Great Western Exploration Secures Government Funding to Diamond Drill Gold-Copper Targets

Great Western Exploration Ltd (ASX: GTE) has its eye on some giant copper-gold targets, and has secured funding from the Western Australian Government.

The co-funding for diamond drilling comes under the WA Government’s Exploration Incentive Scheme (EIS).

This will comprise 50% of the drilling costs capped at $113,000, and $5,000 for towards drill rig mobilisation.

Great Western held $2.3 million in cash at the end of March 2024.

Drill testing

Drilling will be at the Oval and Oval South Copper-Gold targets, within the company’s Yerrida North Project.

Yerrida is located on the northern and western portions of the Yerrida Basin, 800 kilometres north-east of Perth.

Where the interest comes from is that the project is adjacent to the DeGrussa and Monty copper-gold volcanic hosted massive sulphide deposits.

Prospectivity follows Rio Rinto

At the Yerrida North Project, Rio Tinto Ltd (ASX: RIO) identified the giant Oval EM target in the 1990’s, but failed to intersect the EM anomaly.

Modern exploration by Sandfire Resources Ltd (ASX: SFR) in joint venture with Great Western demonstrated the Oval EM target is below Rio’s drilling.

The Oval Target is an analogue to the giant Winu Intrusive Related Copper-Gold Deposit, sharing key geological attributes.

Oval and Oval South are 100% held by Great Western, with the EIS approval a significant endorsement of the prospectivity.

 

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