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(Alliance News) - Great Western Mining Corp PLC on Monday said the initial results at the OMCO mine area of its Olympic gold project in Mineral County, Nevada, exceeded management expectations.
"By far the most significant development is the apparent identification of unmined portions of the OMCO vein itself. Should laboratory analysis establish grades of gold comparable to those achieved from material mined in the past at the main OMCO vein, a shallow gold resource could potentially be defined and expanded in short order, with minimal additional work," said Great Western Mining Chair Brian Hall.
Five holes of the OMCO vein were mined from 1917 to 1921, averaging 25 to 30 grammes of gold per tonne and 30 grammes of silver per tonne.
Assay results of 10 drilled holes totalling 1,339 metres are pending. "We cannot determine the timing of the assay results as all the laboratories in the area are currently overworked but we will update shareholders as soon as they are available," explained Chair Hall.
Shares in Great Western Mining were 2.8% lower at 0.14 pence on Monday morning in London.
By Tom Budszus; tombudszus@alliancenews.com
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