Golden State is drilling five gold targets next door to De Grey’s Hemi gold discovery
Special Report: In April, Pilbara-focused Golden State Mining (ASX:GSM) will drill test five gold targets, just 15 kilometres from De Grey’s company changing Hemi discovery.
Ongoing success at Hemi has prompted a ~400 per cent increase in De Grey’s (ASX:DEG) share price, and given neighbour Golden State a boost in the process.
Now the $3.5m market cap junior explorer is looking for a rerating event of its own.
Managing director Michael Moore says the company has received approvals for a +4000m, five-target drilling program at Yule South which is set to kick off in April.
These interpreted gold targets display some ‘geological similarities’ to Hemi, he says.
De Grey’s drilling results have reinforced what Golden State has long believed – that this is a very prospective and underexplored region of the Pilbara Craton, Moore says.
“We’re pleased to have received DMIRS and aboriginal heritage approval for our planned drill program at Yule South and are looking forward to commencing the planned drilling in April. We are very excited that our focused gold targeting strategy has also delivered an additional target area for the company to test.” he says.