Golden State lays the foundations for a giant discovery in 2020
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Special Report: Golden State Mining (ASX:GSM) listed 12 months ago with a number of unexplored gold and base metals projects — all in regions known for high-grade gold mining and undeniable ‘elephant country’ style geology. This tightly held, ~$3m market cap company will be ramping up exploration in 2020 in search for ‘the big one’.
Golden State has been methodically working towards active year-end exploration programs at all three of its WA projects.
Now shareholders can expect strong exploration news flow – including drilling results – heading into the New Year and beyond.
The Cuddingwarra project in the Murchison region hosts a series of shallow gold pits that were previously mined for about 1.3 million ounces (moz) of gold. Yet Golden State argues this area remains substantially underexplored.
In early 2020, Golden State will test a number of newly discovered gold targets at Cuddingwarra with a significant air core drilling campaign – results will be available soon after.
At the Yule project in the Pilbara, just 30km from Port Hedland, Golden State will launch a big drilling campaign at several gold and base metal targets early in the second quarter of 2020.
“Yule is highly prospective – this was ground originally pegged by [famous prospector] Graham Hutton,” Golden State managing director Mike Moore told Stockhead.
“We have great geology — very prospective for gold and base metals.”
And then there’s the Balla Yule area, an Archean layered mafic-ultramafic intrusion that represents a fantastic exploration opportunity for Golden State.
“It’s a really interesting geological feature which the company intends to pursue next year,” Moore says.
Drilling at Four Mile Well, a stone’s throw from the Laverton townsite in the mineral-rich Northern Goldfields, has just been completed.
This is a region endowed with a number of major gold and nickel deposits, including the nearby Windarra and Mt Windarra nickel deposits to the west, and the 1.3moz Lancefield gold deposit less than 1km to the south.
No one has ever drilled these tenements before, Moore says.
Results from that campaign will be announced soon ahead of follow-up drilling in early 2020.
“We’ve drilled part of our area that borders the Lancefield tenements and at first pass looks very interesting – now we’ll just have to wait and see what the assay results say,” Moore says.