LONDON (Alliance News) - Great Western Mining Corp PLC said Monday it had received "very encouraging" survey results from its copper-gold prospect in Nevada, US.
At the M4 project in Mineral County the firm undertook three diamond drill holes of which two had received results. The final will deliver results in January.
"One very large north-easy to south-east trending breccia vein was encountered in M4-05 and may have been briefly clipped at the bottom of M4-04," Great Western explained in a statement. "This was a continuous 43 metre copper-bearing vein averaging 0.24% copper throughout its length and containing two higher grade intercepts of 0.53% copper over 3.8 metres and 0.74% copper over 1.8 metres. Anomalous gold was also encountered in the vein with high readings of 0.338 parts per million gold and 0.298 ppm gold."
"The geologic character of the M4-05 vein intercept, and geology mapped at the surface, suggest that the vein system may extend 122 metres along a northwest strike and may be open to the east," Great Western added. "A vein 'shoot' within these confines may also extend to considerable depth below the M4-05 large vein intercept."
Great Western Chief Executive Officer David Fraser said: "The assay data from M4 are very encouraging. Next year's drilling will test the extent of what appears to be a very large and continuous structure. We will continue to keep shareholders updated as plans progress."
Shares in Great Western were 7.4% lower at 0.25 pence on Monday.
Great Western (GWMO)