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2.8¢ great western exploration limited.

Nice summation BQ. I've only been in since May and i researched...

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CashFromChaos

742 Posts.

9

03/12/17

21:07

Post #: 29332019

Originally posted by Bluequartz ↑

Hi everyone,
being a newbie shareholder to Great Western, like a lot of you, I needed to research a bit more about the company. Our Friday TRADING HALT, gave me the break I needed to do so.

Over the past two days, I dug up the following data on our company, beginning October 1^st 2015. The data is ALL from ASX announcements, mostly the Quarterly Activities and Cashflow Statements. Any errors or misinterpretations are mine.

COMMENTS:

When I was creating these tables, I thought about what was undertaken in 2016 by the Board. The data makes it appear, a shoe string budget year. The company acquired Vanguard and with it: Ives Find, Finlayson and Fairbairn tenements; from that, then later in 2016 acquired Harris Find and May Queen.

Examining the actions of GTE in 2017, I see it as a year, where drilling and larger scale fund raising comes into play. Great Western it appears, is soon about to discover how good May Queen is as a gold

Prospect, and Chisel is as a copper prospect.

So if the TRADE HALT is about raising more funds, amongst other things, you can, by quickly following the data trail below, see management’s reasoning behind it. It cost’s money to make money. So far it appears, that they are following a logical train of thought, and that we might be on two winners – May Queen (gold) and Chisel (copper).

GTE 2016

Column 1 Column 2 Column 3 Column 4 Column 5

1 EVENT

Quarter 1 2016
Quarter 2 2016
Quarter 3 2016
Quarter 4 2016

2 ASX Share Price
Start
End
------------
Jan – 2.0c
Mar – 1.2c
-----------
Apr – 1.9c
June – 1.7c
-----------
July – 1.8c
Sep – 1.8c
----------
Oct – 1.6c
Dec – 1.4c

3 Appointed Directors
Q4 2015
Chairman - Kevin Somes
Managing Director – Jordan Duckett
Non Exec Director – Craig Mathieson
Non Exec Director Terry Grammer
Company Secretary – Justin Barton

Quarter 1 2016

Chairman - Kevin Somes
Managing Director – Jordan Duckett
Non Exec Director – Craig Mathieson
Non Exec Director Terry Grammer
Company Secretary – Justin Barton

Quarter 2 2016

Chairman - Kevin Somes
Managing Director – Jordan Duckett
Non Exec Director – Craig Mathieson
Non Exec Director Terry Grammer
Company Secretary – Justin Barton

Quarter 3 2016

Chairman - Kevin Somes
Managing Director – Jordan Duckett
Non Exec Director – Craig Mathieson
Non Exec Director Terry Grammer
Company Secretary – Justin Barton

Quarter 4 2016

Chairman - Kevin Somes
Managing Director – Jordan Duckett
Executive Director – Ian Kerr
(previously MD of Vanguard)
Non Exec Director Terry Grammer

4 Fundraising during
Q. Total Ordinary Shares End of Qrtr
Q4 2015
31.5million shares at 1.0c
(Dec 31 2015 Cashflow Report)
Raised - $315,000

220.548 million shares

-------
-------
-------
Quarter 1 2016
43.522 million shares at 1.0c
(March 31 2016 Cashflow Report)
Raised - $435,226

264.100 million shares
-------
-------
-------
Quarter 2 2016

264.100 million shares
-------
-------
-------
Quarter 3 2016
25.00 million shares at 1.5c
(July 28 2016 ASX ann.)

Raised - $368,000

289.100 million shares

-------
-------
-------
Quarter 4 2016
64.5 million shares at 1.0c (Nov 22 2016 ASX ann.)

