Two discoveries spark a new Pilbara gold rush – and Golden State is in the driver’s seat for the next one!
Special Report: Two potentially major greenfields discoveries from explorers De Grey and Coziron are reinvigorating gold exploration in the Pilbara region of WA. Golden State, which has amassed a dominant landholding next door, is preparing to drill for a company maker of its own.
On February 6, De Grey Mining (ASX:DEG) announced a shallow and high grade greenfield discovery at the Hemi prospect.
Importantly, the deepest hole (so far) has intersected the highest grade to date of 24m at 7.5g/t and finishes within the gold zone.
This has already sparked a ~270 per cent surge in the explorer’s share price.
Initial results included 8m at 10.2 g/t gold, including 1 m at 66.1 g/t.
These potentially major greenfields discoveries have investors understandably excited.
A simple ‘getting ready to drill’ update on Wednesday was enough send Golden State up 92 per cent in morning trade.
Golden State managing director Mike Moore says De Grey’s drilling results have reinforced what Golden State has long believed – that this is a very prospective and underexplored region of the Pilbara Craton.
The De Grey discovery is especially relevant to its planned Yule exploration programs, which are focused on ‘Hemi-like’ targets in similar geological settings within the Mallina Basin.
Like Hemi – which was discovered mid-December under a shallow ‘blanket’ of transported cover – the lack of rock outcrop to guide geologists means Yule’s prospective ground was barely touched by historic exploration.
This inaugural 4,000m gold focused aircore drill program will kick off in April, focussing on four key target areas.
“Golden State now has 702sqkm of ground granted and under application and this will be a focus for exploration and drilling in early Q2 2020,” Moore says.
“We already have several high priority gold targets for drilling up at Yule and in light of De Grey’s recent discovery we are currently expanding on our exploration programmes and look forward to updating shareholders on this shortly.”