper-gold mineralisation at M2, and to advance the M2 oxide
copper mineralisation to a JORC-compliant "measured and indicated"
status. Reconnaissance and outcrop mapping suggests the
caprock/diorite structural horizon may continue beneath the Dunlap
(Jd) caprock for 6,000 feet (1,830 metres) southwest towards The
Huntoon Valley from the M2 drilling, for 6,000 feet (1,830 metres)
east-northeast of the northernmost copper-bearing drill hole, and
for 7,000 feet (2,134 meters) south-southeast beneath the crest of
Bass Mountain to the vicinity of the Smith Mine.
A Phase 3 drilling programme is planned to upgrade the M2
resource to the measured and indicated category, and to extend the
resource to the northeast, southeast, and southwest.
Chief Executive, David Fraser commented:
"These are exciting times for Great Western Mining. This maiden
JORC resource is a significant mile-stone in the development of a
potentially very large copper ore body at M2-Smith. The Company is
poised to commence drilling on its second major copper prospect,
Target 4, once the necessary drilling permits have been received.
We are making rapid progress on the development of the other
targets within our portfolio, about which we look forward to
updating shareholders in due course. We remain funded to meet our
immediate objectives."
Note 1: Donald G. Strachan is a Certified Professional Geologist
(CPG-10376) under the auspices of the American Institute of
Professional Geologists. Mr. Strachan is also a Fellow of the
Geologic Association of Canada, a Member of the Society of Economic
Geologists, and a Member of the Geological Society of Nevada. Mr.
Strachan fulfills the requirements of a Qualified Person by reason
of experience and education, as set out in JORC (2012) standards,
to act as a consulting geologist for advancement of the M2 Oxide
Copper Project. Mr. Strachan has reviewed and approved the
information contained within this announcement.
ENQUIRIES:
Great Western Mining Corporation
Plc
David Fraser, Chief Executive +44 207 933 8795
Davy (Nomad, ESM Adviser & Joint
Broker)
John Frain +353 1 679 6363
Roland French
Hume Capital Securities plc (Joint
Broker) +44 203 693 1470
Jon Belliss
Abigail Wayne
Walbrook (UK PR and IR) +44 207 933 8795
Paul Cornelius
Guy McDougall
greatwesternmining@walbrookpr.com
Glossary
Geochemistry Geochemistry is the science that uses
the tools and principles of chemistry
to explain the mechanisms behind major
geological systems such as the Earth's
crust and its oceans.
Grade Quantity of metal per unit weight of
host rock.
Host rock The rock containing a mineral or an ore
body.
Induced Polarisation An Induced Polarisation/resistivity survey
involves transmitting a current into
the ground using two electrodes and measuring
the voltage between another pair of electrodes.
Induced Polarisation (IP) techniques
are especially useful in exploration
for disseminated sulphide mineralisation.
Inferred Mineral Resource The term "inferred mineral resource"
refers to that part of a mineral
resource for which quantity and grade
or quality can be estimated on the basis
of geological evidence and limited sampling
and reasonably assumed, but not verified,
geological and grade continuity. The
estimate is based on limited information
and sampling gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes.
JORC JORC stands for Australasian Joint Ore
Reserves Committee (JORC), which is sponsored
by the Australian mining industry and
its professional organisations. The Code
for Reporting of Mineral Resources and
Ore Reserves (the JORC Code) is widely
accepted around the world as the definitive
standard for the reporting of a company's
resources and reserves.
Jura-Cretaceous Refers to the boundary between the Jurassic
and Cretaceous geological periods.
Mineral Resource The term "mineral resource" refers to
a concentration or occurrence of natural,
solid, inorganic or fossilized organic
material in or on the Earth's crust in
such form and quantity and of such a
grade or quality that it has reasonable
prospects for economic extraction. The
location, quantity, grade, geological
characteristics and continuity of a mineral
resource are known, estimated or interpreted
from specific geological evidence and
knowledge.
Mineralisation A natural occurrence in rocks or soil
of one or more metal yielding minerals.
ppm Parts Per Million. This is a way of expressing very dilute concentrations of
substances. Just
as per cent means out of a hundred, so parts per million or ppm means out of a
million. Usually
describes the concentration of something in water or soil.
Reverse Circulation Reverse Circulation Drilling (RC) is
Drilling a technique which allows for full recuperation
of the soil and rock samples, without
any wall contamination. Performed by
using a triblade, tricone or a down-hole
hammer, the samples are evacuated through
the face of the bit into the inside tube
of a dual wall drill steel so that they
never come in contact with the borehole
wall.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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