Explorer Golden State Mining has raised $2.5 million via a placement at $0.75 per share. 

The company plans to use the funds – along with existing cash reserves – to explore its Four Mile Well, Yule and Payne’s Find projects in WA.

At Four Mile Well, soil sampling is currently underway with follow up AC or RC drilling planned for Q2.

At Yule, the company has planned:

  • Drilling at Target 2A (lithium and gold) in Q2;
  • AC and RC drilling at Balla Yule (nickel, cobalt, copper, and lithium) in Q4; and
  • AC and DD drilling at Yule East (gold) also in Q4.

And at Payne’s Find, lithium and base metals targeting and soil sampling is planned for Q2.

The company will also compile and review historic data on all five new tenement areas totalling ~3,800km2.

Placement appetite endorses exploration strategy

“The appetite for this placement has certainly endorsed the recent project targeting strategy as well as the significant advances made at the Yule project in the Pilbara region of WA over the past two years,” Golden State (ASX:GSM), MD Mike Moore said.

“GSM is now well positioned as it looks to significantly advance lithium and gold exploration at our six key target areas at Yule as well as important preliminary work at our Payne’s Find lithium and base metals project in the Murchison region which formed part of our aggressive targeting work in late 2021 in Western Australia.

“The company now has several future metals projects that it will continue to refine over the coming months.”

GSM will confirm additional exploration programs across its projects in 2H CY22.




This article was developed in collaboration with Golden State Mining Limited, 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.