Great Western Exploration Ready to Drill Oval Copper-Gold Targets
GTE (GTE) Share Update September 2024 Sunday 29th
Great Western Exploration Prepares to Drill Giant Copper-Gold Targets
Great Western Exploration (ASX: GTE) has announced the completion of preparations for drilling at the giant Oval Copper-Gold Targets in Western Australia. The drilling is set to commence in approximately two weeks, pending weather conditions.
Instant Summary:
- Tracks and drill pads completed.
- Engaged experienced drilling contractor Blue Spec Drilling.
- Drilling to commence in approximately two weeks, weather permitting.
- Targets defined by Rio Tinto EM Survey in the late-1990s.
- Potential for very large copper-gold discovery.
Project Overview
Great Western Exploration (ASX: GTE) has completed preparations for drilling at the Oval Copper-Gold Targets, part of the Yerrida North Project in Western Australia. The project is located approximately 800km north-east of Perth and adjacent to significant deposits such as DeGrussa and Monty Cu-Au Volcanic Hosted Massive Sulphide deposits.
The company has engaged Blue Spec Drilling, a reputable drilling contractor, to execute the drilling program. The program includes four diamond drill-holes, with depths ranging between 600 to 800 meters. Heavy rainfall at Paroo Station, near the targets, has temporarily restricted access for heavy vehicles. Drilling is expected to commence in about two weeks, provided there is no further heavy rainfall.
Geological Significance
The Oval and Oval South Targets were initially identified by a Rio Tinto EM Survey in the late-1990s. These targets are characterized by coincident EM conductivity and gravity highs, situated at the intersection of a crustal scale and basin-defining fault within the Yerrida Basin. This geological setting is favorable for the formation of copper-gold mineralization.
Modern modeling of a VTEM survey completed in 2012 indicated that previous drilling by Rio Tinto did not intersect the EM conductor, stopping 70 meters above it. Great Western Exploration believes that the multiple coincident geological and geophysical attributes of Oval and Oval South resemble those of significant deposits like Winu and Haverion, suggesting the potential for a substantial copper-gold discovery.
Drilling Program Details
The drilling program will be executed in two stages. Initially, two holes will be drilled at the Oval Target, followed by a short break to conduct a down-hole electromagnetic (EM) survey. The data from the EM survey and drill-hole logging will be analyzed to refine the geological model and guide the remainder of the drilling program.
The targets are located on the northern and western portions of the Yerrida Basin, with significant geological features such as coincident gravity and EM anomalies, magnetic anomalism at depth, and proximity to the crustal scale Ida Fault. These features enhance the potential for discovering a giant Winu-style intrusive-related copper-gold system.
Government Support
Great Western Exploration has received co-funding from the Western Australian Government under the Exploration Incentive Scheme. This support is seen as a significant endorsement of the prospectivity of the Oval and Oval South Targets.
A video detailing the significant potential and technical attributes of Oval and Oval South is available at: Oval and Oval South Video.
The announcement of the drilling preparations is likely to positively impact Great Western Exploration's stock price. The potential for a substantial copper-gold discovery could attract significant investor interest. However, the actual impact will depend on the drilling results and the ability to commence drilling as planned, considering the weather conditions.
Investor Reaction:
Analysts are likely to react positively to the news, given the potential for a significant discovery. The engagement of an experienced drilling contractor and the completion of preparatory work are seen as positive steps. However, investors will be closely watching the weather conditions and the initial drilling results.
Conclusion:
Investors should keep an eye on Great Western Exploration's progress with the drilling program at the Oval Copper-Gold Targets. The potential for a significant discovery makes this an exciting development. Stay tuned for updates on the drilling results and any further announcements from the company.