Great Western Mining Corp. plc M1 Update (6827M)
October 17 2016 - 4:15AM
UK Regulatory
TIDMGWMO
RNS Number : 6827M
Great Western Mining Corp. plc
17 October 2016
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
"M1" Update
Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mining
company provides the following update on the M1 prospect.
During the spring and early summer of 2016, the Great Western
Mining field team conducted a second soil and rock chip sampling
programme on M1 to consolidate the very encouraging results of the
previous year. The programme has taken a total of 215 soil samples
at 40 metre intervals, and 70 randomly selected rock samples, and
sent these to Bureau Veritas, Reno for analysis.
The sampling programmes have been designed by Dr Tom Molyneux,
GWM's geological advisor, in order to determine the existence of a
mineralised zone below the NE-SW trending magnetic anomaly
identified in previous aero-magnetics and ASTER satellite surveys
carried out by the Company.
The programme has revealed widespread anomalous mineralisation.
In particular, Gold seems to constitute a geochemical anomaly, with
sample readings above 240 ppb Au, spanning two separate soil grid
lines, approximately 350 metres apart. Anomalous readings of
Silver, 1383 and 1986 ppm Ag, and Lead, 4434 ppm Pb, have also been
found in these locations. The Company views this area as a
potential drilling target zone.
The drilling target zone is just to the North East of the area
held by neighbouring claim holder Crown Point Gold & Silver
Mining LLC ("Crown Point"), and is within the 34 claims held by GWM
that form part of the Huntoon Mine Area Cooperation Agreement,
signed with Crown Point in August.
Further refining of the data is ongoing and shareholders will be
kept updated on progress.
Great Western Mining's Geological Advisor Tom Molyneux commented
on the results: "The soil and rock samples taken in 2015 and 2016
have provided the anomalous values set out above (Silver 1383 ppm
et seq.). Further field work is necessary to investigate this
precious and base metal anomaly, but if a trend can be established
for this mineralisation some inclined drilling would be justified.
"
Chief Executive, David Fraser commented: "This is positive news.
The 2016 field work on M1 has confirmed and extended the widespread
anomalous mineralisation found in 2015. The Company is currently
assessing an exploratory level drilling programme for the target
zone for Gold and Silver that has been identified. We look forward
to updating shareholders with further results as work is
completed.".
ENQUIRIES:
Great Western Mining +44 207 933 8795 (via Walbrook)
Corporation Plc
David Fraser, Chief
Executive
Davy (Nomad, ESM +353 1 679 6363
Adviser & Joint john.frain@davy.ie
Broker) roland.french@davy.ie
John Frain
Roland French
Beaufort Securities
Ltd (Joint Broker)
Jon Belliss
Elliot Hance +44 207 382 8300
Walbrook PR (UK +44 207 933 8795
PR and IR) greatwesternmining@walbrookpr.com
Paul Cornelius
Nick Rome
This information is provided by RNS
The company news service from the London Stock Exchange
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October 17, 2016 04:15 ET (08:15 GMT)