Raised $625,000

564.473million shares
(Nov 22 2016 ASX ann)

5 Expenditures during Quarter –
Q4 2015
Exploration & Evaluation
$ 39,000 Dec 31 2015
Administration
$ 71,000 Dec 31 2015
Tenements
$

Expenditures during Quarter –
Q1 2016
Exploration & Evaluation
$ 122,000 March 31 2016
Administration
$ 79,000 March 31 2016
Tenements
$

Expenditures during Quarter –
Q2 2016
Exploration & Evaluation
$ 10,000 June 30 2016
Administration
$ 14,000 June 30 2016
Tenements
$
Expenditures during Quarter –
Q3 2016
Exploration & Evaluation
$ 106,000 Sep 30 2016
Administration
$ 61,000 Sep 30 2016
Tenements
$

Expenditures during Quarter –
Q4 2016
Exploration & Evaluation
$ 38,000 Dec 31 2016
Administration
$ 40,000 Dec 31 2016
Tenements
$

6 Cash at beginning and end of Quarter
Q4 2015
Beginning
$ 6,000 Oct 1 2015
End
$ 277,000 Dec 31 2015

-------
-------
Q1 2016
Beginning
$ 277,000 Dec 31 2015
End
$ 68,000 March 31 2016

-------
-------
Q2 2016
Beginning
$ 68,000 March 31 2016
End
$ 39,000 June 30 2016

-------
-------
Q3 2016
Beginning
$ 45,000 July 1 2016
End
$ 173,000 Sep 30 2016

-------
-------
Q4 2016
Beginning
$ 173,000 Dec 31 2016
End
$ 620,000 Dec 31 2016

7 EVENT

Quarter 1 2016
Quarter 2 2016
Quarter 3 2016
Quarter 4 2016

8 COMPANY PROJECTS
(Quarterly Activities Reports)
Q4 2015 (Jan 29 2016)
ACTION - summaries
ACTIONS
(Quarterly Activities Reports)
Q1 2016 (Apr 29 2016)
ACTION - summaries
ACTIONS
(Quarterly Activities Reports)
Q2 2016 (July 29 2016)
ACTION - summaries
ACTIONS
(Quarterly Activities Reports)
Q3 2016 (Oct 31 2016)
ACTION - summaries
ACTIONS
(Quarterly Activities Reports)
Q4 2016 (Jan 30 2017)
ACTION - summaries

9 CHISEL PROSPECT
Completed 3 RC holes. Aim to confirm historical results. Matched historical results.
VANGUARD purchase (ongoing) 150.8 GTE shares issues. Ian Kerr ex-MD of Vanguard now Exec Dir of GTE
VANGUARD purchase, (ongoing) brings in Ives Find, Finlayson Prospect and Fairbairn into GTE.
VANGUARD purchase approved by shareholders (GM Oct 25^th 2016)

10 YERRIDA EXPLORATION
Desk bound research only ? No specifics
IVES FIND purchased from Vanguard 52 shallow RC holes done by Vanguard
IVES FIND Initial drilling by Vanguard at Bell Miner, Duck and Duckling, some gold mineralization. More work required.
IVES FIND (gold –lithium) lies within Yandal Gold Province. Vanguard has proven high gold findings though drilling, some significant silver assays also found.
VANGUARD acquisition completed.
HARRIS FIND obtained 80% majority interest. Two exploration tenements – E53/1612 and E53/1816.
MAY QUEEN is within Exp. Ten. E53/1612.

IVES FIND is next door to Harris Find and May Queen. The PRIMARY FOCUS of Ives and Harris Finds is gold mineralization.

COMMENCED DRILLING at Ives and Harris Finds Jan 19th 2017.

11 DOOLGUNNA PROJECT 8 untested EM anomalies at Goodwin
FAIRBAIRN COPPER PROJECT – no work done this Q, Ives and Fairbairn MAY have lithium holdings
FAIRBAIRN - only historical records to go by, no work done at Fairbairn. Some prospective areas identified.
YERRIDA PROJECT 1300 sq.km within Yerrida basin
GOODWIN - copper;
NEW SPRINGS – nickel cobalt; CHISEL - copper; FINLAYSON – gold
NOTE – no field work done at Yerrida this quarter. Next to GTE at Yerrida are: Sandfire (2300 sq km); Metalicity and Dragon Energy Ltd.
YERRIDA PROJECT 1300 sq.km within Yerrida basin. No field work done at Yerrida this quarter.

