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Golden State expands footprint of its prospective Yule project
Mining
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Golden State Mining (ASX:GSM) has been awarded more ground in an underexplored but highly prospective gold, base metal and lithium province.
The award of the 210sqkm Yule East tenement takes the company’s footprint in the Mallina Basin up to just over 700sqkm and gives it access to multiple shear-hosted and intrusive-style gold targets, a 9km long drill-ready historical gold and base metal anomaly, and a ‘Pilbara-style’ lithium-caesium-tantalum (LCT) pegmatite setting.
All this potential sits just 15km from De Grey Mining’s (ASX:DEG) company-making Hemi discovery, which has seen a spate of gold hits that are building up into what appears to be a very significant gold system.
Golden State has already reviewed open file aeromagnetic data over Yule East and has identified numerous intrusive style targets and prospective structural settings and corridors.
These new targets will complement previously identified targets along the Yule River Shear Zone within the tenement area.
“The granting of Yule East is an exciting development and will allow the company to move quickly on approvals for the first pass air-core exploration drilling which is expected to total ~15,000m,” managing director Michael Moore said.
“Follow-up RC drilling at Yule South is now a step closer with the company agreeing on drill hole rehabilitation procedures that will allow us to progress our application.
“With just over 700km2 of tenements now granted at Yule, the company has a significant ground position within the Mallina Basin.”
Forward plan
With a drill hole rehabilitation procedure and updated environmental management plan in place following discussions on proposed deeper drilling within a water reserve area, Golden State now expects its application for 4,000m of reverse circulation drilling at Yule South to be processed as a matter of priority.
This will test four gold target areas with anomalous gold and alteration vectors with follow up RC drilling to test fresh bedrock responses to these intersections.
The company had expanded this program from 1,500m to 4,000m to accommodate additional targets with prospective geochemistry.
Separately, it has also generated four LCT pegmatite targets based on known lithium pathfinder analysis of its Phase 1 and Phase 2 aircore program results from 2020.
A 1,500m RC program is planned to test these target areas late in the third quarter of 2021.
Golden State has also completed planning of the next stage of reconnaissance aircore drilling.
This will total about 15,000m to test additional gold and lithium targets.
This article was developed in collaboration with Golden State Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
