9th Jun 2014 08:50
LONDON (Alliance News) - Great Western Mining Corp Monday said it has completed nine holes at its M2-Smith copper target in Nevada, and assay results from its recent drilling has shown a further five discovery grade and thickness copper intercepts.
The AIM-listed mineral exploration firm said that, by May 28, its phase 2 drilling programme at the site had completed nine holes, M2-010 to M2-018, for a total of 6,245 feet out of a planned 14,000 feet for the entire programme, and found five new discovery grade intercepts.
The company said it was encouraged by the assay results for the nine new holes, saying that the five discovery grade intercepts had grade thicknesses greater than 45,000 parts per million copper, including a 40 foot space of 0.41% copper in the M2-015 hole and a 55 foot space of 0.36% copper in the M2-018 hole.
Great Western Mining said that the new results join with three discovery grade intercepts in its 2013 Phase 1 drilling programme on the site, meaning that the M2 site has yielded eight discovery grade finds over a strike length of 2,600 feet, more than double the reported strike length during 2013.
The company said it believes this represents significant progress towards establishing a JORC compliant inferred resource over the entire strike length of the M2 site.
Great Western added that construction on a 5,000 foot access road from M2-018 to the top and centre of nearby Bass Mountain is nearing completion. It plans to drill a number of deep holes some 7,260 feet from M2-018. If successful, the company believes that the drilling programme has the potential for a much larger zone over a very large volume of mineralised igneous rock.
"The next stage, to drill the centre and south-eastern portion of Bass Mountain will commence over the next few weeks and we keenly await the results of this drilling," Chief Executive David Fraser said in a statement.
Great Western Mining shares were down 17% to 1.10 pence, putting it in the worst three AIM ALL-Share fallers during early trading.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Great Western