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Golden State increases size of planned drilling in the hunt for ‘the next Hemi’
Mining
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Special Report: Golden State Mining will boost the scale of an initial drilling program at Yule South — just 15km from De Grey’s company changing Hemi gold discovery — to more effectively test at least five priority targets.
The potentially behemothic Hemi discovery saw De Grey (ASX:DEG) rocket from about 4c to +30c per share – that’s an incredible +600 per cent increase in an otherwise dour market.
Golden State (ASX:GSM) is now on the hunt for a Hemi of its own, right next door.
The explorer is now planning to increase the scale and drill density of its maiden aircore drilling program to more effectively test an increased number of high priority targets. No drilling has previously been conducted over these targets.
Hemi was discovered using an initial 640m by 80m drill pattern, which Golden State recognises as a suitable drill pattern for testing the similar geological features at Yule.
More details on the expanded drilling program will be announced once it is finalised, says the explorer, which has also submitted an application for co-funding from the Western Australian government’s Exploration Incentive Scheme (EIS).
As part of the program, companies and prospectors share in millions of dollars in grants to encourage innovative drilling in greenfields areas.
Successful applications are expected to be announced in mid to late May.
Golden State managing director Michael Moore says the expansion of the initially planned +4000m, five-target aircore program at Yule South will provide shareholders with a much greater opportunity for exploration success.
“In addition, if the company is successful with its EIS co-funding application, it will also reduce drilling costs over the near term,” he says.
“We look forward to further updating shareholders as we advance towards drilling commencement.”
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