Casting an Eye Over Golden State Mining’s Yule Project

Summary

• Golden State Mining’s 100% owned Yule Project has a strategic ground position in the Archaean Mallina Basin with high priority gold targets and base metal targets.
• Phase 1 Yule South Aircore drilling program over five gold target areas has been completed with a total of 199 holes drilled for a total advance of 13,275m.
• Highly encouraging assay results have been received for the first two target areas drilled at the Yule South project.
• Golden State Mining has planned significant activities at the Yule South Project as well as at the Yule North Project during the year.

Exploration endeavours of Perth-based gold and base metals explorer, Golden State Mining Limited (ASX:GSM) are advancing well at its 100% owned Yule Project. The Company has accomplished noteworthy developments at the project, catalysing its growth prospects. The recent exploration activities at the Yule project are geared towards progressing drill program planning and logistics.

Significantly, Golden State has completed its first pass reconnaissance program of 13,275m of Aircore drilling at the Yule South Project. The program targeted high priority gold targets interpreted from aeromagnetic data. Meanwhile, the Company is continuing similar planning for the Yule North Project, where several high priority targets have been identified.

ALSO READ: Golden State Mining Surfing High Tide with Robust Exploration Endeavours at the Yule Project in Mallina Basin

With this backdrop, let us explore the high potential Yule Project and exploration activities surrounding the project.

About Yule Project

The Yule Project is strategically positioned in the Archaean Mallina Basin and is located southwest of Port Hedland in the Northern Pilbara region of Western Australia. The exciting new gold exploration province is substantially underexplored, and the package hosts intrusive bodies and major structural corridors. Golden State has identified high priority gold targets as well as base metal targets (including Ni-Cu-Co) in the project area.

The project covers 715km² and includes four exploration licences covering the granted Yule South tenements (E47/3503 and E47/3507), the Yule North tenement (E47/3508) and the recently applied Yule East tenement (E45/5570).

Yule South

The Yule South tenements (E47/3503 and E47/3507) cover the vast majority of the Portree Granitoid Complex, which is prospective for rare earth element mineralisation, including tin-tantalum since these metals occur in similar granitoid rocks to the southeast and east of the project areas.

The sheared granite margins may also offer structural sites with gold-hosting potential within remnant greenstone units. Moreover, the Yule River-associated palaeochannels hold the potential to host gold and heavy mineral deposits. The project has fertile structures between nested granite plutons within the Archaean Mallina Basin.

Yule North

The Yule North project (E47/3508) area is dominated by the Sholl Shear Zone (SSZ), which is situated at the Northern margin of the Mallina Basin and is a major regional structure within the Western and Northern Pilbara. The SSZ is interpreted as a crucial tectonic domain boundary in the region.

Sholl Shear Zone’s ‘mantle tapping’ plumbing indicates precious/base metal potential, e.g. Au-Cu?Pb?Zn?Ag. The Balla Yule prospect is an interpreted Archaean layered intrusive and is prospective for multiple commodities and polymetallic mineral deposit styles, e.g. Radio Hill Ni-Cu-Co.

Significant Exploration Potential of Yule Project

Highly prospective and largely unexplored gold province

GSM’s Yule project contains interpreted “Hemi Style” intrusive bodies, including granite complexes and major structures. Significantly, primary-secondary structures and corridors with dilational zones are the potential gold trap sites.

Significant Discoveries by Neighbouring Explorers

Recent drill results by neighbouring explorers demonstrate real potential for major discoveries in the region. De Grey’s ‘Hemi’ gold discovery, 13kms to the south of Yule Project, is hosted by an intrusive body within major structural corridor. Significantly, the De Grey Mining results are especially important to GSM’s planned Yule exploration programs that will target similar geological settings within the Mallina Basin.

Coziron’s Top Camp gold discovery was also interpreted to be structurally related and intrusive. Pilbara Gold exploration success consists of key geological ingredients including Archaean Mallina Basin, Intrusive Geological Setting, Deep Plumbing, and Primary and Secondary Structural Environment. Notably, GSM’s Yule Project has all these critical ingredients.

Recent Exploration Success at Yule South

Golden State recently completed the Phase 1 Aircore drilling over five gold target areas, with a total of 199 holes drilled for a total of 13,275m over the 5-week campaign, at the Yule South Project, located in the Mallina Basin.

Highly encouraging assay results were received from multiple holes in Targets 1 and 5. The best intercepts included:

• Target 1 - 8m @ 0.92g/t Au from 96m incl. 4m @ 1.81 g/t Au from 96m (20GSYSAC002)
• Target 5 - 19m @ 91ppb Au from 46m incl. 4m at 350ppb Au from 58m (20GSYSAC0062)

The drill results returned from wide-spaced reconnaissance Aircore drilling provide a validation of the sound geological greenfield targeting and reinforces the strong prospectivity of the Company’s extensive West Pilbara ground holding.

Detailed Discussion at: Golden State Mining Reports Highly Encouraging Assay Results at Yule South Project, Further Assay Results Awaited

Based on geological observations and initial results, the Company has interpreted two new target corridors, which will be the subject of drill planning in the coming months. Significantly, a structural corridor of five-kilometre has been interpreted from the aeromagnetic data based on the drill results from Target 1. Furthermore, a broad target area to the east of Target 5 has been interpreted as a continuation of the prospective mafic-ultramafic package logged in the area.

Way Forward

Stock Performance - GSM stock was trading at $ 0.285 on 28 August 2020 (AEST 11:31 AM). The stock has delivered an excellent return of more than 347% in the year-to-date period, as of 27 August.