RE: RE RNS3 Apr 2019 08:38
Final Results
Wed, 3rd Apr 2019 07:00
RNS Number : 9121U
Great Western Mining Corp. plc
03 April 2019
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Final Results for the year ended 31 December 2018
Results Highlights
· Loss for year €992,774 (2017: loss of €696,294)
· Basic and diluted loss per share (cent): 0.002 (2017: 0.001)
· Net Assets at Year End: €6.6 million (2017: €6.2 million)
Operational Highlights
· 16% Upgrade in M2 JORC Resources
· Further Significant Intersects from M2 Infill Drilling
· Significant 43.0 metre discovery intersect at M4
· Significant 27.4 metre discovery intersect at M1
· 13.5% Increase in Land Position with addition of New Claims
· New Chief Geologist Appointed
Chief Executive, David Fraser commented:
"2018 has been a year of good progress for Great Western Mining's exploration activities in Nevada. Further significant intersects were observed as part of the infill drill programme at M2, with high readings of 2.59% copper and 1950ppb gold recorded. The 2018 drill campaign also yielded very encouraging discovery level intersects at both M1 and M4. In particular the Company is excited about the continuous 43 metre copper bearing breccia vein encountered at M4_05, as the Company believes that this vein, along with others encountered at surface, could be offshoot structures in the roof of a large buried sulphide ore body. Follow up drilling is planned at M2 and M4 this Summer, subject to finalisation of our drilling permit from the United States Forest Service. In preparation the Company has planned an aggressive Spring field campaign of geological mapping and sampling, commencing next week. One objective of the campaign is to identify the best route to return to the Sharktooth zone where operational problems were encountered during drilling last year. This should enable the Company to drill-test the anticipated source of the copper oxide mineralisation at M2. As always Great Western Mining would like to thank shareholders for their continuing support and will continue the Company's commitment to providing updates as soon as relevant information becomes available."
Note: ppb = parts per billion...
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