Great Western Mining Corporation PLC (LON:GWMO) highlighted ‘positive initial indications’ from four holes recently drilled at the Trafalgar Hill prospect area, which is part of the Olympic Gold project in Nevada.
Executive chairman Brian Hall described an “excellent start to a busy 2021 work season” as the company detailed its rapid progress at Trafalgar Hill where the fifth of six planned holes is presently underway.
After Trafalgar Hill, the drill rig will move on to the West Ridge and subsequently the Omco mine extension prospect. Hall highlighted that the speed and efficiency of drilling provides a strong cornerstone for the year ahead.
Separately, in the metals explorer’s financial results statement, Hall said: “During a difficult year for everybody, we made strong progress on our projects and successfully secured funds for our operations.”
“The results of our work in 2020 have enabled us to initiate a major drilling programme across our three prime areas of interest, now underway, while laboratory testing has shown the way forward for secondary recovery of precious metals from numerous spoil heaps at the historic gold and silver workings on our extensive inventory of claims, which we are progressing with vigour.
“Importantly, we are well funded for the current year and are at an inflexion point for the company, with a growing portfolio, from which we have already poured our first gold, and a clear line of sight to long-term processing as well as the added value of our copper assets.
“We have a busy year ahead, with our ongoing drilling programme and we are extremely excited by our prospects.”
The results statement highlighted various milestones in the year such as the pouring of precious metal at the Mineral Jackpot to prove the concept of secondary recovery from multiple spoil heaps, the option deal to acquire the Olympic Gold project and a variety of positive exploration results across the portfolio.
In terms of financials, it had net cash of €2.2mln at end of December, 2020 and reported a €852,042 loss, which was broadly in line with the year before.