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Great Western (GWMO) Shares Spiked 8.33% Higher on Operations Update but Fell Later

Updated: 25 Feb 2021

Shares of Great Western Mining Corporation Plc (LON: GWMO) spiked 8.33% higher after releasing an operations update showing multiple projects and activities planned for the rest of the year.

The resource exploration and mining company has staked new claims at the Olympic gold project located in Nevada. It owns 14,900 acres-worth of concessions in Mineral County, an area rich in gold and silver.

The miner has made significant discoveries at Comstock Lode, Yerington, Pumpkin Hollow and Isabella Pearl.

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Great Western has signed a contract with O'Keefe Drilling for a reverse circulation (RC) rig to drill up to 10,000 feet (3,048 metres) at the Olympic Gold Project and the Rock House Group. The miner will use in-house drill rigs for the trial copper drilling at M4.

Great Western intends to drill at the Olympic Gold Project’s OMCO Mine Extension and Trafalgar Hill Prospect, the Rock House Group, the M4 Gold/Copper prospect and the Mineral Jackpot.

The company has also analysed a sample load from Mineral Jackpot. Initial results indicate that soil heap (waste material) can be processed using gravity separation to produce commercially viable gold and silver levels.

Brian Hall, Great Western’s, chairman commented: “We have a busy programme ahead of us in 2021, and we are pleased to have firmed up a rig contract ahead of the spring and summer work season for an extensive drilling programme, as well as a further drilling programme in difficult locations with a small and portable coring rig.”

Adding:

“Final analysis of our spoil heap material is quite a long process, but we are confident it will be worth the wait and are greatly encouraged by advice we have received on the viability of commercial gravity separation.”

Great Western Mining share price.

Tradingview chart of Great Western Mining share price 25-02-2021

Great Western Mining shares spiked 8.33% higher to trade at 0.26p, rising from today’s opening price of 0.24p.

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