LONDON (Alliance News) - Shares in Great Western Mining Corp PLC dropped on Friday after the miner reported slower-than-anticipated drilling at its M2-Sharktooth prospect in Nevada.
Shares were trading down 29% at 0.39 pence each due to the news.
The company said its team is now in a "race against time" to reach the primary objective of the M2-Sharktooth zone before the full onset of winter, after which Great Western said it may need to suspend operations until March next year. The M2-Sharktooth zone is expected to contain iron oxide, copper and gold.
Great Western added that "numerous problems" on the prospect have been overcome, however, it reported slower-than-anticipated drilling operations.
"The protective outer casing is currently at 737 feet and the drill bit at 830 feet but the onset of sub-zero temperatures has begun to restrict pumping of water to this high altitude site at night, meaning that drilling is now limited to daylight hours," Great Western explained.
Great Western (GWMO)