Pilbara gold discovery provides a slam dunk for Golden State
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Special Report: Recent third-party gold developments in the Pilbara have underscored the potential of Golden State’s 100% owned Yule project ahead of the start of its major 2020 drill program.
Western Australia’s Pilbara region is a known iron ore province but increasing attention is also being paid to its prospectivity for other elements such as gold, base metals, tantalum and lithium as well as rare earths potential.
More specifically, De Grey Mining’s (ASX:DEG) recent intersection of thick, high-grade gold mineralisation on two sections 640m apart at its Hemi prospect in the Mallina Basin has got Golden State Mining (ASX:GSM) feeling understandably excited.
“We have got some significant structures on our tenements and geological analogues in the Mallina Basin where the gold deposits may be found, so it is great to see De Grey shining a spotlight on the potential of this region,” Golden State managing director Mike Moore told Stockhead.
“We do share some of the same rock packages, particularly on the Yule South and East tenements so there is plenty for us to follow up on in the upcoming drill program, hopefully in April.”
In addition, Golden State has been encouraged by Coziron Resources’ (ASX:CZR) separate gold discovery, also in the Mallina Basin.
Golden State is currently preparing to kick off a major exploration program at its Yule project, which is just 13km north of Hemi.
Yule has barely been touched by historical exploration mainly due to a lack of rock outcrop. However, fortune favours the brave as Moore explained. “What is interesting is that DeGrey and CZR have a bit of cover and we have a bit of cover too. They have been dialling in on targets despite this and produced great results”.
Golden State’s use of modern technologies such as aeromagnetic data allows the exploration team to see through the cover which has resulted in the discovery of 17 priority gold, base metal and rare earth element target areas within the project’s +702km2 of exploration tenements.
Moore says the company will probably focus its first exploration program on the Yule South tenements, which are closest to De Grey’s ground. The company is planning to carry out an aircore program of about 4,000m to test the targets in this area. Golden State expects to drill its Yule North and Balla Yule targets in its second exploration program due to it prioritising targets that it has secured access to.