Great Western Mining Corporation AIM:GWMO, the AIM-listed mining company focused upon gold, silver and copper assets primarily in Nevada, has published an updated mineral resource estimate today.
The resource update is for the Olympic Gold Tailings project. Great Western also published its exploration targets for the stockpile and spoils located at Olympic Gold and another Nevadan project, Mineral Jackpot.
All the mineral resource estimated are JORC-compliant and was completed on 4th May 2022.
Great Western said that Olympic Gold has an inferred resource estimate of 31,000 tonnes (T), which had a grading of 1.6g/T of gold and in the tailings at the Olympic Mine 3g/T. The exploration project at Olympic Mine tailing has a target of 3,400T to 6,400T with a grading of 0.5g/T to 1.2g/T gold in the substrate below the tailings, a target of 9,000T to 12,000T with a grading of 0.9g/T to 2.4g/T and 2g/T and 5.1g/T of gold in the coarse stockpiles at Olympic Mine.
At the Mineral Jackpot Great Western has an exploration target of 4,200T to 7,700T with a grading of 40g/T and 140g/T and 0.3g/T of gold in the spoil heaps adjacent to the mineworks.
Generating revenues from Gold and Silver
The company’s chairman, Brian Hall said in a statement this morning: “This independent assessment of the pre-mined material so far identified on our claim groups in Nevada strongly reinforces our confidence in being able to generate revenues from gold and silver through the Western Milling LLC joint venture recently announced.”
The tailings at Olympic Mine were the result of mining activity taking place between 1916 and 1942 on the OMCO vein and samples were taken from 20 drillholes across the tailings fields.
At Mineral jackpot the tailings are in separate piles, so the data compiled has different gradings as to the location of the tailings pile. There were 44 discrete spoil heaps identified over 1km2 and the company took 22 bulk sample for analysis.As previously reported, last month Great Western established Western Milling LLC – a joint venture between Great Western Mining Company and local entrepreneur Tipton Trucking company of Mina through its affiliate, Muletown Enterprises – to develop a refinery that would process tailings from its and potentially other tailing sites in Nevada.
Great Western has committed a capital expenditure budget of up to USD600,000 for the refinery, which will be phased over the three stages of construction and implemented following receipt of permits for each of the stages. Hall said that timing of receipt of permits is beyond the company’s control, but it is unlikely that major expenditure will be incurred during the remainder of this year.
The company opened trading today (9th November) at 0.15p and had fallen back to 0.14p in early trading. The shares have offered a 8.85% year-to-date return and a 17.9% one-year return with shares ranging between 0.1p and 0.17p over a 52-week period. Great Western has a market capitalisation of GBP5.3m
