- Golden State Mining (GSM) has been granted a new exploration licence at the Yule Project in the Mallina Basin of WA
- Pleasingly, a geophysical review has identified four targets considered to be prospective for gold
- The company plans to further investigate these next year
- In addition, Golden State’s 15,000-metre aircore drilling program is travelling well
- A total of 106 holes, for nearly 8000 metres have been drilled since the program began earlier this month
- Company shares are currently trading 5.56 per cent lower for 25.5 cents
Golden State Mining (GSM) has been granted a new exploration licence at the Yule Project in the Mallina Basin of Western Australia.
The gold and base metals explorer applied for the E47/4343 exploration licence in February this year. The added tenement provides an extension of the Boodarie Greenstone Belt within the Sholl Shear Zone and an interpreted intrusive-style setting.
So far, open file data of historical drilling has recorded only limited base metal-focused drilling at the tenement.
Pleasingly, four targets have been identified by Core Geophysics and are considered prospective for gold.
“The interpretation of the recently acquired aeromagnetic data set has highlighted four more gold target areas in an intrusive environment for the company to investigate in 2021,” Managing Director Michael Moore said.
“GSM is now one of the most active Mallina Basin explorers with a regional scale ground holding,” Michael said.
Additionally, Golden State Mining has reported its phase two aircore drilling program is progressing well. A total of 106 holes, for 7871 metres, have been completed since the 15,000-metre program started earlier this month.
GSM’s drilling program is testing four gold and base metal targets at Yule North and two structural and intrusive targets are being tested at Yule South. So far, drilling at Target One West at Yule South and at targets one and two at Yule North have been completed.
The company expects assay results will be received in December.
GSM’s shares are currently trading 5.56 per cent lower for 25.5 cents at 3:35 pm AEDT.