Great Western Mining Corporation PLC (AIM – GWMO, Euronext Growth – 8GW), which is exploring and developing multiple early-stage gold, silver and copper targets in Nevada, USA, announces its results for the year ended 31 December 2022. The Company is in the exploration, appraisal and development phase and currently has no revenues.
Financial Highlights:
· Loss for year €792,263 (2021: loss of €535,960)
· Basic and diluted loss per share 0.0002 (cent): (2021: 0.001 cent)
· Net assets at year-end: €8.6 million (2021: €8.9 million)
· Cash at 31 December 2022: €0.15 million (2021: €2.0 million)
Operational Highlights
· Formed a joint venture for construction of a mill to process precious metals from shallow ore and a large inventory of pre-mined material
· Constructed a 14 km road to the high-altitude Mineral Jackpot properties, providing access to spoil material and drilling locations
· Conducted reverse circulation (“RC”) drill programme on several prospects:
o establishing an extension to the gold vein at the historic OMCO Mine
o Intercepting high grades of shallow depth silver at Mineral Jackpot
o revealing the longest zone of consistently anomalous gold yet identified at Trafalgar Hill
· Conducted drone magnetometry and orthophotography over Huntoon and Tun prospects
· Commissioned an independent resource estimate of tailings available for processing at the OMCO mine site – Inferred JORC Resource Estimate 31,000 tonnes grading 1.6 grams/ton gold
Post Period End:
· Raised £800,000 (€913,242) before expenses through placing of new shares
· Filed a permit application for operation of the processing mill
· Commenced construction at the mill site
· Tested the concept of diamond core drilling at the OMCO Mine prospect
· Modelled the potential of a significant copper prospect beyond the JORC-compliant Indicated and Inferred resource at M2
Great Western Executive Chairman Brian Hall commented: “2022 was a period of intense activity for the Company, during which we not only accelerated a fruitful exploration programme including drilling on three of our prospects but also created a processing joint venture from scratch for production of precious metals. The mill is now under construction and due to be processing material from Mineral Jackpot and the OMCO Mine this year. We have an exciting inventory of prospects for copper, gold and silver that continue to provide increasing levels of upside, while first revenues from production will significantly change our profile and further prove our value proposition.”
