LONDON (Alliance News) - Great Western Mining Corp PLC on Monday said the resource for its M2 Copper-Gold prospect in Nevada has increased following the use of block modelling software.
Shares in Great Western Mining were up 7.1% at 0.68 pence on Monday.
The Joint Ore Reserves Committee, or JORC, compliant resource of M2 has increased 16% to 4.3 million tonnes of copper at a grade of 0.45%. This figure is the result of a review of the 2014 maiden resource using RockWorks16 modelling software.
The mining company also said it had received assay results from all 40 of the reverse circulation holes drilled at M2, and is evaluating a further round of infill and step-out drilling.
"Beyond the 16% increase in our current JORC compliant resource, we believe that there is considerable scope for further increases in the resource, both at depth and by expanding the current pit footprint. We will keep shareholders updated with developments as and when appropriate," Chief Executive Officer David Fraser said.
Great Western (GWMO)