12 CUNYU PROJECT JV (70%)
Works with Glencore –drilling for nickel and gold – vague
DOOLGUNNA PROJECT – 8 untested EM anomalies at Goodwin Prospect. EM survey required
DOOLGUNNA PROJECT – 8 untested EM anomalies at Goodwin Prospect. EM survey required
I INFER -NO work done this quarter.

------------------

-----------------

13 Paroo Project
Looking for copper sulphide, using historical findings - vague
NEW SPRINGS PROJECT - targeting nickel sulphide. Aerial surveys carried out. Post 3D modeling required.
NEW SPRINGS PROJECT - historical records so far. Possible nickel sulphide deposits. Only EM aerial surveys done so far. I INFER - NO work done this quarter
NEW SPRINGS PROJECT historical work only in the 1990s and 2000s. Only aerial work done so far.

-----------------

14 Yerrida nickel- copper-gold strategy
Drill at Chisel to confirm historical results. Further work at Goodwin EM surveys, further drilling.New Springs maiden drilling. Finlayson gold follow up geochemical survey. LOW COST STATEMENTS
CUNYU PROJECT JV with Glencore. Possible nickel sulphide, JV expires May 30 2017. Finlayson Prospect , looking for gold working with Glencore
CUNYU PROJECT JV – drilling undertaken by Glencore, some traces of nickel sulphide. Finlayson Gold Prospect, drilling done by Vanguard, some gold find prospect there. More work required. I INFER - Here GTE comes in as partner and new owner, but NO WORK done by GTE proper.
CUNYU PROJECT JV
GTE looking for cobalt in Cunyu tenement.

----------------

15
---------------------

-------------------
PAROO PROJECT - historical records only, work done in 1990s, no follow up. I INFER - NO work done this quarter

-----------------

----------------

16
---------------------

-----------------
CHISEL PROSPECT - may have copper holdings similar to Degrussa and Monty deposits. Three RC holes drilled this year, 2016. Follow up work required.
CHISEL PROSPECT -historical work done in the mid 1990s. Only aerial work done so far.

-----------------------

17

GTE 2017

Column 1 Column 2 Column 3 Column 4 Column 5

1 EVENT

Quarter 1 2017
Quarter 2 2017
Quarter 3 2017
Quarter 4 2017

2 ASX Share Price
Start
End
------------
Jan – 2^nd 1.3c
Mar – 27^th 1.5c
-----------
Apr – 3^rd 1.4c
June – 26^th 1.1c
-----------
July – 3^rd 1.4c
Sep – 25^th 1.3c
----------
Oct – 2^nd 1.4c
Dec – 1^st 2.4c

3 Appointed Directors
Chairman - Kevin Somes
Managing Director – Jordan Duckett
Executive Director – Ian Kerr
Non Exec Director Terry Grammer

Chairman - Kevin Somes
Managing Director – Jordan Duckett
Non Exec Director – Terry Grammer
Non Exec Director - Rimas Kairatis

(Resigned from the Board and now Field Manager - Ian Kerr)

Chairman - Kevin Somes
Managing Director – Jordan Duckett
Non Exec Director – Terry Grammer
Non Exec Director - Rimas Kairatis

Chairman - Kevin Somes
Managing Director – Jordan Duckett
Non Exec Director – Terry Grammer
Non Exec Director - Rimas Kairatis

4 Fundraising during
Q.

Total Ordinary Shares End of Qrtr

20.0 million shares at 1.25c and 25.0m options at 2.0c June 30 2020 (Q1 Mar 30^th, Apr 28 ASX)

Raised - $250,000

584.473m

NIL THIS QUARTER
230 million shares at 1.1c raising $2.5m (Q3 Sep 30^th, Oct 31 ASX)
Purpose: drilling and exploration at Yandal Gold Project (Ives, Harris and May Queen); and exploration of Yerrida and Fairbairn projects.

