Great Western Exploration Limited announced Sandfire Resources ("Sandfire") is actively progressing exploration programmes at the Yerrida North Joint Venture (Yerrida North JV). The Yerrida North JV is a joint venture between Great Western and Sandfire Resources. Sandfire Resources, one of the copper producers listed on the Australian Stock Exchange, is rapidly advancing exploration at the Yerrida North JV.

The Yerrida North JV is a large tenement package of 1090sq.km located along the margin of the Yerrida Basin, in a similar stratigraphical position as the DeGrussa and Monty Deposits. Combined these deposits had a total endowment of >750,000 tonnes of copper and >550KOz of gold, located in the nearby Byrah Basin. The highly prospective Yerrida Basin is significantly under explored compared to the Byrah and is prospective for DeGrussa-Monty style volcanic hosted massive sulphide (VHMS) and sediment hosted copper-lead-zinc deposits.

Sandfire is actively progressing a number of exploration programmes at the Yerrida North JV. A recent data review of the Yerrida North JV by Sandfire found that the stratigraphic basin model is well defined and understood, with potential mineralised units of the Yerrida basin identified and targeted. However, the structural understanding and modelling of the basin is not as advanced, with fault displacements of prospective mineralised units not well understood, giving an opportunity for obscured or blind deposits to be discovered through development of a detailed structural model.

A recent data review of the Yerrida North JV by Sandfire found that the stratigraphic basin model is well defined and understood, with potential mineralised units of the Yerrida basin identified and targeted. However, the structural understanding and modelling of the basin is not as advanced, with fault displacements of prospective mineralised units not well understood, giving an opportunity for obscured or blind deposits to be discovered through development of a detailed structural model. It is anticipated that the gravity survey will provide a breakthrough for target generation within the Yerrida North JV, and combined with geological mapping and soil sampling, drill targets are expected to be delineated.

The interpretation of the gravity data is expected to be completed early-March 2023. Under the terms of the agreement, Sandfire can earn a 70% interest in the project, by sole funding exploration to define a Mineral Resource to JORC 2012 Standard of at least 50,000 tonnes of contained copper or copper equivalent. Sandfire can earn a further 10% interest in the project by sole funding completion of a Feasibility Study as defined in the JORC2012 Code sufficient to justify a decision to mine.

Great Western looks forward to updating shareholders with results from this exploration programme.