Great Western Exploration has kicked off a major copper-gold drilling campaign targeting nine prospects in Western Australia's Yerrida Basin, backed by a $3.75 million placement. The program begins with a diamond drill testing a key gravity anomaly at the Oval VHMS target, aiming to replicate the nearby DeGrussa deposit's success.
- Diamond drilling started at Oval copper-gold target testing a 750m gravity anomaly
- Nine copper-gold targets to be drilled over six months including Juggernaut, Diorama, Baroo
- Placement raised $3.75 million to fund exploration activities
- Lake Way Potash Project drilling planned to define potassium brine extents
- Strong cash position of $4.35 million supports ongoing aggressive exploration
Drilling Begins at Oval Copper-Gold Target
Great Western Exploration Limited (ASX:GTE) has commenced diamond drilling at its Oval Copper-Gold Target, marking the launch of an aggressive six-month campaign to test nine copper-gold prospects across its 100% owned Yerrida North Project in Western Australia. The initial drill-hole is designed to reach 750 metres, targeting a coincident gravity anomaly and a modelled Volcanic Hosted Massive Sulphide (VHMS) horizon interpreted as the core of a prospective mineralisation system akin to Sandfire Resources’ DeGrussa deposit.
The Oval target’s geological setting, within the Yerrida Basin adjacent to the DeGrussa and Monty VHMS deposits, features rock types and ages comparable to the Bryah Basin, home to DeGrussa. Ground gravity surveys and 3D inversion modelling have identified a density high that aligns with a previously drilled horizon showing a strong VHMS geochemical signature, suggesting potential massive sulphide mineralisation at depth. The drill program aims to test this anomaly and the intersection of key faults that may have acted as conduits for mineralising fluids.
Multiple Targets Across Yerrida North Project
Following Oval, Great Western plans to drill six VHMS targets at Juggernaut, located 70km southeast of DeGrussa. The Juggernaut area hosts a cluster of six individual targets, Seymour, Falconer, Howard, Palmer, Smith, and Archer, each defined by distinct stratigraphic, structural, and geochemical characteristics. Recent access approvals have been secured for the final target, Seymour, with drilling scheduled to commence after Diorama’s program.
Diorama and Baroo, two additional drill-ready copper-gold targets within the Yerrida North Project, lie immediately north and east of Juggernaut respectively. Diorama is notable for a large lag copper anomaly with gossanous quartz outcrops and shallow cover that could conceal mineralisation. Baroo features a previously unmapped quartz vein with elevated copper rock-chip assays. Both targets have full drilling permits in place, with Diorama’s air core drilling expected to begin in the June quarter, followed by RC drilling at Juggernaut and Baroo.
These developments build on Great Western’s recent fieldwork and legacy data reinterpretation that identified strong geochemical anomalies and geological settings indicative of VHMS systems. The company interprets the Juggernaut targets as representing a potential VHMS copper-gold camp, with mineralisation likely clustered in multiple deposits.
Lake Way Potash Project Progress
Beyond copper-gold, Great Western is advancing its Lake Way Potash Project near Wiluna, adjacent to Sev.en Global Investments’ SO4 potash operation. Previous drilling and hydrogeological assessments confirmed potassium brine values comparable to SO4’s high-grade paleochannel, with maximum potassium concentrations exceeding 5,500 mg/l. The company plans to drill two monitoring bores in the June quarter to better define the paleochannel's extent and aquifer properties, supporting future potash extraction potential.
Funding and Financial Position
To underpin this ambitious exploration push, Great Western completed a placement during the March quarter, raising approximately A$3.75 million at 1.8 cents per share. Directors subscribed for $365,000 in the second tranche, reflecting insider confidence. The funds are primarily earmarked for advancing drilling and exploration at Yerrida North.
The company reported exploration expenditure of $312,000 for the quarter and held cash and equivalents of $4.35 million at quarter-end, providing a runway of over nine quarters at current spending levels. No production activities occurred during the period. Payments to related parties, including executive salaries, were disclosed at $91,000 for the quarter.
This update follows Great Western’s recent announcement of the Oval drilling commencement and the broader nine-target campaign across Yerrida North, reinforcing the company’s commitment to unlocking value from its extensive portfolio Great Western Exploration Kicks Off Drilling at Oval Copper-Gold Target in Ambitious 9-Project Campaign.
Bottom Line?
Great Western’s well-funded, multi-target drilling campaign at Yerrida North sets the stage for critical assay results that will test the potential for DeGrussa-style VHMS copper-gold deposits.
Questions in the middle?
- Will the Oval drill-hole confirm the presence of massive sulphide mineralisation underlying the gravity anomaly?
- How will assay results from Juggernaut’s six targets influence the scale and focus of subsequent drilling campaigns?
- What impact will Lake Way potash drilling have on Great Western’s diversification and future project development?