The December quarter negotiations for the Native Title Land Access Agreement (NTA) are closed now with Great Western Exploration Limited (ASX: GTE) announcing the finalisation of its first NTA for the Lake Way Potash Project, covering the southern area within the tenements, on 6 February 2020.
The NTA is an essential step toward the commercialisation of the project, giving access to explore the region and develop a positive working relationship with the Native Title Holders.
Interested in GTE projects, please read: Overview Of Gold And Base Metal Explorer, Great Western Exploration Limited
Lake Way Potash Project is 100% owned by Great Western Exploration Limited, encompassing an area of 415km2 covering the south-eastern extension of the Lake Way Salt Lake located near Wiluna, Western Australia. The project was originally acquired post the identification of potentially prospective area for lithium brines by Geoscience Australia.
How Prospective is Lake Way Potash Project?
Lake Way is one of the evolving first-class potash districts in Australia, following the finding of extremely high-grade potash brines by Salt Lake Potash Limited (ASX: SO4) near to the Company’s project. SO4 has completed its Bankable Feasibility Study, reporting exceptional economics for the Lake Way potash brine. Consequently, SO4 has commenced the project development, demonstrating viability.
Further, the Great Western project is the downstream extension of the SO4 main basal channel, posing high prospectivity for Lake Way Potash and Lithium Brine Project. Also, the tenement boundary, i.e. the continuation edge of the GTE project from Salt Lake Potash, coincides with historic drilling result of high grade (K205 @ 200 kg/m3), as it enters the project area, signalling high amounts of potash.
Is GTE’s Project Aptly Located? Do Sail Through Gauging Nearby Infrastructure For Great Western Exploration’s Yandal West Gold Project
GTE Future Plan
As a planned focus, the Company is presently continuing the assessment of VMS potential across the Yandal West Gold project. For the same, an airborne EM survey to detect geophysical anomalies is planned to gauge the base metal, and gold mineralisation prospect before the follow-up drilling program for its Harris Find prospect.
Yandal West Gold Project is a high-grade gold mineralisation prospect across its shear zones. Also, recently within the project tenements, the Company identified a new high-grade gold target returning rock chip sampling result of 23.5 g/t gold.
The Harris Find and May Queen East shear zones returned the following results post drilling:
- Harris Find target: 2m @ 7.75 g/t gold (incl. 1m @ 15.1 g/t) from 20m and 2m @ 1.38 g/t from 52m.
- May Queen East target: 2m @ 3.89 g/t (incl 1m @ 7.3 g/t) gold from 3m.
How well GTE’s gold project is jellying Up with Gold Economy? Must Read: Gold Dynamics; Great Western Exploration with High-Grade Yandal West Gold Project
Stock Price Information – The GTE stock price surged by ~33.33% post the announcement of the NTA finalisation, closing the day’s trade at $ 0.004 on 6 February 2020 with a market cap of $ 3.76 million.
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