24th Sep 2014 09:53
LONDON (Alliance News) - Great Western Mining Corporation PLC Wednesday said new tests from the TUN claim group at the Golconda Thurst Group in Nevada indicate it has the potential to be an underground and much larger open-pit prospect.
The company said the TUN claim group appears to have a parallel system of multiple, oxide and sulphide, gold-silver veins and veinlet stockworks. It said there remains potential for moderate-sized deposits of shallow, oxidised stockworks and veins and deeper sulphide ores in the vicinity of the historic workings on the site.
Great Western said the width of the mineralised, multi-vein, northeasterly structure at the site gives the claim the potential to be an underground and much larger open-pit prospect for the company.
The company said it would follow up the new results with a more detailed surface mapping, along with a soil grid and rock chip geochemical programme.
Great Western got a boost earlier this month after it said results from its 2014 field programme on the Golconda Thrust Group strongly indicated the presence of Carlin-type disseminated gold mineralisation.
"This is more very encouraging news from our 2014 field programme. Whilst Great Western Mining's primary focus remains on the bulk tonnage copper potential of the Marietta District, the Company is very pleased to have the gold and silver prospects of the TUN and JS groups in its portfolio of assets," David Fraser, Chief Executive of Great Western, said.
Great Western shares were down 4.3% to 0.78 pence per share on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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