Great Western Raises $6M, Completes Oval Drilling, Prepares Sumo and Juggernaut Drills

Strategic Drilling Milestones Achieved at Oval

Great Western Exploration Limited (ASX: GTE) has reported significant progress in its December 2024 quarterly activities, notably completing the first phase of diamond drilling at its Oval copper-gold target within the Yerrida North Project in Western Australia. Two diamond holes, reaching depths of 606 and 807 metres respectively, were drilled to test a compelling Winu-style intrusive-related copper-gold system. The company anticipates assay results in February 2025, which will be pivotal in guiding the next phase of exploration.

Down-hole electromagnetic (DHEM) surveys commenced but were temporarily suspended due to heavy rainfall, with completion expected shortly. The Oval targets benefit from coincident geophysical anomalies, proximity to major crustal faults, and favourable stratigraphy, all of which underpin Great Western's confidence in their prospectivity.

Sumo Niobium and Juggernaut VHMS Targets Poised for Drilling

Beyond Oval, Great Western is advancing two other high-potential projects. The Sumo niobium target, a robust 2km by 1km soil anomaly enriched with pathfinder elements typical of carbonatite-related niobium deposits, has been confirmed drill-ready following extensive sampling and heavy mineral concentrate analysis. Access approvals are well advanced, with drilling anticipated in the first half of 2025.

Similarly, the Juggernaut project has identified six distinct Volcanic Hosted Massive Sulphide (VHMS) copper-gold targets, each defined by unique stratigraphic, structural, and geochemical signatures. Located 70 kilometres southeast of the DeGrussa and Monty deposits, Juggernaut's targets exhibit characteristics consistent with clustered VHMS mineralisation systems. Drilling approvals are progressing, with fieldwork and mapping underpinning the interpretation of a potential VHMS copper-gold camp.

Portfolio Optimization and Capital Position

In a strategic portfolio move, Great Western has entered into a binding agreement to sell its non-core Yandal West gold project to Albion Resources Limited (ASX: ALB) in an all-scrip transaction valued at approximately A$1 million. This divestment allows Great Western to focus resources on its core Yerrida North and Lake Way projects while retaining exposure to Yandal West through a significant shareholding and performance rights in Albion.

Financially, the company is well-positioned, having raised around $6 million through placements in August and October 2024 to fully fund its upcoming drilling programs. Exploration expenditure for the quarter was $724,000, reflecting active advancement across multiple projects.

Lake Way Potash Project Progress

Great Western's Lake Way Potash Project continues to reveal promising potential, with passive seismic surveys confirming an extensive paleochannel system extending approximately 60 kilometres through the tenure. Historical data and recent assessments suggest high-grade potash brine (>5,000mg/l) within basal sands, with ongoing evaluation aimed at defining a JORC-compliant brine resource. Water bore sampling results are expected in the March 2025 quarter, which will further inform project development.

Looking Ahead

Great Western is actively progressing access approvals and fieldwork to support drilling at its key targets in the first half of 2025. The company’s methodical approach to exploration, combined with a strong balance sheet and strategic asset management, positions it well to unlock value from its diverse portfolio of copper, gold, niobium, and potash assets in Western Australia.