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Great Western's shares jump on copper resource increase, upgrade at M2

Great Western Mining Corp. Plc's shares rose by more than 243% on June 12, after it announced a substantial increase in resources at its M2 copper-gold project in Nevada.

Using a cutoff grade of 0.2% copper, the property hosts indicated and inferred resources containing 89,195 tonnes of copper within 17.0 million tonnes at 0.525% copper.

The company previously defined an inferred resource in February for M2, comprising 36,773 tonnes of copper within 23.1 million tonnes grading 0.159% copper, using a 0.05% cutoff.

The updated resource estimate incorporates data from reverse circulation drilling completed by the company in 2013 and 2014 and forms part of an ongoing scoping study.

Great Western also reported an exploration target for the Sharktooth zone at M2 in the range of 87.1 million tonnes to 116.1 million tonnes, with a copper grade of between 1.00% to 1.75% copper for 871,100 tonnes to about 2.0 million tonnes of copper.

The Sharktooth target was identified in 2014 by mapping, surface sampling and two drillholes.