Great Western Mining posts encouraging results from Olympic Project

27th Mar 2024 13:02

(Sharecast News) - Great Western Mining released encouraging results from its ongoing exploration efforts on the Rhyolite Dome gold target on Wednesday, within its Olympic Gold Project in Nevada.

The AIM-traded firm said recent findings included the identification of Rhyolite Dome as a high-priority gold target, supported by soil sampling results showing notable grades such as 61 parts per billion, 58 parts per billion, and 51 parts per billion gold in recent samples, along with 207 parts per billion gold in legacy samples.

Those results marked some of the strongest soil anomalies ever seen at the Olympic Gold Project.

Additionally, it said Rhyolite Dome exhibited enrichment with a suite of indicator elements, including silver, arsenic, and mercury, enhancing its prospectivity for gold mineralisation.

Located at a crossover zone between northwest and north-northeast trending major fault sets, it said Rhyolite Dome benefitted from geological features indicative of gold deposition.

The proximity of Rhyolite Dome to significant gold deposits such as the Warrior, Hillside, Cute Maid, and Lou epithermal gold deposits along a 2.2 kilometre trend, similar to the distance from OMCO to Rhyolite Dome, further underscored its potential as a valuable gold target.

Additional geological features including a silica sinter, chalcedony veins, and a mapped placer contributed to the overall prospectivity of the area, the firm added.

"Multiple overlapping lines of evidence make Rhyolite Dome a high priority gold target for Great Western," said chairman Brian Hall.

"The next step will be to conduct IP surveys over the structure to narrow down drill targets in three dimensions with the objective of establishing a discovery intercept.

"We look forward to updating shareholders on further progress in 2024."

At 1228 GMT, shares in Great Western Mining were up 0.43% at 0.05p.

Reporting by Josh White for Sharecast.com.