Great Western tanks as Sharktooth draws a blank

Great Western Mining saw its share price plummet by over 50% on Wednesday after recording no significant gold, copper or trace element geochemistry in the first batch of samples from its latest digging in Nevada.

The M2-041 exploration target is the first hole in the M2 Sharktooth area beneath the peak of Black Mountain in Mineral County, Nevada, where the firm also reported that drilling has been "slower and more difficult than anticipated", leading to the modification of drilling plans.

David Fraser, chief executive, said: "The breccia encountered in M2-041 is an indicator of hydrothermal activity in the Sharktooth zone, but forms a thick barrier to depths of at least 509 metres, preventing us from reaching the underlying diorite target. At M2-042 we expect to intersect mineralised diorite at shallower depth."

After not encountering much promise with its first hole, drilling will terminate at the current depth of 1,671 feet, with the rig moving to the M2-042 where the projected intersect with mineralised diorite at the shallower depth of 1,180 feet.

Fraser promised to keep shareholders updated as work continues.

Great Western Mining’s shares were down 53.95% at 0.65p at on Wednesday afternoon.