Promising signs from Yule drilling for Golden State
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Special Report: Golden State Mining has wrapped up the latest round drilling at its Yule project in WA’s Mallina Basin, reporting a number of exciting signs.
The first-pass reconnaissance aircore drilling program intersected a number of broad intervals of elevated gold – allowing Golden State (ASX:GSM) to add to its list of targets identified during phase one drilling.
Further gold encouragement was identified above the intrusive target at Target 1 West, while 20 per cent of all holes drilled ended in elevated gold and/or arsenic.
Arsenic is often associated with gold in the Mallina Basin region, so its presence at the end of holes drilled into targets two, three and four at Yule South looms as a highly promising sign.
GSM is now working with well-regarded industry consultants with respect to the significance of the phase two gold intercepts and their geological host rocks with a view to planning a follow-up drilling strategy to be combined with planned RC drilling to target gold and arsenic at Target 1 East, Target 2, and Target 5.
GSM Managing Director Michael Moore said the company was only just beginning to fully understand the potential of its 700km2 Pilbara landholding.
“Golden State Mining has delivered 28km of aircore drilling during 2020,” he said.
“However, we have only just scratched the surface over a fraction of our tenement package.
“The first two aircore campaigns have been relatively shallow, first-pass reconnaissance drill testing of selected targets identified solely via the interpretation of the aeromagnetic datasets in a largely untested emerging gold district.
“Both phases of reconnaissance drilling, especially the first, have delivered encouraging gold and arsenic anomalism along with broad zones of alteration which has endorsed the initial targeting strategy.
“The company is now better positioned to prioritise a number of high-quality follow up gold targets and interpreted structural corridors in the Mallina Basin, that will require RC drilling in 2021 as we vector in on a maiden discovery.”
The Yule project sits in the same postcode as De Grey Mining’s company making Hemi gold discovery.
A target technical review is now underway, will drill planning and approvals scheduled for February and reverse circulation drilling at Yule South scheduled for March.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.