- Golden State Mining has secured regulatory approval for drilling across four gold target areas at Yule South.
- The campaign will cover 4,000m reverse circulation drilling.
- Having secured the Yule East tenement ( E45/5570) recently, the Company has boosted its strategic ground position to 700 square kilometres in the Archaean Mallina Basin.
Golden State Mining Limited (ASX:GSM) seems to be riding high on a series of noteworthy outcomes characterising its dedicated gold exploration endeavours in the sought-after Archaean Mallina Basin.
In a significant update on 15 June, the gold and base metals exploration company announced the receipt of drilling approvals for its four gold target areas at Yule South (E47/3503).
Additionally, early in the month, the explorer announced that it was granted the Yule East tenement (E45/5570), expanding its ground footprint by approximately 210 square kilometres to more than 700 square kilometres in the prolific Mallina Basin of Western Australia.
On the back of continuous news flow and significant progress at the flagship Yule project, the shares of GSM delivered an attractive 1-month return of over 46%, as of 15 June 2021.
Regulatory approval for 4,000m RC drilling at Yule South
GSM plans to test the four gold targets, which display anomalous gold and pathfinder alteration vectors, with follow-up reverse circulation (RC) drilling program to test bedrock responses to the significant and anomalous gold intersections reported in February this year.
Source: GSM announcement, 15 June 2021
Considering positive field studies, the Company expanded the RC drilling program from 1,500m to 4,000m to include additional targets with prospective geochemistry.
Let us skim through the details concerning the four gold target areas.
Target 1 West - GSM has recorded substantial silica and pyrite alteration along with numerous anomalous intersections with gold grades of 0.1 g/t at the target. These suggest the presence of potential mineralised intrusions at depth.
Target 1 West section with significant results over interpreted intrusive bodies
(Source: GSM announcement, 15 June 2021)
Target 1 East – Some of the best intercepts at the target include 4m @ 2.3g/t Au including 1m @ 7.6g/t Au from 99m (20GSYSAC0002).
The magnetic inversion modelling has an interpreted anticlinal intrusive feature yet to be tested by aircore (AC) blade drilling. The interpreted structural zones have been outlined by magnetic linear features that occur on both sides of the modelled intrusive. The intrusion hosts numerous gold intersections that were recorded in Phase 1 AC drilling.
Target 5 – The petrological work indicates that the mafic package recorded between altered granitoid intrusions, has been subject to silicification with patchy sericite and pyrite alteration. The target also includes recorded anomalous gold intercepts and areas with significant magnetite and leucoxene alteration.
Target 2A – The Phase 1 of AC drilling program has demonstrated the presence of an 800 by 1,400m arsenic anomaly, which has been further strengthened by the intersection of two gold mineralised intercepts with >0.1 g/t gold grades. The subsequent AC drilling has validated the presence of strong arsenic anomaly and extensive smoky quartz and tourmaline veins with associated pyrite-chlorite-sericite alteration, which outlines the potential of a substantial mineralisation at depth.
Inching towards Pilbara’s next great gold discovery at Yule
GSM owns a wholly owned strategic ground position in the prolific Archaean Mallina Basin that stretches over 700 square kilometres.
The Yule project shares its neighbourhood and demonstrates similar magnetic signatures as that of De Grey Mining’s Hemi discovery. The region is counted as one of the exploration hotspots in the Mallina Basin of Western Australia.
Hosting intrusive bodies and major structural corridors, the project remains seriously underexplored. Besides gold targets, GSM has identified lithium and base metal targets in the project area.
GSM was trading at AU$0.160 on 21 June 2021 (AEST 2:11 PM).