Great Western Exploration has raised $3.75 million to fund multiple copper-gold drilling programs at its Yerrida North Project in Western Australia, with drilling set to begin imminently at the Oval VHMS target.
- Placement raises approximately $3.75 million at 1.8 cents per share
- Drilling to start soon at Oval VHMS Copper-Gold Target
- Additional drilling planned at Juggernaut, Diorama, and Baroo targets
- Directors committed $365,000 to second tranche pending shareholder approval
- Targets located near the significant DeGrussa Copper-Gold Deposit
Funding Secured for Ambitious Drilling Campaign
Great Western Exploration Limited (ASX – GTE) has successfully secured approximately $3.75 million through a two-tranche placement to advance its copper-gold exploration efforts at the Yerrida North Project in Western Australia. The funds will primarily support a series of drilling programs targeting multiple Volcanogenic Massive Sulphide (VHMS) copper-gold prospects, all situated near the well-known DeGrussa deposit.
Drilling to Commence at Oval and Beyond
The company is preparing to commence drilling imminently at the Oval VHMS Copper-Gold Target, which is considered highly prospective given its proximity to DeGrussa. Following Oval, drilling will progress sequentially to the Diorama and Baroo targets, before moving on to six additional VHMS targets clustered at Juggernaut. This phased approach reflects Great Western’s strategic focus on systematically testing multiple high-potential zones within its 100% owned tenure.
Placement Details and Director Support
The placement involves issuing approximately 208 million new shares at 1.8 cents each. The first tranche, comprising about 142 million shares, will be issued under existing placement capacity with allotment expected by mid-February. The second tranche, involving 66.5 million shares, awaits shareholder approval at a meeting anticipated in mid-March. Notably, Great Western’s directors have collectively committed $365,000 to this second tranche, signalling strong insider confidence in the company’s exploration prospects.
Strategic Location Near DeGrussa
The Yerrida North Project’s location near the DeGrussa VHMS Copper-Gold Deposit is a key factor underpinning investor interest. DeGrussa is one of Australia’s most significant copper-gold discoveries in recent decades, and Great Western’s targets share similar geological characteristics. Success in these drilling programs could substantially enhance the company’s resource base and market valuation.
Outlook and Market Implications
With funding secured and drilling about to commence, Great Western is positioning itself for a potentially transformative exploration phase. The market will be watching closely for assay results and any signs of significant mineralisation that could validate the company’s strategy and justify further investment.
Bottom Line?
Great Western’s upcoming drilling campaign could redefine its copper-gold potential, investors await the first assay results with keen interest.
Questions in the middle?
- What initial results will the Oval drilling yield, and how might they influence subsequent programs?
- Will shareholder approval for the second tranche proceed smoothly, ensuring full funding?
- How will Great Western prioritise targets if early drilling uncovers significant mineralisation?