Great Western Mining Corporation PLC (AIM: GWMO) has raised £3.25 million through an oversubscribed placing priced at 1.4 pence per share, with investors also receiving one warrant for each placing share. The warrants are exercisable at 2.0 pence per share.
The proceeds will be used to accelerate exploration at the company’s Defender–Pine Crow tungsten project in Nevada, where recent channel sampling has returned encouraging results. Highlights include intersections of up to 16 metres grading 0.30% WO₃, with a higher-grade interval of 2 metres at 0.66% WO₃.
Great Western said it has now submitted a Notice of Intent to Drill and plans to advance the project toward a maiden Mineral Resource Estimate. Alongside Defender–Pine Crow, the company will continue progressing its broader multi-commodity exploration portfolio across the Walker Lane Trend, a prolific mining district in the western United States.
HIGHLIGHTS
· £3,250,000 conditionally raised through a placing at 1.4 pence per share
· One warrant issued for every Placing Share, exercisable at 2.0 pence for three years
· Proceeds will fast-track drilling at the Defender-Pine Crow tungsten project in Nevada
o Recent channel sampling returned up to 16m at 0.30 per cent WO₃, including 2m at 0.66 per cent WO₃
o Notice of Intent to Drill submitted to the U.S. Bureau of Land Management
· Progress continues across the Company’s broader multi-commodity exploration portfolio in the Walker Lane Trend
Great Western Chairman Brian Hall commented: “We are very encouraged by strong investor support following the initial trenching results at our Defender-Pine Crow tungsten project, which exceeded our expectations and confirmed the potential of the system. The funds now raised will allow us to commence full scale exploration at Defender, conduct geophysics and gravity surveys and mobilise for drilling at the earliest opportunity. We will be able to expand the programme, subject to results as appropriate, aiming for a maiden Mineral Resource Estimate. With a strong need for domestic tungsten production in the U.S., we believe the strategic relevance of this project will be increasingly recognised. We have watched with great interest the success of the Pilot Mountain project operated by our neighbour Guardian Metal Resources which is only 30 miles away from Defender and in a similar geological setting. This funding places the Company in a strong position to deliver meaningful progress during the upcoming drilling season, while continuing to advance our wider Nevada portfolio.”
