LONDON (Alliance News) - Great Western Mining Corp PLC said Tuesday it encountered "significant" gold in the sixth drill hole on its M4 copper-gold project in the western US.
Shares in Great Western Mining closed up 17% at 0.48 pence each.
The miner also said copper readings of 484 parts per million and 361 parts per million were returned from the assay results for the drilling in the Golcanda fault line claim in Nevada.
Great Western said the readings suggest a diffuse expression of both a breccia vein and other copper oxide vein mineralisation.
The magnetic low points in the drill hole point to "magnetite destruction" which is a reliable indicator, according to the company, of hydrothermal fluid activity. This "strongly suggests" the presence of metal sulphides. Great Western believes the breccia vein intercepted at the drill hole could be offshoot structures in the roof of a buried sulphide ore body.
The company is currently awaiting approval from the United States Forest Service for follow up drilling. The approval is expected in May.
Great Western (GWMO)