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Great Western Exploration Ltd (ASX:GTE) believes it has discovered a large volcanic hosted massive sulphide (VHMS) system through the drilling of one hole at its Oval copper-gold target in Western Australia.
The hole weas drilled to assess an electromagnetic conductor – which it intercepted at 824 metres, noting it to be a 35m-wide sedimentary-volcanic unit containing multiple sulphide lenses.
Indicators taken from geological logging of the drill core have led Great Western to predict the presence of a potentially significant VHMS system of a similar type to the DeGrussa copper-gold deposit located close by in the Bryah Basin.
Assays are expected for publication in April and May, but given the presence of similar mineralisation at Oval in the past, the company is confident in its prediction of a VHMS system, and is undertaking geological interpretation and modelling.
Specifically, it is believed that the recent hole is located close to a potentially rich central position of such as system, given the types of rocks that have been intersected, and the sulphides observed – in particular, the presence of chalcopyrite, a copper sulphide mineral.
Oval is part of Great Western’s Yerrida North project, located 800 kilometres northeast of Perth, on the northern and western sections of the Yerrida Basin. Specifically, Oval itself is set along the Isa Fault – putting it in a key position for development of a significant mineralisation system.
Great Western shares have been trading at 2.5 cents.
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