3rd Nov 2014 14:33
LONDON (Alliance News) - Great Western Mining Corp PLC shares rose on Monday after it said it has received its maiden JORC compliant mineral resource after it completed the second phase of drilling at its M2-Smith oxide copper project in Nevada, US.
Great Western shares were up 15% to 1.91 pence per share Monday afternoon.
The inferred JORC compliant resource comprises 21.7 million tonnes, with a grade of 0.12% copper, or 23,636 metric tonnes of copper, contained within a near surface mineralised area which extends over a strike length of 2,600 feet. The resource estimate has been based on 32 reverse circulation bore holes that were drilled in 2013 and 2014.
Gold tends to mimic copper profiles in most of the drill hole intercepts, suggesting that the inferred copper resource contains 16,000 ounces of gold, said Great Western in a statement.
"I am very proud to be able to announce Great Western Mining's maiden JORC Resource, and to provide a tangible demonstration of the potential value of the company's first copper prospect, M2-Smith," said Chief executive David Fraser.
The company believes that the resource can be increased and has decided to begin phase 3 of drilling to create a measured and indicated resource for the M2 oxide copper project, it added.
"Great Western Mining's second prospect, Target 4, is drill ready and awaiting drilling permit approval. The company believes that this will provide further momentum towards the establishment of an altogether larger copper resource in Mineral County, Nevada," added Fraser.
By Joshua Warner; [email protected]; @JoshAlliance
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