GREAT WESTERN MINING CORPORATION PLC

("Great Western", "GWM" or the "Company")

POSITIVE SOIL AND GRAB RESULTS AT WEST HUNTOON

Potential to add significant further value to copper resource with results revealing strong gold and copper grades and bonanza silver grades

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing gold, silver and copper targets in the highly prospective Walker Lane trend of Nevada, is pleased to announce grab and soil results from the West Huntoon area of the Company's Huntoon Copper Project, with two bonanza-grade silver results, multiple other high-grade precious metal occurrences and abundant copper anomalism. The results provide further evidence of the existence of both a mineral-rich porphyry system and a series of discrete high-grade epithermal veins which have the potential for significant precious metals mineralisation.

HIGHLIGHTS

·    Potential large-scale copper porphyry system.

·    Discrete high-grade epithermal veins.

·    2km²  copper-in-soil anomaly surrounding the granite system, open in several directions.

·    Grab samples in the area show elevated copper and gold and bonanza silver grades in newly mapped granites, including:

·    Elevated molybdenum levels also returned.

·    Targets for early drilling now being worked up under the umbrella of the recently signed Huntoon Cooperation Agreement.

Great Western Chairman Brian Hall commented:   "We are highly encouraged by the identification of bonanza-grade silver values in grab samples at West Huntoon,  along with multiple gram gold results.  The existence of discrete epithermal veins in this area is very encouraging and demonstrates that precious metals may well add significantly to the upside of the Huntoon Copper Project, while the recently signed Huntoon Mine Area Cooperation will facilitate our continuing exploration efforts.

"These further positive results highlight the strength of our portfolio, underpinning management's confidence in the future of this project and creating a positive environment for attracting industry partners to help move the copper story to the next stage."

BUILDING ON AN ESTABLISHED RESOURCE

In November 2023 Great Western announced the discovery of a significant area of previously unmapped granite at West Huntoon.  This was confirmed in a report from Dr Lawrence Carter, an independent expert on the nearby Yerington district and porphyry systems in general, to be prospective for porphyry mineralisation. Dr. Carter's report is available on the Company's website.  West Huntoon forms part of Great Western's Huntoon Copper Project which already includes the established resource of 4.2 million tonnes grading at 0.45% Cu at M2.

Grab and soil sampling in the area was completed by the end of the year and results are tabulated below. Grab sample results show strong gold and copper grades and exceptionally high silver grades at several locations near to or within newly mapped granite outcrop areas. Soil samples show a 2km² area of anomalous copper values in soils surrounding the granite cupola zone, limited only by the edges of thin volcanic cover to the north and northeast, and basin sediments to the southeast.  

GRAB SAMPLE RESULTS

Ten new grab samples were collected in the West Huntoon claims (Figure 1 & Table 1). This sampling was selective and aimed at testing areas of potential mineralisation observed in the field. Several results show strong grades of copper, gold and silver. Two samples contain strongly elevated molybdenum which is further evidence of a porphyry system.

The most gold-rich sample contained 7.292 g/t Au and 843 g/t Ag, taken from host rock near a small granite boss in the southeast of the area and mapped in late 2023.

A sample from the main West Huntoon granite graded at 2,438 g/t Ag, 5.531 g/t Au and 1.56% Cu, selected for sampling due to visible copper oxides. A nearby copper-oxide-bearing granite sample returned 102 g/t Ag and 4.514 g/t Au and 0.09% Cu.

The most copper rich sample (5.82% Cu) came from an area of abundant copper oxide showings 500 m southwest of the granite. Another two copper rich samples (4.85% and 3.82% Cu) were obtained from an old working situated in host rocks 200 m southwest of the granite. These samples also contained significant silver (55 g/t and 108 g/t respectively).

Figure 1. Map of grabs at West Huntoon. New grabs from 2023 and all previous grabs shown.

These grab sample results highlight the potential for high-grade precious metals at West Huntoon occurring in addition to the large-scale copper porphyry target identified during the 2023 field season. Although vein mining has been carried out on the claims in the past, the majority of the samples were not taken from existing workings. The West Huntoon granite and contact zones will be thoroughly grab sampled over a non-selective grid in 2024 to test for significant copper-gold-silver zones outcropping at surface.

Table 1. 2023 grab samples, refer to figure 1 for locations. See additional information, below, for note on units. BDL indicates below detection limit.

SOIL SAMPLING RESULTS

Last year, 135 new soil samples were taken in the West Huntoon claims, establishing a copper anomaly (>75 ppm Cu) of 2 km² surrounding the granite outcrop, with strong outlier samples (11 samples >300 ppm, 5 samples > 400 ppm, maximum value 528 ppm Cu) at several locations.

The new soil results also show areas of broad gold enrichment (anything >5 ppb is considered anomalous). Of 135 samples taken, 124 are >10 ppb Au and 47 are >25 ppb Au. There are a small number of higher-grade examples, including a total of eight which are >50 ppb Au and four outliers over 100 ppb, including 1,940, 320, 176 and 106 ppb Au (Figure 2).

When the new soil samples and previous sampling are considered together, a hot spot of eleven samples in the southeast of the area is strongly anomalous for copper (121 - 528 ppm Cu) and features some of the higher-grade gold results (248, 164 and 106 ppb Au). This cluster of points is surrounded on three sides by tertiary cover, with a high probability of continuing anomalism under the volcanic units. The area is located approximately 250 m southeast of the West Huntoon granite outcrop and represents a new exploration target.

Despite the existence of such hot spots, copper was not generally shown to correlate with precious metals in the soil results.  Although there are areas where copper, gold and silver are enriched together, a high copper grade does not consistently indicate high gold and silver grades and vice versa. This suggests two different mineralising systems in the area, potentially a deeper-forming porphyry system, subsequently overprinted by shallower epithermal veins, all now exposed at surface.  This highlights the abundance of potential at West Huntoon, where evidence is rapidly building for both a large-scale copper system and discrete high-grade vein-hosted precious metal targets.  

Figure 2. Map focused on the West Huntoon Granite showing all soils results (2023 and 2015, latter form straight N-S transects), with colour coding for copper grade (ppm) and labels for gold grade where it is >100 ppb. Grey outline is location of Crowne Point Patent Claims.

ADDITIONAL INFORMATION

All soil samples were submitted to Paragon Geochemical Laboratories, Reno, Nevada. Samples were screened to -80 mesh and analysed by method FSAU-25, aqua regia digest with ICP-MS finish for a 51-element suite. Quality control samples were inserted by the company and results reviewed prior to release.

Grab samples were prepped and analysed at Bureau Veritas in Reno, Nevada, by methods FA430 (fire assay) for gold and AQ300 aqua regia digest with ICP-ES finish for a 33-element suite. Internal QA/QC samples were inserted by the analytical laboratories and reviewed by the Company prior to release.

Note on units - for grab samples copper grades are quoted in percent (%) and other metals in grams per tonne (g/t). For soils, which are typically lower-grade, gold is quoted in parts per billion (ppb) and copper in parts per million (ppm). Parts per million is equivalent to grams per tonne.

QUALIFIED PERSON STATEMENT

The information in this announcement that relates to exploration results is based on information reviewed by Dr James Blight MGeol PhD MAusIMM who is Exploration Manager of Great Western Mining PLC. Dr Blight is a "Qualified Person" as defined in the "Note for Mining and Oil & Gas Companies" which form part of the AIM Rules for Companies. Dr Blight has reviewed and consented to the inclusion in the announcement of the information in the form and context in which it appears.

MARs Statement: This press release contains inside information as defined in Article 7(1) of the Market Abuse Regulations.

For further information:

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 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. 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.