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Golden State Mining (ASX:GSM) All Smiles After Assay Results from Phase 2 Yule Drilling

  • December 04, 2020 07:45 PM AEDT
  • Kunal Sawhney
    CEO Kunal Sawhney
    2207 Posts

    Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of T...

Golden State Mining (ASX:GSM) All Smiles After Assay Results from Phase 2 Yule Drilling

Summary

  • Golden State Mining has received assay results for three targets from the second phase drilling at Yule. 
  • The reconnaissance AC drilling program covered 196 holes over an advance of 15,125m. 
  • Target generation has been completed on tenement application E45/5570, leading to the identification of multiple structural and intrusive-style targets. 
Gold MTF non-AMP

The exploration prospects of Golden State Mining Limited (ASX:GSM) have further strengthened at Yule with the first batch of encouraging assay results from its Phase 2 air-core program. The Company has completed the Phase 2 reconnaissance AC drilling program undertaken on 196 holes over an advance of 15,125m at its 100%-owned Yule Project in the Mallina Basin.

The assay results have been received for the first three target areas, drilled during Phase 2 reconnaissance program, representing approximately 30% of the total samples submitted. The remaining results are expected during the rest of December 2020. 

READ MORE: Golden State Mining (ASX:GSM) in high spirits after wrapping up Yule Phase 2 AC Program

Besides, several new target areas have been identified from the target generation, which was completed on a tenement application (E45/5570), east of the current Yule project, using open file aeromagnetic data. 

      

Target 1 West with highly anomalous gold grades

Drilling at Target 1 West (Yule South) was designed to test prospective structural and intrusive zones in the area. A total of 21 holes at 160-metre centres were drilled on 4 traverses (variably spaced) for an advance of 2,168 metres. 

Kalkine Group Image (Data Source: GSM ASX Update, 4 December 2020)

Apart from the encouraging intersections, multiple four-metre composite intersections, greater than +10ppb gold, were also returned. The presence of highly anomalous gold grades, accompanied by increasing silica and pyrite alteration, provides sufficient evidence to warrant follow-up drilling in the Target 1 West target.

ALSO READ: A 360-Degree View on Gold: Golden State Mining (ASX:GSM) Riding High on Yule Gold Project

Multiple +10ppb Au anomalies at Target 1 Quarry Well 

Golden State drilled 29 holes on three approximately 1,000-metre spaced traverses for a total advance of 1,571 metres at Target 1 Quarry Well (Yule North). While no significant gold intersections were encountered, the Company has recorded multiple +10ppb Au anomalies at the target. 

Robust Gold Intersection at Quarry Well East 

Six holes were drilled at Quarry Well East (Yule North) at 160-metre centres on a single AC traverse for a total advance of 323 metres. The best composite gold intersection includes 6m @ 0.18g/t Au from 6 metres downhole. 

New Target Generation at Yule East

A review of open file aeromagnetic data has been completed over an exploration licence application E45/5570 to the east of the Yule project tenements by Core Geophysics Pty Ltd. The target generation identified numerous intrusive-style and prospective structural settings to be prioritised ahead of the 2021 field season. The new targets will complement previously identified targets along the Yule River Shear Zone within the tenement area.

ALSO READ: Casting an Eye Over Golden State Mining’s Yule Project

Road Ahead for Exploration Undertakings

The information recorded so far has been sufficient to build confidence to commence the planning of a targeted drilling campaign in Q1 next year.

While one-third of the Phase 2 results have been received to date, the remainder of the targets would also influence the exact scale of the program. Nevertheless, with the combination of Phase 1 follow-up drilling, an active exploration phase of targeted AC and reverse circulation drilling is expected next year. 

Source: GSM ASX Update, 4 December 2020

GSM traded at $ 0.220 on 4 December 2020.

 

 


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