Golden State gears up for gold, base metals and lithium hunt

Pilbara explorer Golden State Mining (ASX:GSM) will increase the size of an upcoming gold drilling program at the prospective – but still underexplored — ‘Yule South’ project after a detailed review of 2020 exploration data.

The Yule project sits in the same postcode as De Grey Mining’s (ASX:DEG) company making Hemi gold discovery.

In 2020 an extensive, first-pass reconnaissance aircore drilling program intersected a number of broad intervals of elevated gold – allowing Golden State to add to its list of follow-up targets identified during phase one drilling.

GSM is planning to hit four gold target areas with follow-up RC drilling in May.

Golden State managing director Michael Moore says the explorer has been working hard to extract maximum value from its 2020 air-core drilling program.

“At Yule South, this work has led to an increase in the planned RC gold drill metres by 60%, from 2500 metres to 4000 metres,” he says.

In addition, an ongoing review at ‘Yule North’ has revealed a potential volcanic-hosted massive sulphide (VHMS) “halo” at the Quarry Well prospect.

VMS discoveries — rich in base and precious metals like copper, zinc, lead, gold and silver — tend to ‘cluster’ together, which means VMS camps can often be mined for a very long time.

Target selection will now focus on untested magnetic and non-magnetic conductive sources that may represent valid VHMS targets, the company says.

Golden State also has four lithium targets in its sights. A 1,500m RC program is planned to test these target areas and is currently awaiting statutory approvals.

This program is expected to commence late in Q2.

The next phase of reconnaissance AC drilling will kick off in Q3 with 15,000 metres designed to test additional gold and lithium targets.

“We now look forward to receiving drilling approvals and signing drill rig contracts, so we can maximise the 2021 exploration season at Yule,” Moore says.

This article was developed in collaboration with Golden State, 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.