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GREAT WESTERN EXPLORATION LIMITED

ASX: GTE

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Great Western Exploration Limited (“GTE’) is a publicly listed exploration company with the primary objective of creating wealth for shareholders through the discovery of world-class mineral deposits in Australia.

With an experienced and successful management team the Company’s focus is the acquisition and evaluation of gold, base metals and uranium prospects. The objective of the Company is to utilise first mover advantage by identifying new opportunities before our peers by keeping abreast with the latest developments in geoscience research & technology to recognise emerging mineral districts.

DOOLGUNNA PROJECT

The Doolgunna Project is located approximately 140km NE of Meekatharra and comprises of 10 exploration licenses covering an area of 1700km2. The primary exploration target is Volcanogenic Massive Sulphide mineralisation (VMS) within the Yerrida Basin. The area was selected from the original interpretation of the Proterozoic Glengarry Basin which shows the Narracoota Volcanic Unit is folded around and to the south through the project area (fig 1). Subsequent Government interpretations show that the Glengarry Basin has been subdivided into three smaller basins, the Padbury, Bryah and Yerrida.

The company is targeting the stratigraphy at the top of the Killara Formation directly below the Maraloou Formation where there has been a transition from volcanism to low energy subaqueous sedimentary deposition. Within the project area this contact is coincident with regional copper, gold, platinum and zinc stream geochemical anomalies. The thickness of the Killara Formation is uncertain but is estimated to be approximately 1,000m and comprises mainly of intrusive and extrusive mafic volcanic with minor intercalations of volcaniclastics. The overlying Maraloou Formation comprises black shale and fine grained carbonate sediments and the basal contact with the underlying Killara Formation is gradational and characterised by intercalated black shale, mafic lavas and sills. It has been interpreted by the company that during the formation of the target stratigraphy the potential exists for the venting of hydrothermal fluids onto the sea floor after passing through a thick sequence of mafic volcanic rocks (Killara Formation) scavenging copper and gold metal and depositing it in the form of massive sulphide within or near the vent.

In March 2010 the company completed a 727 line km helicopter-borne VTEM geophysical survey that covered approximately 10% of the entire project area. The interpretation of the results is currently underway with approximately one third of the survey area reviewed resulting in the identification of 15 target areas that warrant further follow-up. It is anticipated that more anomalies will be recommended for further follow-up once the review of the remaining area is complete.

Also the company has received petrographic descriptions of rock chips taken from the target stratigraphy prior to the VTEM survey which confirmed the presence of felsic hyaloclasite & basaltic andesite lavas interbedded with sulphidic black shales, siltstones, quartz arenite and chert. This is important as is it demonstrates the target stratigraphy conforms to existing VMS models and is typical of rift settings. The petrology also identified both the basalt and the quartz arenite rocks have been subject to hydrothermal alteration.

The only historical drilling within the VTEM survey area are 22 RAB holes & 1 diamond hole. The diamond hole intersected interbedded shales, siltstones and quartz arenite intercalated with basalts and gabbro.

FORRESTANIA

Great Western Exploration Ltd (GTE) is a significant landholder in the Forrestania district with a total of 303 km2 of area. The main focus has been the southern extension of the Forrestania greenstone belt which the company believes extends a further 12km south than previously thought, obscured by the remnants of a thin granite sill overlying the sequence.

This stratigraphy is similar to what has been described at the Diggers South and Cosmic Boy nickel deposits, both of which are located along strike to the north west of the project area. A recently completed independent geological review concluded that the Mt Gibb project has significantly under-explored nickel potential due to:

• Confirmation of the presence of Olivine-rich komatiitic lithologies
• Occurrence of disseminated pentlandite
• Sparse nature of outcrop
• Surplus of untested EM targets
• Limited Ni-relevant in previous exploration
• Favourable komatiite geochemistry
• Limited effectual drilling

Within this sequence the company has intersected komatiite and sulphidic BIF units at least 6km further south and along strike of the last known ultramafic in outcrop or drill hole. The company has entered into a JV with Western Areas NL (ASX: WSA) to explore the project whereby WSA can earn up to 70% interest in the Project in two stages by spending $2.5 million.

• Stage 1 WSA to earn 51% by spending $1.0 million in two years;
• Stage 2 WSA to earn a further 19% by spending $1.5 million within five years;
• There is a minimum commitment of $200,000 before WSA can withdraw from the JV.

Western Areas NL owns and operates the Flying Fox nickel mine and other significant infrastructure in the region which includes nickel concentrator, grid power and plant & equipment. In addition to its operations, Western Areas also has an impressive discovery record since they commenced nickel exploration in the region, which includes the recent Spotted Quoll deposit.

Work completed by GTE to date has identified a sequence of geochemically favourable komatiitic basalt stratigraphy, which overlies a thin sulphidic BIF, and contains disseminated pentlandite. The sequence has been intersected in three diamond holes that are located 1.5km apart with the thickest down hole intersection of 132m.

Great Western believes this to be an excellent opportunity to progress the project further by leveraging off the considerable infrastructure, resources & expertise that Western Areas bring to the JV.

ULARRING URANIUM

The Ularring project comprises three exploration licenses (E30/377, E30/378 & E29/751) that cover 540km2 of drainage channel. Tenements E30/377 & 378 are granted and tenement E29/751 is expected to be granted in the second half of the 2010.

The company pegged the area after detecting granites with very high background radiation levels within the catchment area of the target channel. The Drainage analysis carried out by the company showed the potential for significant amounts of uranium metal to be remobilised into the channel and have surmised that this metal could be deposited as secondary uranium (calcrete style) mineralisation in economic quantities. Historical reports of carnotite in shallow auger drilling completed in two areas within the target channel (maximum grade 120 ppm) supports this idea.

An airborne radiometric survey completed by the company during the March 2010 quarter clearly shows there is a series of strong uranium anomalies and broad areas of anomalism occurring within the target drainage channel (channel) along its entire 74km length (see Fig 1). The company believes this is strong evidence of secondary uranium mineralisation within this channel. The survey was completed along 200m spaced lines using a 66 litre gamma ray spectrometer covering the 540km2 of area.

The historical data is being compiled and field inspection of the main anomalies is yet to be carried out. The company intends to start work on the project later in the year once the third license is granted. The Pine Creek project has been given high priority over the next 6 months to take full advantage of the dry season in the NT.

Mine For

gold, platinum, nickel, uranium

Location of operation(s)

Western Australia

Address

Suite 3 , 1200 Hay Street
WEST PERTH, WA, AUSTRALIA

Phone

(08) 9321 4181

Email

Website


Last Updated

6/4/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.