Great Western Exploration (ASX:GTE) is aiming to have the Oval and Oval South targets in Western Australia at drill-ready status this quarter, after the junior explorer spent Q2 negotiating access agreements.
Oval and Oval South are copper-gold targets that sit within the Yerrida North Project. Both targets are positioned adjacent to the DeGrussa and Monty copper-gold volcanic hosted massive sulphide deposits.
Under the Western Australian Government’s Exploration Incentive Scheme, Great Western, which has a market capitalisation of $8.7 million, secured funding for a diamond drilling program at the Oval and Oval South targets.
The company also secured up to $1.48 million in Junior Mineral Exploration Incentive (JMEI) credits for the 2024-25 tax year, under the Australian Government’ JMEI scheme.
Great Western is also planning to conduct a downhole electromagnetic (DHEM) survey across both targets. The company will also conduct data compilation and interpretation of the Yerrida North Project, as well as geological mapping, surface sampling, and geophysical work.
At the Fairbairn Copper Project in Western Australia, the company completed a reconnaissance drilling program. Drilling tested three fixed loop electromagnetic targets, which Great Western interprets to represent “DeGrussa style” copper-gold mineralisation.
Great Western plans to undertake DHEM surveying for all three holes, targeting the prospective turbidite and volcanic stratigraphy.
Meanwhile, at the Lake Way Potash Project in Western Australia, testwork indicates that the potash brine within the basal sands of the paleochannel remains “high-grade” as it enters the company’s project area.
Great Western believes that the magnitude of the paleochannel, which exceeds expectations, presents an opportunity for the company.
KH Morgan, which assessed the project’s survey data, will continue working with Great Western to advance Lake Way to report a brine resource to equivalent standards as the JORC-2012 Code, which would potentially allow the company to progress towards a Prefeasibility Study.
The company also has 26D water licences in place until May next year over the Lake Way tenements. These licences give Great Western the option to complete up to 50 exploration bores to be drilled and to conduct sampling and test pumping of bore capability.
During the June quarter, seven water bore drillholes were completed, which tested modelled paleochannel depth and sampled the brine for potash. Results and modelling of this data is expected during this quarter.
Further, the company continues to rank and prioritise its portfolio of projects, ensuring its exploration programs are focused on targets with the “greatest possibility of discovery success.”
Numerous non-core tenements were identified as part of the target ranking and prioritisation process, with relinquishment of non-prospective tenure completed.
As of 30 June 2024, the company had $1.512 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Western Exploration
