Great Western Share News (GWMO)

(Sharecast News) - Great Western Mining, which is exploring and developing gold, silver and copper targets in Nevada, announced the results of recent drilling at the Rock House and Olympic Gold projects on Wednesday.
The AIM-traded firm reported a "major gold breakthrough" at Rock House, in virgin territory, with best intercepts of 8.02 grams and 2.29 grams of gold per tonne.

Continuation of the OMCO vein was identified at Olympic Gold, east of the faulted zone, as predicted, it added, with reportable gold intercepts also returned west of the OMCO fault.

This drilling campaign was a continuation of Great Western's ongoing efforts to establish a significant resource base over a wide area, which had been the subject of major high-grade mining in the past.

It previously set a resource exploration target of 25,000 to 75,000 ounces of gold for Rock House, and a separate resource exploration target of 450,000 to 1,200,000 ounces for Olympic.

"At the Rock House project, the southern alteration zone results represent a major breakthrough for the company in virgin territory, which we will be following up as soon as possible," said chairman Brian Hall.

"The zone is only one of three prospects at Rock House and the other two have yet to be drilled.

"We are also extremely encouraged by our progress at Olympic Gold."

Hall said Olympic had been explored by several companies since the "highly-productive" OMCO gold vein was abandoned almost 80 years ago, but in just over a year, Great Western's drilling campaign had achieved "much more" than its predecessors.

"We now have a greatly improved understanding of the geological setting and structures involved in the OMCO mineralisation and we will use this additional information to zero in on what we believe to be a significant gold exploration opportunity.

"We are currently planning and permitting the second phase of drilling for which we are well funded."

At 1438 BST, shares in Great Western Mining Corporation were down 2.61% at 0.18p.