LONDON (Alliance News) - Great Western Mining Corp PLC on Wednesday said the assay results for the M2-041 core samples from 1,050 to 1,480 feet at M2-Sharktooth, located in the US state of Nevada, showed no significant gold, copper or trace element geochemistry.
Shares in Great Western Mining were trading 52% lower on Wednesday at 0.68 pence each.
The exploration company said it therefore modified its drilling plans, due to difficulties while drilling through the caprock and breccia at M2-041 drill hole.
As a result, Great Western Mining said it will move the rig 600 feet due west from the current drilled depth of 1,671 feet, where the mineralised diorite is shallower.
"The breccia encountered in M2-041 is an indicator of hydrothermal activity in the Sharktooth zone, but forms a thick barrier to depths of at least 1,671 feet, preventing us from reaching the underlying diorite target," said Chief Executive David Fraser.
Great Western (GWMO)