LONDON (Alliance News) - Great Western Mining Corp PLC on Wednesday reported a "very exciting" development at assets in Nevada's Mineral County.
However, shares were 13% lower in London on Wednesday at midday at 0.28 pence each.
Great Western in 2018 added 66 new claims to its portfolio in the western US state, included the historic Silver Moon and Silver Bell mines.
Both were sampled in April by the company, and results suggest mineralisation at the two old mines "strongly" resembles that found at the Mineral Jackpot-Bass Mine prospect 750 metres to the west.
Six of the eight samples from the two mines showed "significant" mineralisation, Great Western said, including grades of 95.6 grams of gold per tonne of ore and 773 grams of silver.
Chief Executive David Fraser said: "This is a very exciting development for Great Western Mining. The Mineral Jackpot prospect encompassing the Silver Moon and Silver Bell targets covers a large area with high grade gold and silver potential.
"The company will now follow up on these excellent results with further soil sampling to identify targets for a first drill campaign at M3. As always we will keep shareholders updated as news becomes available."
Great Western (GWMO)