September 2024 Quarterly Activities Report
Perth, Oct 28, 2024 AEST (ABN Newswire) - Great Western Exploration Limited (
ASX:GTE) is pleased to provide its Quarterly Activities Report for the Quarter ended 30 September 2024 (September 2024 Quarter).
Drilling starts at the giant Oval and Oval South copper-gold targets & preparations underway for drilling at the compelling Sumo Niobium Target and the Six Juggernaut VHMS Targets, all in WA.
Key Points:
Oval and Oval South
- Great Western made strong progress during the Quarter towards drilling the highly compelling Oval and Oval South copper-gold targets.
- Subsequent to Quarter's end, drilling commenced at Oval. The drilling contractors are currently on a short, planned break, with drilling to resume in early November whereupon drilling will continue uninterrupted through to target depth and first hole completion, and then completion of the second hole.
- Great Western believes that both the giant Oval and Oval South copper-gold targets are highly prospective. This interpretation is supported by the coincident geophysical anomalism, the targets' location on a major crustal mantle tapping fault that is intersected by a basin defining growth fault (that focuses mineralised fluids), and favourable stratigraphy of the Yerrida Basin to host mineralisation.
Sumo Niobium Target
- The Sumo Niobium Target is a large, robust and coherent 2km long by 1km wide lag niobium soil anomaly within Great Western's 100% owned Yerrida North Project, located on magnetic and gravity highs.
- Sumo's prospectivity is highlighted by coincident pathfinder geochemistry which supports the potential for a niobium-mineralised system. Field reconnaissance has verified Sumo as insitu, meaning it is not related to transported sedimentary material.
- Sampling and analysis completed subsequent to Quarter's end has confirmed that Sumo is drill-ready.
Juggernaut
- The interpreted Juggernaut Volcanic Hosted Massive Sulphide (VHMS) copper-gold mineralised system is located 70kms south-east of the DeGrussa and Monty Copper-Gold Deposits.
- The Juggernaut VHMS copper-gold target was defined by numerous field work programmes, that included geological mapping, surface sampling, and considerable modelling and interpretation.
- Subsequent to Quarter's end, the Company defined six VHMS DeGrussa-style copper-gold targets.
The six targets are individually defined by stratigraphic, structural, and geochemical attributes VHMS mineralisation systems often form in clusters of deposits, and the Company interprets that the six targets represent this mineralisation style.
Corporate
- In August 2024 and October 2024, the Company announced capital raisings to raise in aggregate ~$6.0 million (before costs). The Company is now fully funded for maiden drill programmes at Sumo and Juggernaut as well as the current drilling at its Oval and Oval South prospects.
- As previously announced, the Company was successful in its application for participation in the Federal Government's Junior Mineral Exploration Incentive ("JMEI") Scheme and received an allocation of $1,488,500 in JMEI credits for the 2024/2025 tax year.
- The Company received approval for Co-Funding by the Western Australian Government under the Exploration Incentive Scheme (EIS), which is planned to be utilised to part-fund the first drill-hole at Oval currently underway.
*To view the full report, please visit:
https://abnnewswire.net/lnk/ATNJ70LT
About Great Western Exploration Limited
Great Western Exploration (ASX:GTE) is an explorer with a world class, large land position in prolific regions of Western Australia. Great Western's tenements have been under or virtually unexplored. Numerous work programmes across multiple projects are underway and the Company is well-funded with a tight capital structure, providing leverage to exploration success.
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