Total
0
Shares
Great Western Exploration (ASX:GTE) - Executive Chairman, Kevin Somes (right) - The Market Herald
Executive Chairman, Kevin Somes (right)
Source: Kalgoorlie Miner
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Great Western Exploration (GTE) has identified a new copper-gold target after conducting grassroots fieldwork within the southern portion of the Yerrida basin in WA
  • A regional UltraFine + soil sampling program defined the 'Thunder' target which is 112 kilometres south east of Sandfire's (SFR) DeGrussa copper-gold operation
  • The sampling indicated an area of around four square kilometres of anomalous copper, with a core zone of more than 160 parts per million copper of approximately 1.7 kilometres strike length
  • GTE says the copper anomalism at the target is associated with a strong gold anomaly and a zinc rich halo
  • Furthermore, the company believes the target hosts mineralisation similar to Sandfire's (SFR) DeGrussa copper-gold deposit
  • Investors seem pleased with the news, with GTE shares up 19.2 per cent trading at 15.5 cents apiece

Great Western Exploration (GTE) has identified a new copper-gold target after conducting grassroots fieldwork within the southern portion of the Yerrida basin in WA.

A regional UltraFine + soil sampling program defined the 'Thunder' target which is situated 112 kilometres south east of Sandfire's (ASX:SFR) DeGrussa copper-gold operation.

Further, the area is also currently explored by the SFR-GTE Yerrida North joint-venture and by DGO Gold DGO).

UltraFine + is a newly developed geochemical method by the CSIRO to detect buried base and precious metal mineralisation.

The method delineated an area of around four square kilometres of anomalous copper, with a core zone of more than 160 parts per million copper of approximately 1.7 kilometres strike length.

GTE said the copper anomalism at the target is associated with a strong gold anomaly and a zinc rich halo.

Further, it's also said to occur coincident with numerous dolerite dykes intruding the Yerrida Proterozoic rocks, which consist of siltstones and shales of the Maraloou formation.

This is encouraging for the company as the base of the Maraloou formation is also intercalated with basalts. This is said to be the ideal setting for 'DeGrussa -style' volcanogenic massive sulfide mineralisation.

The company plans to start drilling at Thunder in August 2021.

Investors seem pleased with the news, with GTE shares up 19.2 per cent trading at 15.5 cents apiece at 4:10pm AEST.

GTE by the numbers
More From The Market Herald
Peako (ASX:PKO) commences drilling at East Kimberley

" Peako (ASX:PKO) expands East Kimberley footprint

Peako (PKO) has applied for additional ground in Western Australia’s East Kimberley region to expand the company’s total tenement package to 3335 square
Aeris Resources (ASX:AIS) - Executive Chairman, Andre Labuschagne - The Market Herald

" Aeris Resources (ASX:AIS) raises $50.4M to advance its copper and gold assets

Aeris Resources (AIS) has completed an institutional placement to raise roughly $50.4 million.
Syrah Resources (ASX:SYR) - Managing Director and CEO, Shaun Verner - The Market Herald

" Syrah Resources (ASX:SYR) issues $28M convertible note to AustralianSuper

Syrah Resources (SYR) has elected to issue a proposed $28 million convertible note to AustralianSuper.
Oakdale Resources starts drilling at Nevada gold project

" Magnum Mining & Exploration (ASX:MGU) begins offtake discussion with Anglo American

Magnum Mining & Exploration (MGU) has begun offtake discussions for its Buena Vista Iron Ore Project with Anglo American.