Great Western Mining (LSE:GWMO) has released results from an induced polarisation (IP) geophysical survey and a maiden reverse circulation drilling campaign at the Rhyolite Dome prospect, part of its Olympic Gold epithermal precious metals project in Nevada’s Walker Lane trend. The work marks an important step forward in understanding the geological architecture of the prospect, despite the absence of high-grade gold intercepts at this early stage.
The IP survey, comprising six lines, identified a shallow resistivity anomaly linked to a fault structure, alongside a deeper, untested chargeable feature located more than 300 metres below surface. This deeper target is considered particularly prospective and remains a key focus for future exploration. Four shallow RC drill holes intersected silicified and hydrothermally altered volcanic rocks consistent with an epithermal system. While gold grades were low, the drilling returned more encouraging silver values and elevated concentrations of pathfinder elements including barium, arsenic, manganese, lithium and antimony, supporting the presence of a mineralised system.
Although the first-pass drilling did not deliver significant precious metal grades, management noted that the combined geological, geochemical and geophysical datasets have materially improved understanding of the Rhyolite Dome system. The results will be used to refine the geological model and prioritise future drill targets, particularly the deeper chargeable anomaly that has yet to be tested. The company believes this approach continues to underline the longer-term potential of the Olympic Gold Project within a historically high-grade mining district.
From an investment perspective, the company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash burn. Balance sheet risk is relatively limited, providing some mitigation. Technical indicators are more supportive, with the share price holding above key moving averages and momentum signals moderately constructive. Valuation metrics remain unfavourable and difficult to assess, reflecting a negative P/E ratio and the lack of a dividend.
More about Great Western Mining
Great Western Mining Corporation is a diversified mineral exploration and development company focused on strategic commodities across several wholly owned claim groups in Mineral County, Nevada, one of the leading mining jurisdictions in the United States. The group follows a multi-commodity strategy anchored by its flagship Huntoon Copper Project, which hosts a JORC-compliant copper resource, alongside a portfolio of gold, silver and early-stage tungsten assets aligned with US critical minerals priorities. The company also continues to evaluate farm-out and joint venture opportunities to unlock additional value from its asset base.
Leave a Reply