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Highlights
- Promising discovery of two large conductors at Oval copper-gold target.
- Geophysical analysis suggests a high prospect for massive sulphide accumulation.
- Drilling program planned to advance exploration at multiple promising sites.
Great Western Exploration (ASX:GTE) has recently revealed encouraging findings from its Oval copper-gold target in Western Australia, suggesting the area could hold substantial potential for a volcanogenic massive sulphide (VHMS) ore deposit. These findings follow the results from a down-hole electromagnetic survey (DHEM) and assays from the first phase of diamond drilling, which have identified two large conductors at the site.
Additionally, the company’s Pathfinder assays have uncovered several prospective horizons, which are interpreted to be near a significant mineralization system. This has increased the confidence in the potential for a VHMS deposit in the area.
Oval is located within Great Western Exploration’s Yerrida North project, situated in the northern and western sections of the Yerrida Basin. Positioned approximately 800 kilometers north-east of Perth, Oval is in close proximity to the DeGrussa and Monty copper-gold VHMS deposits, two established mining operations. This favorable positioning within a known mining district strengthens the overall prospectivity of the target area.
Further validation of the site’s potential comes from geophysical consultants, who have indicated that both of the interpreted conductors at Oval have geophysical signatures that are highly favorable for massive sulphide accumulation. This is a positive sign for future exploration and development.
Great Western Exploration has engaged respected geochemist Dr. Carl Brauhart to assist with interpreting the assay results from the first round of drilling. Dr. Brauhart’s assessment supports the company’s VHMS model, which suggests that the interpreted DHEM survey plates could correspond to a target similar to the DeGrussa copper-gold deposit, located just south of the site. The first two drill holes at Oval intersected multiple potential VHMS mineralization horizons, with the conductors thought to represent the primary mineralization zone.
Looking ahead, Great Western Exploration is preparing to continue its exploration efforts with plans to resume drilling as soon as access to the site is re-established, following recent cyclone activity. The company also has plans for further drilling at Oval South, the Sumo niobium target, and the Juggernaut copper-gold prospect.
With a cash position of $4.7 million as of the end of 2024, Great Western Exploration is well-funded to proceed with its ambitious drilling program across its promising exploration targets.
