Great Western Exploration (ASX:GTE) has secured funding under the Western Australian Government’s Exploration Incentive Scheme (EIS) for an upcoming diamond drilling program at its Oval and Oval South copper-gold targets.
Oval and Oval South sit within the company’s Yerrida North Project in Western Australia, and are positioned adjacent to the DeGrussa and Monty copper-gold volcanic hosted massive sulphide deposits.
Great Western, which has a market capitalisation of $19.48 million, will receive funding for up to 50% of the drilling costs — capped at $113,000 — and up to $5,000 for drill rig mobilisation costs.
The Oval and Oval South targets are interpreted to represent Winu-style intrusive-related copper-gold targets.
The company is currently completing access approvals to greenlight drilling.
Great Western says the EIS co-funding is an endorsement of the prospectivity of both targets and the company appreciates the government’s support towards the exploration program.
Oval and Oval South were originally defined by Rio Tinto (ASX:RIO) in the late 1990s, while further definition of both targets were completed through a joint venture between Great Western and Sandfire Resources (ASX:SFR), which spent about $4.5 million on exploration.
Great Western Exploration is a copper, gold, and nickel explorer focused on making discoveries in underexplored regions of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
