16th Jul 2015 08:44
LONDON (Alliance News) - Great Western Mining Corp PLC Thursday provided a positive update on the M2 exploration prospect in Nevada in the US.
The miner said its field team has now completed two site programmes on M2 during spring and early summer 2015. The current copper and gold mineralisation found at the project occurs with hematite and magnetite, forming a geologic style known as iron-oxide-copper-gold.
To date, the 2015 field programme on M2 has focused on the northern section of the target, where the company's recent mapping extended the IOCG mineralisation surface trace from the original inferred resource at M2 for another two kilometres.
That means the IOCG mineralisation continues west to east across the most north point of the target. The mapping in 2015 has also confirmed the steady south-eastern dip of the IOCG environment inferred earlier by two 2014 drill holes at the current end of the Sharktooth Road in the centre of the project area, said the company.
"This is an excellent result from our 2015 M2 field programme. We have been able to increase the size of projected IOCG volumes significantly, and confirm favourable geology for a high-grade underground IOCG deposit, where the consistent copper-gold ratio could also indicate significant quantities of gold," said Chief Executive David Fraser.
Great Western shares were down 2.9% to 0.423 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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