Great Western Exploration (ASX:GTE) has identified 2 ‘giant’ and ‘potentially transformational’ copper-gold-related targets, dubbed Oval and Oval South, within its Yerrida North Project in Western Australia.
Both targets were revealed through a geological review of Yerrida and are located on the projected Ida Fault trend.
The $11.37 million market capitalisation company is in the process of completing access approvals for the drilling of these ‘highly compelling’ targets.
Great Western’s share price has increased by 22.5% to $0.049 as of 12:30pm AEDT this afternoon (5 October).
Both targets are interpreted to host Winu- and Haverion-style intrusive-related copper-gold mineralisation, as Oval and Oval South share similarities to both of these deposits.
The new targets have coincident electromagnetic (EM), gravity, and magnetic geophysical anomalism, and are both located on a proven fertile, mantal tapping crustal-scale fault.
The Yerrida North Project was previously a joint venture (JV) between Great Western and Sandfire Resources (ASX:SFR), with Sandfire having spent $4.5 million on exploration on the project from 2017 to its recent withdrawal announced on 17 August 2023.
Great Western has now assumed 100% ownership of the project along with all associated exploration data compiled and completed by Sandfire during the JV.
The project is located on the northern and western portions of the Yerrida Basin, 800km northeast of Perth.
Great Western Exploration is a copper, gold, and nickel exploration company, with a ‘large’ land position in prolific regions of Western Australia. As of 30 June 2023, the company had $3.021 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