Both the Oval and Oval South targets within Great Western Exploration’s Yerrida North copper-gold project are likely part of the same mineralisation system.
That’s one of the key conclusions the company has shared from a close-spaced ground gravity survey recently completed at the Western Australian site.
The survey, together with previous drilling analysis, has helped to define the potential core of an interpreted large volcanic-hosted massive sulphide (VHMS) copper-gold system, similar to the adjacent DeGrussa copper-gold deposit. The Oval targets are also adjacent to the Monty deposit, which formed part of the mothballed DeGrussa copper-gold mine.
“Modelling of the close spaced ground gravity survey completed at the Oval copper-gold targets defined a gravitational anomaly coincident with geologically modelled position of a highly prospective VHMS horizon,” the company said.
“This previously reported drill defined horizon is hosted by a siltstone unit with pathfinder drill assay results returning a strong VHMS signature. This horizon was interpreted to be at a distal position from an undersea volcanic vent that can host copper-gold enrichment, similar to the nearby DeGrussa copper-gold deposit.”
Great Western will now use a diamond drill hole to further test the anomaly. The hole has been designed to a total depth of 750m, with the company set to apply for WA Government co-funding under the Exploration Initiative Scheme. The results of that application are expected in October this year.
With a cash position of $2.7 million (as of June 30), Great Western said it was well-funded for its forthcoming exploration programs.