Raised- $1,661,000
(ASX Q3 Cashflow Oct 31)
814.473m

--------------------

5 Expenditures during Quarter

Exploration & Evaluation
$ 125,000
Administration
$ 62,000
Tenements – new
$ 148,000

Exploration & Evaluation
$ 179,000
Administration
$ 78,000
Tenements – new
$ 435,000

Exploration & Evaluation
$ 297,000
Administration
$ 112,000
Tenements – new
$ 83,000

Exploration & Evaluation
$ --------
Administration
$---------
Tenements – new
$--------

6 Cash at beginning and end of Quarter

Beginning
$ 620,000
End
$ 522,000

Beginning
$ 522,000
End
$ 680,000

Beginning
$ 680,000
End
$1,799,000

Beginning
$ -----------
End
$ -----------

7 EVENT

Quarter 1 2017
Quarter 2 2017
Quarter 3 2017
Quarter 4 2017

8 COMPANY PROJECTS
ACTIONS
(Quarterly Activities Reports)
Q1 2017 (Apr 28 2017)
ACTION - summaries
ACTIONS
(Quarterly Activities Reports)
Q2 2017 (July 28 2017)
ACTION - summaries
ACTIONS
(Quarterly Activities Reports)
Q3 2017 (Oct 31 2017)
ACTION - summaries
ACTIONS
---------------------

9
YANDAL WEST GOLD PROJECT - potential for Ives/Harris to be similar to Mt MClure or Bronzewing gold deposits, 55km away to the south and south-west.
YANDAL WEST GOLD PROJECT -rock chip samples taken; detailed aeromagnetic survey completed; aeromagmentic interpretation well advanced by Newexco Consultants.
YANDAL WEST GOLD PROJECT -
Three components to Yandal West: Ives Find (100% GTE) , Harris Find (80% GTE) and May Queen.

Continuing infill soil sampling undertaken, 1,033 samples so far.

May Queen area, has been found to have a 3.5km x 1.5km wide gold-in soil anomaly.

Preliminary completion of aeromagnetic interpretation of area by Newexco Consultants has identified May Queen as highly prospective.

A 3,000 Rc drill program to begin at May Queen in October.

The first phase of this program to be available by early DECEMBER.

------------------

10
YERRIDA PROJECT - Yerrida North. Farm-in agreement with Sandfire Resources NL being presently negotiated. SFR gets 70% and first 50,000 tones of in-ground copper
YERRIDA NORTH JV - Sandfire (SFR) to commit $1.7m over 3 years; GTE to receive $0.5m in SFR shares as part of the transaction.
YERRIDA NORTH JV - Sandfire (SFR) to commit $1.7m over 3 years; GTE to receive $0.5m in SFR shares as part of the transaction. The Sandfire JV agreement was completed on the 9^th of June.

-----------------

11
YERRIDA SOUTH -
GTE can now focus on its southern 965 sq. kms for copper and cobalt.
YERRIDA SOUTH PROJECT -
CHISEL PROSPECT -
Geophysical gravity data survey undertaken Newexco Consultants, shows a shallow anomaly, which may be a copper deposit.

YERRIDA SOUTH PROJECT -
Two prospects have been identified: Chisel (for copper) and Frustration Well.

CHISEL: GTE finalized a detailed 100m x 50m Gravity Survey to commence on Oct 28^th. To follow will be precise 3D modeling of the area, then a high impact target drilling program.

------------------

12

---------------------

CORPORATE NEWS: Mr Rimas Kairatis appointed as Non Exec Director. He is to focus on the Yandal Gold Project. He is a geologist with over 24 years experience, and has managed gold exploration companies from exploration to production. (May 31 ASX)

--------------------

-----------------

13

As usual DYOR and I hope that I’ve helped you out, a little bit.
Bring on Monday !

Cheers,

Bluequartz

Expand

Nice summation BQ.

I've only been in since May and i researched the a out of it too and i have been impressed with the slow and steady clinical attitude of management.

I am really here for the Yerrida Basin and cobalt opportunity but the gold should be the game changer, but still eager on the future cobalt developments.

good luck dude

GTE Price at posting: 2.4¢ Sentiment: Hold Disclosure: Held

0 Great analysis

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