Golden State maps plans for Yule gold and lithium exploration
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Golden State Mining has released an update on drilling plans for the next six months, with Mallina Basin gold and lithium on the agenda at its Yule project.
Yule sits just 15km northwest of De Grey Mining’s (ASX:DEG) landmark Hemi gold discovery in WA’s Mallina Basin, and Golden State (ASX:GSM) made promising progress in its search for gold on the project through 2020.
Starting in March, the company will carry out a 2500m follow-up gold reverse circulation/diamond drilling program at targets delivered by phase one and two drilling last year.
GSM is also planning on seeking out lithium, with 1500m of RC drilling planned based on pathfinders identified in the phase one and two AC program and targeting lithium-bearing pegmatite mineralisation.
The lithium RC program will begin in May.
A large, 15,000m phase three aircore drilling campaign is planned to begin in July, with a focus on delivering more gold and lithium RC targets.
Managing director Michael Moore said the program was designed to build on the good work carried out by Golden State over the course of 2020.
“The company continues to build on the solid foundations laid over two successful AC programs totalling just over 28,000m in 2020,” he said.
“We have identified several high priority gold targets that will be followed up with an RC drilling program in March. In addition to this, we have also confirmed the lithium potential based on known pathfinder elements identified in phase one and two aircore data now available.
“These results validate the company’s exploration strategy defined at the time of its IPO in this highly prospective and underexplored region.
“2021 will see significant activity as we target gold and lithium through multiple RC and aircore drilling programs.”
The gold targets identified by GSM are up first, with drilling to begin next month subject to statutory approvals.
Key targets include Target 1 East, where 4m at 2.3 grams per tonne gold was intersected previously, including 1m at 7.6g/t from 99m.
Another intersection of 18m at 0.17g/t from 104m is also in GSM’s sights.
Lithium pegmatite targeting was first recognised in the company’s exploration strategy in 2019, and four targets have been generated based on known lithium pathfinder analysis generated over the course of 2020’s exploration.
Lastly, the last phase of 15,000m of reconnaissance AC drilling is planned for the tenement E47/4343, which was granted in late October last year, as well as the licence application E45/5570 at Yule East.
Additional areas at Yule South and Yule North will also be included based on encouraging results from previous programs.
GSM drilled more than 15,125m at Yule during phase two drilling late last year, hitting six target areas.
This article was developed in collaboration with Golden State Mining, 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.