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Great Western Mining shares plunge on poor Nevada test results

After the disappointing test, Great Western Mining has moved the rig 600 feet due west
A drilling rig
The Nevada drill had proven to be slower and more difficult than anticipated, the company said

Shares in Great Western Mining Corporation PLC (LON:GWMO) plunged 50% on Wednesday after it said it had found no significant trace of gold or copper in samples tested at its Sharktoot prospect in Nevada.

The company also said that drilling through the caprock and breccia at the site had proven to be slower and more difficult than anticipated.

Unable to reach target

As such, the Irish exploration group said it had modified its drilling plans by terminating the M2-041 drill hole at the current-drilled depth of 1,671 feet and moving the rig to the M2-042 location, 600 feet due west from M2-041.

Chief executive David Fraser said the breccia encountered in M2-041 is an indicator of hydrothermal activity in the Sharktooth zone but that it had been unable to reach its target. However, he added that at M2-042, the company expects to hit mineralised diorite at a far shallower depth.

Shares in Great Western Mining were 49.47% down at 0.71p in late afternoon trading.

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