Great Western Exploration Limited: Completes Drilling Plan for Oval and Oval South

Perth, Australia - Great Western Exploration Ltd. (ASX:GTE) is pleased to announce details of the diamond drilling programme to test the giant Oval and Oval South Copper-Gold Targets in WA.

The Oval and Oval South Copper-Gold Targets are within the Company's Yerrida North Project, located on the northern and western portions of the Yerrida Basin, approximately 800km north-east of Perth and adjacent to the DeGrussa and Monty Cu-Au Volcanic Hosted Massive Sulphide deposits (VHMS), shown in Figure 1*.

The Oval and Oval South Targets were originally defined by Rio Tinto Tempest airborne EM survey in the late 1990s.

Rio Tinto drill-tested the Oval Target, drilling a hole to a depth of 232m. In 2010 a VTEM survey was completed by Great Western over an area that encompassed both Oval and Oval South. This geophysical method can penetrate deeper into highly conductive terrains than the Tempest technique utilised by Rio Tinto. The VTEM data defined the conductor at a depth of 300m, below the where OVR001 was terminated (Figure 2*); hole OVR001 did not intersect the conductor.

Further definition of the Oval and Oval South Targets was completed by a joint venture between Great Western and Sandfire (ASX:SFR), where Sandfire spent $4.5M on exploration on the project from 2017 before withdrawing (GTE ASX Announcement 17 August 2023). Great Western assumed 100% ownership of the Yerrida North Project, with all associated exploration data compiled and completed by Sandfire during the joint venture.

Sandfire completed an Airborne Gravity Gradiometry (AGG) in 2022, with the AGG survey defining discrete gravity highs at Oval and Oval South which overlayed near perfectly with the VTEM anomalies (Figure 2*). The coincident gravity and EM anomalies were interpreted as potential buried bodies of metal rich sulphide mineralisation (See ASX Announcement dated 4 October 2023).

Drilling will focus on the co-incident gravity and electromagnetic anomalism at Oval and Oval South (Figure 2*), which the Company interprets as representing potential metal-rich sulphide mineralisation. Oval & Oval South's Impressive Co-Incident Key

Ingredients

Discovery of giant deposits often involve the identification of at least three key ingredients that may define a potential major mineralisation system. Multiple significant key ingredients have been identified at Oval and Oval South, which greatly enhances the discovery of a giant Winu Style intrusive related copper-gold system, which now include:

- Co-incident gravity and EM anomalies - zones of dense rocks that are conductive interpreted to represent obscured metal rich sulphide mineralisation;

- Magnetic anomalism at depth below the conductive high, potentially representing a deep intrusive providing mineralised fluids and heat to drive a mineralised system, possibly similar to the magnetic granite found at Winu.

- Proximity to the crustal scale Ida Fault, a crustal scale feature stretching greater than 500km long, with proven fertility conduit for metal rich mantle fluids. The Mt Keith and Perseverance Deposits (nickel), DeGrussa (Copper) and Davyhurst (gold) are some of the deposits found along its length;

- Intersection of the Ida Fault by a basin defining "growth structure", allow mineralised fluids to ascend and focus within suitable trap site/stratigraphy;

- Favourable Yerrida Basin stratigraphy of the Johnson Cairn Formation for mineralised fluids to deposit copper-gold (shales, dolomites, siltstones), similar to the sedimentary rocks found at Winu; and

- Position of both Oval and Oval South within an east-west intrusive corridor, a potential zone of weakened crust which in conjunction with the Ida Fault and GSWA growth Fault makes an ideal trap site for metal accumulation.

Great Western interprets that Oval and Oval South's coincident geophysics anomalism, location on a major crustal mantle tapping fault intersected with a basin defining growth fault, and within favourable stratigraphy creates the potential for a colossal discovery to be made.

The Company recently received approval for Co-Funding by the Western Australian Government under the Exploration Incentive Scheme (ASX Announcement 2 May 2024). The Company believes the government co-funding represents significant endorsement of the prospectivity of the Oval and Oval South Targets.

Access Agreements Finalisation

Great Western is in the process of finalising access agreements, with a heritage survey at Oval and Oval South recently completed and now approved for drilling, with drilling planned to commence in September 2024.

Oval and Oval South Video

A video further detailing the significant potential and technical attributes of Oval and Oval South can be found here:
https://vimeo.com/977144847/fb810fe113?share=copy

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/V6996UFO

About Great Western Exploration Limited:

Great Western Exploration (ASX:GTE) is a copper, gold and nickel explorer with a world class, large land position in prolific mining regions of Western Australia. Great Western's tenements have been underexplored or virtually unexplored. We have numerous field work programs across multiple projects currently underway and are well-funded with a tight capital structure, providing leverage upon exploration success.

Source:
Great Western Exploration Limited

Contact:

Shane Pike Managing Director Great Western Exploration Limited Tel: 08 6311 2852 Email: enquiries@greatwestex.com.au Paul Armstrong Investor and Media Relations Read Corporate Email: paul@readcorporate.com.au