Total
0
Shares
Golden State Mining (ASX:GSM) - Managing Director, Mike Moore - The Market Herald
Managing Director, Mike Moore
Source: HotCopper
  • Gold and base metals exploration company Golden State Mining (GSM) has completed aircore (AC) drilling over five gold targets at its Yule South project
  • The phase one AC drilling program, which included 199 holes for 13,275 metres, was completed on August 11
  • The company has now received the final assay results, which includes work at Target 4 and follow-up drilling at Target 1
  • Target 1 has been labelled as GSM's main priority — here, the company is planning further drilling over the infusive contact zones
  • Now, Golden State is getting ready for phase two drilling, which will commence in the first week of October
  • On the market this morning, Golden State is down 1.96 per cent on the market this morning and is trading for 25 cents per share

Gold and base metals exploration company Golden State Mining (GSM) has completed aircore (AC) drilling over five gold targets at its Yule South project.

The phase one AC drilling program, which included 199 holes for 13,275 metres, was completed on August 11. The company has now received the final assay results, which includes work at Target 4 and follow-up drilling at Target 1.

Managing Director, Michael Moore, said the significance of the results from the first pass reconnaissance program should not be underestimated.

"This once dismissed and misunderstood region is now establishing itself as a premier destination for gold exploration as well as other significant minerals," he told the market today.

Target 1

Follow-up drilling at Target 1 was based on the previous results recorded in August. The best intercept from the follow-up drilling was four metres at 2.3g/t from 99 metres, including one metre at 7.6g/t from 99 metres.

GSM has ranked this target as a priority and a follow-up drilling is planned over intrusive contact zones.

Target 2

Drilling at this target revealed an 800-by-1400-metre arsenic anomaly and some gold anomalism intersected on the northern AC traverse, which was reported earlier this month.

The company said further drill target vectoring and evaluation work is required at this target.

Target 3

Drilling at this target included 45 holes for 2972 metres. However, no significant bedrock gold intersections were encountered at this target.

The best result was found in 20GSYSAC0134, which showed six metres at 147 parts per billion (ppb) gold from six metres downhole in a sand and clay horizon.

Target 4

Two lines of angled air-core drilling on a broad 3.6-kilometre line spacing and 80-metre hole centres tested potential greenstone sequences within Mallina Basin sediments.

25 holes have been completed at this target for 1310 metres. The best gold intersection on the southern AC traverse was in hole 20GSYSAC0186, reporting four metres at 0.13g/t from 28 metres.

"This intersection occurred in a weathered schistose, probable ultramafic sequence with -chlorite-biotite alteration," the company explained.

Further targeting is needed to evaluate at this target area for follow-up drill testing.

Target 5

Drilling at Target 5 included 47 holes for a total advance of 2575 metres. Assay results have shown multiple elevated and anomalous gold intersections of higher than 10ppb.

The best intercept was 19 metres at 91 ppb of gold from 46 metres, including four metres at 350ppb of gold from 58 metres. This was recorded in an interpreted quartz diorite intrusive.

The next round of proposed drilling will focus on the east corridor of the area.

What's next?

The phase one drilling program will help with the follow-up drilling and has found new drilling targets within Yule South.

Phase two drilling will focus on the gold target areas at Yule South ans the Sholl Shear Zone. This program will include between 10,000 and 15,000 metres of AC drilling and is planned to commence the first week of October.

"The company is well funded and actively exploring this hugely prospective region through multiple phases of exploration over 2020 and 2021," Michael concluded.

Golden State is down 1.96 per cent on the market this morning and is trading for 25 cents per share at 11:19 am AEST.


Subscribe


GSM by the numbers
More From The Market Herald
Frontier Resources (ASX:FNT) completes sampling and mapping at Kimono

" Frontier Resources (ASX:FNT) completes sampling and mapping at Kimono

Frontier Resources (FNT) has completed a sampling and mapping program at the Kimono gold prospect in Papua New Guinea.
Shree Minerals (ASX:SHH) - Executive Director, Sanjay Loyalka (centre) - The Market Herald

" Shree Minerals (ASX:SHH) finds two new targets at NT gold-copper project

Initial fieldwork at Shree Minerals’ (SHH) Bruce copper-gold project in the Northern Territory has uncovered two new mineralised zones.
Aus Tin Mining (ASX:ANW) - Executive Director, Nicholas Mather - The Market Herald

" Aus Tin Mining (ASX:ANW) to buy second Australian coal project

Aus Tin Mining (ANW) has signed a binding term sheet with Resources and Energy Investments (REI) to acquire the Mackenzie Coal Project in
The Market Herald Video

" King Island Scheelite (ASX:KIS) to raise funds for Tungsten Mine

King Island Scheelite (KIS) has received binding commitments to raise $2,568,000 via a placement.