Great Western Mining Corporation PLC (AIM:GWMO) announced an independent initial resource estimate for the Olympic Gold tailings project in Nevada, US.
A JORC-compliant inferred mineral resource of about 31,000 tonnes, grading 1.6 grammes a tonne (g/t) gold and 3.0 g/t silver for 1,600 troy ounces of gold metal and 3,000 ounces of silver metal, has been estimated for the tailings project at Olympic Mine.
Great Western, which has an option to acquire the Olympic Gold project, also announced exploration targets for stockpile and spoil material at the Olympic project and Mineral Jackpot project. The exploration targets are where insufficient exploration has been completed to allow a JORC-compliant mineral resource.
"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,” said Great Western chairman Brian Hall.
Great Western announced an exploration target of 3,400-6,400 tonnes grading between 0.5 and 1.2 g/t gold and 1.2 and 2.1 g/t silver in the substrate beneath the tailings volume at the Olympic Mine; and an exploration target of 9,000-12,000 tonnes grading between 0.9 and 2.4 g/t gold and 2.0 and 5.1 g/t silver in a coarse stockpile at Olympic Mine.
It also reported an exploration target of 4,200-7,700 tonnes grading between 40 and 140 g/t silver and 0.3 and 0.3 g/t gold in spoil heaps at its Mineral Jackpot project.