Strong intersects reported as Golden State hones in on Yule targets

Special Report: Golden State Mining has hit highly anomalous gold in the first results from phase two aircore drilling at its prospective Yule gold project in the Pilbara’s Mallina Basin.

Assays from the first three targets drilled in Golden State Mining’s (ASX:GSM) program have been reported. These holes were designed to test Target 1 West at Yule South, as well as Target 1 Quarry Well and Quarry Well East at Yule North.

The highlights came at Target 1 West, where two discrete magnetic anomalies were tested around 900m apart along an interpreted south-east structural trend. A further 21 holes were drilled at 160m centres on four variably spaced traverses at the target, for a total advance of 2168m.

Composite gold intersections from the target included 4m at 0.11 grams per tonne gold from 109m in hole 20GSYSAC0202; and 3m at 0.1g/t from 113m in hole 20GSYSAC0203.

Importantly, multiple indicator grades and silica pyrite alteration were detected above the target – suggesting alongside initial targeting the potential for something of significance in the vicinity.

Yule and the surrounding region, home to De Grey’s (ASX:DEG) world-class Hemi discovery, are believed to be underexplored because of a layer of covering which ‘hides’ the underlying geology.

Golden State Yule — The Target 1 West results sit over an interpreted intrusive. Pic: Company Supplied.

Golden State managing director Michael Moore said the company was buoyed by early results at Yule.

“These highly encouraging first test results from our second reconnaissance aircore program at Yule further underline the potential of the GSM tenure in this very prospective region,” he said.

“To intersect highly anomalous gold grades at Target 1 West above an interpretive intrusive in this geological setting demonstrates the robustness of our targeting strategy and provides strong vectoring information for follow up drilling in early 2021.

“GSM remains one of the most active Mallina Basin explorers with a regional scale ground holding.”

A composite gold intersection measuring 6m at 0.18g/t gold from 6m was reported at Quarry Well East, while no significant gold intersections were encountered at Target 1 Quarry Well but multiple 10-plus parts per billion gold anomalies were detected.

The first reported holes represent about 30% of the total samples picked up during the latest round of drilling, with the rest expected to come through throughout December.

All holes carried out were drilled to either blade refusal or a maximum depth of 156m.

Review of geophysical data

GSM’s tenement application E45/5570 at Yule East has been the subject of a review of open file aeromagnetic data by Core Geophysics which showed a number of prospective intrusive and structural settings.

These targets will be prioritised ahead of the 2021 field season and are expected to complement previously identified targets at the project.

Golden State Mining Yule — Target areas at Yule East. Pic: Company Supplied.

GSM said it had already started planning a targeted drill program for Q1 next year, the size of which is likely to be guided the results to come this month.

Phase one follow up drilling will also be carried out next year, with an active program on the cards. It’s sure to keep exploration manager Geoff Willetts busy – you can check out Stockhead’s October chat with Geoff here.

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.