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LONDON (Alliance News) - Great Western Mining Corp PLC Friday said the M5 prospect in Nevada in the US may contain disseminated gold and has the potential to develop into "one or more very attractive drill targets".
The miner said it compiled and compared assay results from five rock chip samples and 17 soil samples from the prospect which suggested the prospect holds epithermal or Carlin-style disseminated gold.
Carlin-style gold deposits are characterised by invisible gold which is typically microscopic and/or dissolved whilst epithermal deposits are lode type deposits, meaning the mineralisation is located in long veins situated in cracks in the ore.
Great Western said that was in line with results reported back in September 2014 from the area near the M5 prospect. The company now plans to follow up these results with a detailed soil grid and rock chip geochemical programme.
"In addition, the projected size and scale of the M5 alteration and mineralisation beneath the post-mineral volcanics is extensive and approaching 10-square kilometres. With further mapping and geochemistry, M5 has the potential to develop into one or more very attractive drill targets," it said in a statement.
Great Western Mining shares were up 3.7% to 0.622 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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