Golden State launches three-pronged drilling attack
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Special Report: Golden State shareholders can expect strong exploration news flow — including drilling results — heading up to Christmas ahead of even more activity in 2020.
Golden State Mining’s (ASX:GSM) three core gold and base metals projects — Yule in the Pilbara, Cue in the Murchison region and Four Mile Well in the northern Goldfields near Laverton – have a history of high grade gold mining and/or very compelling ‘elephant country’ style geology.
There’s incredible upside here. The tightly held, ~$3m market cap company has been methodically working towards an active year-end exploration program at all three projects.
Let’s take a closer look.
Golden State’s Yule Project contains some compelling gold, base metal and rare earth element target areas, just ~30km from the export hub of Port Hedland.
Just check out this location:
Earlier this year, Golden State identified 17 targets using historic geophysical data.
Of these, the Balla Yule prospect — a large, 4.2km by 1.8 km ‘dome’ feature — is the most compelling.
A geophysical contractor has been commissioned to undertake a fixed loop electro-magnetic survey over a large 750m by 900m bedrock conductor recently identified at Balla Yule.
The aim of the survey is to dial in tighter on potential drilling targets.
The survey is scheduled to start in early November with results expected mid-November. Subject to approvals, drilling is planned to commence in December.
Golden State is also planning a 2500m aircore drilling program in December to test three “high priority” gold and rare metal pegmatite targets at Yule South.
This is a proven gold region, responsible for more than 7moz of gold production over the past 126 years.
These +15g/t historic mines operated until around the 1920’s. Today, anything above 5g/t is generally considered high grade.
Golden State is targeting large gold systems — just ~5km from the 1.7moz Day Dawn/Great Fingall mine – in a 425sqkm tenement package which includes the Cuddingwarra, Big Bell South & Cue projects.
In early 2020, Golden State will kick off a 4000m aircore drilling at the Cuddingwarra group of tenements to test a range of targets.
The 107sqkm Four Mile Well project is a stone’s throw from the Laverton townsite in the Eastern Goldfields, a region is well endowed with a number of major gold and nickel deposits.
Some of these are very close to the underexplored project and include the Windarra and Mt Windarra nickel deposits to the west, and the 1.3moz Lancefield gold deposit less than 1km to the south.
Golden State is planning a 2000m wide spaced reconnaissance aircore drilling program to test recently identified soil anomalies.
The drill program will target four key areas, including a 1.6km-long gold trend. Results of this program are expected late December 2019.