Golden State starts countdown for Yule gold drilling results
Link copied to
Golden State has wrapped up drilling over three targets at its Yule project in the Mallina Basin, Pilbara, that is close to the giant, play-opening Hemi discovery.
The gold focused program totalling 3,542m was carried out over targets 1 East, West and 5 in the southern part of the project (Yule South) that were generated from the company’s 2020 exploration campaigns.
Golden State Mining (ASX:GSM) added that samples from all holes have been sent to the laboratory for analysis and that assay results were expected in September with further results expected throughout October and November.
Exploration success at Yule could be very rewarding for the company given that De Grey Mining (ASX:DEG) recently defined an eye-watering 6.8 million ounce maiden resource for its Hemi discovery, 41% of which is already in the higher confidence indicated category.
Indicated resources have sufficient information on geology and grade continuity to support mine planning.
“The company is very pleased to have completed its first RC drill program focusing on gold target areas at the Yule project in the highly prospective Mallina Basin,” managing director Michael Moore said.
“As most investors are aware, the current waiting period for assay results is over eight weeks due to the significant level of activity in the resources sector.
“However, the company is already pressing ahead with a new Heritage Survey and has already booked an air-core drill rig for drilling on recently generated priority gold and lithium targets at Yule East in October.”
The Yule project covers about 700sqkm of ground in Mallina Basin that hosts intrusive bodies and major structural corridors.
Notably, this includes large discrete intrusive targets that are just 15km from Hemi with similar magnetic signatures.
Target 1 East includes previous aircore drilling that returned several gold intersections including 4m at 2.3 grams per tonne (g/t) gold from 99m within interpreted structural zones outlined by magnetic linear features.
These zones are located on either side of an interpreted anticlinal intrusive feature that was identified by magnetic inversion modelling and not adequately tested by the AC drilling.
Meanwhile, drilling at Target 1 West recorded significant silica and pyrite alteration in addition to multiple intersections of anomalous 0.1g/t gold values that Golden State believes are indicators of a potential mineralised intrusive at depth.
Target 5 is home to widespread quartz-sericite-pyrite and local magnetite alteration that may be indicative of a large-scale gold system.
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.