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Golden State Mining’s (ASX:GSM) shares drop following exploration update
  • Ausmon Resources (AOA) has completed eight out of 10 holes of its reverse circulation drilling program at the Stirling Vale exploration area in NSW
  • The 1200-metre drilling program is targeting cobalt, zinc and gold within a 1.5-kilometre zone
  • Previously collected samples from the area returned arsenic results of up to 9220 parts per million (ppm) and gold of up to 0.45ppm
  • These are a strong indication of sulphide mineralisation
  • Drilling is expected to be completed within the next few days and results are expected next month
  • Company shares remain in the grey to trade for 0.8 cents

Ausmon Resources (AOA) has completed eight out of 10 holes of its reverse circulation drilling program at the Stirling Vale exploration area in Broken Hill, NSW.

When the company first announced the commencement of this drilling program, its shares saw a staggering 80 per cent spike.

The 1200-metre drilling program is targeting cobalt, zinc and gold within a 1.5-kilometre zone along the western limb of the Stirling Vale Synform.

In August, Ausmon received results from samples collected in earlier this year. Three rock samples were collected from a garnet sandstone. These samples returned arsenic results of up to 9220 parts per million (ppm) and gold of up to 0.45ppm.

Additionally, results received from the start of the year returned surface assays of up to 216ppm cobalt.

Arsenic is known as a strong indicator of sulphide mineralisation. Ausmon used these sample results to inform and support its current drilling program.

Drilling is expected to be completed within the next few days and assay results are expected sometime next month.

Company shares remain in the grey to trade for 0.8 cents at 3:29 pm AEST.


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