It took a bit of organising but we finally caught up with Great Western Mining Chairman today.
Share Talk has been watching this company from a distance and the latest flurry of updates has drawn us to the conclusion that this is a company worth highlighting to a wider audience. With an Mkt cap of £4.80 million, SP sitting around 0.13p, definitely one for the watchlist.
Short-term GWMO are looking at
- The processing JV project is making good progress
- Assay results are expected to start arriving in September
- A land reclamation programme was completed in August
- Recent History
- The area we work in and our acreage position
- General status of the company.
- Drilling over the last two summers
- The company plans for building a process mill for recovering gold and silver from mining waste and shallow vein deposits.
ASSAY RESULTS FOR 2022 DRILL PROGRAMME
Great Western has this summer completed a programme of twenty four holes totalling 2,798 metres drilled depth over four separate prospects and has lodged cuttings at two separate laboratories for assay and certification. Results are expected to start arriving in September and will be announced when available. The Company’s next phase of exploration and development will be planned around these results.
COMPLETION OF RECLAMATION PROGRAMME
A land reclamation programme covering the Rock House group, the Black Mountain group and the Olympic Gold Project was completed in August. There are strict limits on how much ground may be disturbed at any one time for exploration and, by restoring drill sites to their original condition, Great Western is fulfilling its obligations under surface management regulations while freeing up potential acreage for a 2023 drilling programme.
Upon official acceptance of the reclamation works, cash-backed bonds lodged by the Company against future performance may either be reclaimed in cash or applied as surety against future exploration.
Great Western Chairman Brian Hall commented: “Our drilling programme was conducted effectively, on time and under budget with encouraging signs of mineralisation so we share investors’ frustration at the delays in securing assay results, which appears to be an industry-wide problem in the area. We will announce the assay results as soon as available and in the meantime we are making good progress on the processing joint venture. We anticipate a busy and productive remainder of the year and will keep shareholders updated.”
Notes to Editors
The Company has a large acreage position 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.
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.
