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LONDON (Alliance News) - Shares in Great Western Mining Corp PLC dropped on Friday after the miner reported slower-than-anticipated drilling at its M2-Sharktooth prospect in Nevada.
Shares were trading down 29% at 0.39 pence each due to the news.
The company said its team is now in a "race against time" to reach the primary objective of the M2-Sharktooth zone before the full onset of winter, after which Great Western said it may need to suspend operations until March next year. The M2-Sharktooth zone is expected to contain iron oxide, copper and gold.
Great Western added that "numerous problems" on the prospect have been overcome, however, it reported slower-than-anticipated drilling operations.
"The protective outer casing is currently at 737 feet and the drill bit at 830 feet but the onset of sub-zero temperatures has begun to restrict pumping of water to this high altitude site at night, meaning that drilling is now limited to daylight hours," Great Western explained.
