Business
Operational Update and Placing
Operational Update and Placing.
About this update from Great Western Mining Corp. Plc
[{"type":"text","content":"\n \nRNS Number : 3395T Great Western Mining Corp. plc 03 July 2018 \n\nGreat Western Mining Corporation PLC\n \n(\"Great Western Mining\", \"GWM\" or the \"Company\")\n \nOperational Update and Placing\n \nGreat Western Mining (AIM: GWMO) provides the following update on operations in Mineral County, Nevada, USA. \n \nStatus of M2-Sharktooth drilling:\n \nDrill hole M2-041 is currently at 1,503 feet (458 metres). The last 200 feet (61 metres) of this vertical drill hole has intercepted intense hydrothermal alteration and mineralisation at the projected base of the M2-Sharktooth Dunlap caprock. The unexpectedly thick alteration and mineralisation, in the form of multiply-silicified, quartz-magnetite, hydrothermal breccia, appears to have taken the place of, or is very likely above, the copper and gold-bearing diorite. Drilling will continue through the hydrothermal breccia and is expected to then encounter the mineralised diorite intrusive. \n \nThe last 10 metres of drill hole M2-041, besides intersecting numerous large vugs and voids from one to several feet in width, has been characterised by even more intense, multiple quartz and quartz-magnetite breccia, banding, and flooding than intervals above. The intensely altered and mineralised core from 1050 to 1480 feet (320-450 metres) is currently undergoing assay, with the results expected around the end of the month.\n \nStatus of M4 drilling:\n \nDrill hole M4-004 is currently at 400 feet (122 metres). The entire length of M4-004 is in silty limestones, siltstones, and sandstones of the Permian Mina Formation. Alteration is variably recrystallized to partially silica flooded, with orange-grey clayey zones dispersed throughout. Fine fractures both subparallel and oblique to bedding typify all the harder zones. Clay-breccia is common. Much brown and orange brown limonites are disseminated throughout the clayey zones, and, along with reddish brown hematite, are disbursed along open and vuggy fractures.\n \nPlacing to raise Gross Proceeds of £1 million:\n \nGreat Western Mining further announces that it has raised approximately £1,000,000 (before expenses) via a placing (the \"Placing\") of 77,000,000 new Ordinary Shares of EUR 0.0001 each (the \"Placing Shares\") at a price of 1.30 pence per Placing Share, to instituti...