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In May 2020 Great Western acquired a 4-year option to purchase 48 mining claims in Mineral County, Nevada, known as the Olympic Gold Project and covering 825 acres. The option agreement is with Nevada Select Royalties Inc, a unit of Ely Gold Royalties Inc. These claims are located approximately 50 miles east of Great Western’s existing operations.
Under the terms of the option agreement with Nevada Select Royalties, Great Western can carry out a full exploration programme with right of access to all historic data. Ultimate purchase of the property may be brought forward by early completion of the option payments schedule. Conversely, should Great Western not wish to continue at any time during the option period, it may surrender the option without penalty. There are no work commitments associated with the option agreement.
The ultimate purchase price for the Olympic Gold Project is $150,000, to be settled over 4 years by making the following option payments:
Any subsequent commercial mining project will be subject to aggregate net smelter returns royalties of 3% on all production, based on gross sales less specified costs.
The 825-acre Olympic group of claims are located on the northern flanks of the Cedar Mountain range in centraleast Mineral County.
The Olympic Gold Project, like Great Western’s 16,400 acres in south-west Mineral County, lies within the Walker Lane Fault Belt, a major metallogenic belt host to world class gold, silver and copper deposits.
The claims are situated at the intersection of 2 major gold trends; the north-south Rawhide - Paradise Peak - Tonopah trend and the east-west Aurora – Borealis - Santa Fe - Round Mountain trend.
The mineral deposit type at Olympic is of low sulphidation epithermal banded quartz gold vein style.
Red-pink colouration on ASTER image is attributed to silicification, phyllic and argillic hydrothermal alteration assemblages closely associated with epithermal and porphyry mineralization.
Production between 1918-1939 of 35,000 tons @ 25 grams/tonne gold & 30 grams/tonne silver from 900 metres of underground workings at the OMCO mine.
Further 400 m of underground decline workings targeted beneath the OMCO mine tunnels in 1981.
Historical grade-tonnage estimate for tailings deposit calculated in 1982 of 41,000 tons @ 1.67 grams/tonne gold, using 133 percussion holes drilled on a 7.5 m grid spacing.
Great Western’s digitised geological database for the historic activity at Olympic consists of:
1 - OMCO Mine Extension
- Extension of the remaining OMCO Vein across unexplored fault blocks to the south and west of the mine workings.
- Follow up parallel vein sets both above and below the OMCO Vein indicated by historic drilling, such as the Cosmos Vein.
2 - East OMCO Fault
Continuation of OMCO Vein deposit displaced southeast by the OMCO Fault. Unexplored fault has potential to be mineralised feeder structure host to larger size deposit than OMCO Vein.
3 - OMCO Tailings
Re-evaluation of historic tailings deposit of ~41 kt @ 1.67 g/t Au.
4 - Trafalgar Hill
Extension of two outcropping gold-quartz veins along strike and at depth beneath Quaternary cover.
5 - West Ridge
Area of gold quartz veining, potentially a westerly extension of the OMCO vein. May also be associated with mineralisation seen at Trafalgar Hill to the north west, with significant post-mineralisation cover occurring between the two prospects.
6 - Middle Hills
Large footprint of strong silicification and phyllic alteration associated with gold-quartz veining, gossans and breccias.
7 - East Gully
Similar characteristics to Middle Hills with further intersecting fault orientations adding likelihood of hydrothermal fluid transport and mineral deposition. Placer gold has reportedly been recovered from the target and has potential to link to Middle Hills.
8 - Rhyolite Dome
Area of gold-quartz veining and brecciation associated with silica flooding.
The Olympic Gold Project is a strategic addition to Great Western’s existing precious metal assets in Mineral County, Nevada and the Company’s first completely new acquisition since it began trading on the AIM in 2010. Gold produced in the past on this acreage was exceptionally high grade.
As less than half of one percent of the Olympic group of claims has so far been exploited for gold and silver, there is enormous remaining potential in the acreage being acquired.
As a priority Great Western aims to generate a gold and silver resource extending the prolifically-mined OMCO Vein across unexplored faults and as a first step to achieve this, a magnetometer survey is being carried out in 2020.
Additionally, there are lesser explored targets that show strong evidence of being host to economic mineralisation.
Great Western will conduct ground geophysical surveys to aid fault & vein delineation and kinematic studies, followed by drilling on geochemical and geophysical targets.