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

Summary

• Golden State Mining’s wholly owned Yule Project covers 715km² of tenements in the Yule Mallina Basin and hosts major regional structures including the Sholl Shear Zone, Yule River Shear and Mallina Shear.
• Under the phase 1 Yule South Aircore drilling program over five gold target areas, the Company has completed a total of 199 holes drilled for a total advance of 13,275m, with highly encouraging assay results reported for the first two target areas.
• The robust gold intersection in only the second drillhole of the 199-hole program speaks volume concerning the Company’s strategy as well as targeting utilising aeromagnetic interpretation at Yule.
• Drill planning and obtaining statutory approvals is ongoing for the Balla Yule Prospect at the Yule North Project, with RC drilling at Balla Yule planned to commence in early/mid Q4.

Golden State Mining Limited (ASX:GSM) appears to be in high spirits, backed by a robust project portfolio that is supporting its exploration journey.

The persistently advancing gold exploration program of Golden State, coupled with the gold price touching new highs ever since the onset of the pandemic, seems to have piqued investors’ interest, with its stock giving a price return of more than 233% in the last six months, as of 20 August 2020. GSM share price closed at $0.280 on 21 August.

Golden State Mining's wholly owned Yule Project is located 13km north west of De Grey Mining Limited’s (ASX: DEG) recent Hemi gold discovery. The project covers 715km² of tenements in the Yule Mallina Basin, the gold exploration hotspot of Western Australia, and hosts major regional structures including the Sholl Shear Zone, Yule River Shear and Mallina Shear.

The Company welcomed recent exploration success at its Yule South Project that has produced encouraging assay results for the first two target areas drilled at the project. Significantly, Phase 1 Yule South Aircore drilling was completed over five gold target areas with a total of 199 holes drilled for a total advance of 13,275m.

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

As the Company continues to advance exploration activities, let us explore recent endeavours that are catalysing its growth prospects.

Successful Completion of Phase 1 Yule South Aircore (AC) Drilling

Golden State Mining completed its maiden Aircore drilling program at the Yule South project situated in the Mallina Basin. Phase 1 Yule South Aircore drilling covered an initial five gold targets drilled over 13,000m.

The Recent First Pass Gold Hits at Yule South

The gold and base metals explorer reported highly promising assay results for the first two target areas, which were drilled at the Yule South Project.

Commenting on the exploration success, Golden State’s Managing Director, Michael Moore stated that “drilling a gold intersection of 8m @ 0.92g/t Au from 96m including 4m @ 1.81 g/t Au from 96m in only the second drillhole of the 199 hole program” says a great deal about the Company’s strategy as well as targeting via aeromagnetic interpretation at Yule.

The drill results were returned from wide-spaced reconnaissance Aircore drilling solely on the grounds of aeromagnetic interpretation in the first two areas drilled. It substantiates the sound geological greenfield targeting along with strong perspectivity of the Company’s extensive West Pilbara ground holding.

Target 1

Thirty drillholes have been completed on the target for a total advance of 2,815m. Multiple anomalous gold intersections were revealed by the assay results.

The best intercepts include:

• 20GSYSAC0002-8m @ 0.92g/t Au from 96m including 4m @ 1.81 g/t Au from 96m
• 20GSYSAC0013- 20m @ 0.15g/t Au from 102m including 8m @ 0.30 g/t Au from 114m

Notably, gold intersections at 20GSYSAC0002 were recorded in a weathered, fine-grained schistose saprolitic metasedimentary sequence. Furthermore, drillhole 20GSYSAC0013 situated on a section 320m to the south intersected gold in a similar regolith setting.

The gold intersections are on the basis of 4m composite samples from which the Company has collected 1m sample followed by submission for assay.

Target 5

For target 5, the Company has completed 47 holes for a total advance of 2,575m. Furthermore, multiple elevated and anomalous gold intersections of over 10ppb gold assay results were also revealed.

The best intersection comprising of a broad and anomalous zone includes:

• 20GSYSAC0062- 19m @ 91ppb Au from 46m including 4m at 350ppb Au from 58m

The intersection was recorded in a weathered mafic-ultramafic horizon with more than 2% fine-grained, disseminated, and smeared foliation pyrite.

On the basis of initial observations and results, further drilling has been planned for additional drill lines to the east.

Exploration at Yule North

Six target areas at the Yule North Project were identified with three high priority targets requiring drill testing. Meanwhile, the Company has planned initial reconnaissance AC drilling for Q3 2020. A drill program plan, which was submitted, has been approved by the Department of Industry Regulation and Safety while a heritage survey commenced during mid-August 2020.

Drill planning and statutory approvals are ongoing for the Balla Yule Prospect, which forms part of the greater Yule North area.

Upcoming Yule Activities