
GREAT WESTERN MINING CORPORATION PLC
("Great Western" or the "Company")
ADDITIONAL CLAIMS STAKED IN EASTSIDE MINE/TANGO AREA
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 the staking of 78 new claims in the Eastside Mine/Tango area.
HIGHLIGHTS
· Eastside Mine/Tango project expanded
· Supplemental pooling agreement signed with Bronco Creek Exploration
· Great Western has a 30% interest in 78 additional claims staked
Great Western Chairman Brian Hall commented: "In a political and economic environment where domestic US copper is becoming an increasingly interesting proposition, increasing the scale of the Eastside Mine/Tango project through staking 78 additional claims is an exciting development for Great Western. Our original claims at Eastside Mine covered 371 acres. Thanks to the Bronco Creek pooling agreement and the additional claims announced today, Great Western is now a 30% participant in a project covering 2,823 acres and we look forward to further developments."
In 2024 Great Western entered into a pooling agreement with Bronco Creek Exploration ("BCE"), a wholly owned subsidiary of EMX Royalty Corp., under which the Company's Eastside Mine claims were pooled with BCE's adjoining ground (the "Tango" claims) to create a larger unit which consolidates a primary porphyry copper target. Eastside/Tango is located approximately 18 km southeast of Great Western's Huntoon Copper Project and is therefore one of two porphyry copper prospects identified in the last two years in which the Company has a direct interest.
Following a review of data, BCE decided to stake 78 claims in an agreed Area of Mutual Interest consisting of a one-kilometre halo around the pooled Eastside Mine/Tango area. Pursuant to the pooling agreement, Great Western has exercised its option to have the additional 78 claims form part of the properties covered by the pooling agreement in which Great Western has a 30% participation. Acquisition of these claims comes at no immediate cash cost to Great Western because the Company's share of acquiring the additional claims is offset against a credit arising from its previous expenditure on geophysics which have been shared with BCE.
Accordingly, an Amending Agreement has been signed by Great Western and BCE to incorporate the new claims into the pooled area.
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/Adam Cowl |
+44 203 470 0470 |
| |
Walbrook PR (PR advisers) Nick Rome/Joseph Walker |
+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 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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