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Gold and Lithium Hunt on the Cards in Golden State Mining’s 6-Month Game Plan at Yule

Summary

  • Exciting results from the first and second phase of AC drill programs at the Yule project warrant successive exploration campaigns.
  • A 2,500m RC and diamond drill program for gold targets is planned to commence in March 2021.
  • GSM has also planned a 1,500m lithium RC program for May 2021.
  • A subsequent phase 3 AC drilling program is scheduled to begin in July 2021 to delineate additional gold and lithium RC drill targets.

Golden State Mining Limited (ASX:GSM) is set to undertake multiple gold and lithium drilling campaigns at its highly prospective Yule Project during the upcoming six months.

The extensive 28,000m air-core (“AC”) drilling programs in 2020 delivered promising results, which warrant follow-up drill testing at the high priority gold targets, according to GSM MD Michael Moore. Additionally, the phase 1 and 2 AC results have unveiled known lithium pathfinder elements, confirming the potential at Yule.

The wholly owned Yule Project, which sits within the exciting Pilbara region of Western Australia, is located only 15km north-west of De Grey Mining’s Hemi gold discovery. The project hosts major regional structures including the Sholl Shear Zone (SSZ).

Yule Geological Plan with Drilling Targets (Source: GSM ASX Update, 17 February 2021)

Next Leg of Exploration Activities at Yule

Gold Targets - 2,500m RC/Diamond Drill Program - GSM is planning a 2,500m follow-up reverse circulation (RC) and diamond drilling program at the gold targets delivered from the recent AC campaign. The drill program is anticipated to commence in March 2021, subject to statutory approvals.

The prominent anomalous gold intersections to be followed up include:

  • 20GSYSAC0002 at Target 1 East – 4m with 2.3g/t gold including:
    • 1m with 7.6 g/t gold from 99m
  • 20GSYSAC0013 – 18m with 0.17 g/t gold from 104m

LCT Pegmatite Targeting - 1,500m RC Program - Early in its exploration strategy, GSM had recognised the potential for lithium bearing LCT pegmatite mineralisation at and around the Yule Project.

The lithium pathfinder analysis of the phase 1 and 2 AC programs has generated four LCT pegmatite targets, which would be tested with a 1,500m RC drilling program. The campaign is anticipated to commence in May 2021, subject to statutory approvals.

Phase 3 AC Drill Program: The next phase of reconnaissance AC drill program is being planned at the recently granted exploration licence (E47/4343) and application (E45/5570) at Yule East.

Considering the encouraging results from the recently completed AC programs, additional areas at Yule South and Yule North will also be included.

An AC drilling campaign totalling approximately 15,000m will focus on delivering subsequent gold and lithium targets for further testing by future RC drilling programs, anticipated in July 2021, subject to statutory approvals.

GSM traded at AUD 0.140 on 18 February 2021 (AEDT 11:36 AM).

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