Great Western Exploration (ASX:GTE) has completed the first phase of drilling at the Oval copper-gold target, as part of the Yerrida North Project in Western Australia.
Core processing is currently underway and assay results are expected to be returned in February 2025.
Two diamond drillholes were drilled ranging in depths from 600 to 800m, designed to test the multiple coincident geological and geophysical attributes of Oval.
Great Western, which has a market capitalisation of $16.6 million, interprets the Oval target as representing a Winu-Havorion intrusive copper-gold deposit.
The Winu Project was first discovered by mining giant Rio Tinto (ASX:RIO) in 2017. It is a copper-gold deposit located in the northern Pilbara region of Western Australia and hosts around 721 million tonnes at 0.4% copper and 0.33 grams per tonne gold.
Some of the target geological and geophysical features include coincident gravity and electromagnetic anomalies, magnetic anomalism at depth similar to the Winu deposit, and proximity to the fertile crustal scale Ida Fault.
The company is taking a short break to geologically log and assess the drillcore, as well as to allow a downhole electromagnetic (DHEM) survey to be conducted. The survey has been slightly delayed due to localised rainfall in the area, however, it is anticipated to begin in a week.
Great Western anticipates the results and associated interpretation of the DHEM data will be received by mid-December.
Once received, interpretation and incremental changes will be made to the geological model, which will guide the remainder of the drilling program.
Meanwhile, the company also intends to conduct a maiden drilling program at the Sumo niobium target and six volcanic-hosted massive sulphide targets at Juggernaut.
This news comes after Great Western conducted a capital raising to raise $2.5 million, ensuring the company remains funded for the multiple high-impact drilling programs planned.
Great Western Exploration is a copper, gold, and base metal explorer focused on its land position in prolific mining regions of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Western Exploration
