Golden State Mining (ASX: GSM) domiciled in Western Australia, is a metal and mining company focussing on the exploration and development of gold through its three highly prospective Western Australian gold projects, the Cue project, the Yule project, and the Four Mile Well project.
The Cue Project is located in the proven gold region which is adjacent to the Cue town in the Murchison district. It is a cornerstone project for GSM which has historically produced over 7 million ounces of gold over the past 126 years. The Day Dawn/Great Fingall mine with approx. 1.7 million oz of gold is located about 5 km along the southern trend. Historic mines over the region were operated until around the 1920s and had extracted high-grade +15g/t gold shoots.Â
The Yule Project, with three granted exploration licenses, is situated in the northern Pilbara region, Western Australia. The review of historical drill assay data has identified high prospective for gold, lithium, and other base metals.
The Four Mile Well project, endowed with a number of significant gold and nickel deposits, is situated in the Laverton townsite in the Eastern Goldfields. The project consists of a single 38 block exploration license covering an area of ~107 sq. Km. Windarra and Mt Windarra, having significant nickel sulphide deposits, and Lancefield with 1.3 million oz gold deposit, are located near the project.
Today, GSM has announced the results from its 100% owned Cue Project. The Reverse Circulation (RC) drilling was done over the project, which targeted the untested down-dip gold potential and defined structural and along trend targets, recorded both high-grade gold intercepts and anomalous gold zones. Out of the targeted 15 holes, 8 holes were drilled at the Light of Asia and Queen of the May workings, 5 holes were drilled at the Salisbury workings, and 2 holes were drilled at the Cue North Prospect.
The hole 18GSLARC0006 at the Light of Asia reported the highest-grade gold intercept of 3m at 20.1 g/t gold including 1m at 56.6 g/t gold. This area remains open in all directions. The core is still being processed, and sections have been sent for assay, and the results are expected to be received in next 3-4 weeks which will determine if another diamond tail testing the down-dip of the same RC hole is required.
Another hole 18GSSLRC0003 at the Salisbury workings reported high-grade gold intercept of 2m at 6.0 g/t gold and remains open down dip and to the south.
GSM commenced diamond drilling of Seismic targets in December 2018. Out of the planned 4 holes, GSM completed the drilling of 2 holes with broad zones of alteration observed. The assay results are expected to be delivered in next 3- 4 weeks. GSM is currently working on the diamond core including petrological analysis, detailed lithological and structural logging, updating of seismic modelling and core cutting and analysis work. The Company intends to use the state government Exploration Incentive Scheme (EIS) co-funding for this program.
GSM got listed on ASX on 8 November 2018, and till date, it has generated a negative yield of 14.29%. It is currently trading at A$0.170 with a surge of 13.33% during the dayâs performance (as on 25 January 2019, 3:10 pm AEST).
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