- Following De Grey Mining's gold discovery at Hemi, Golden State Mining (ASX:GSM) sees the potential at its Yule Project
- The Yule Project sits very close to the Hemi Project, both located along the Pilbara Craton in WA
- Due to the high-grade gold found at Hemi, Golden State is looking forward to unlocking the potential at Yule
- Drilling is expected to begin early in the second quarter of this year
- Golden State is up 84.9 per cent on the market this morning and selling shares at 13.5 cents each
Golden State Mining (ASX:GSM) is up over 84 per cent on the market after realising new potential at its Yule Project in Western Australia.
The Yule Project sits very close to De Grey Mining's (ASX:DEG) recent Hemi gold discovery.
Yesterday, De Grey uncovered more high-gold grades at Hemi after conducting another drilling program. Hemi is newly discovered prospect in Western Australia, with the first-ever drill results reported in December 2019.
Results announced yesterday included 44 metres at 5.1 grams per tonne of gold from 40 metres in BWAC320, including 13 metres at 8.8 g/t.
Due to these results, the company is very excited to unlock the potential of its Yule Project.
Golden States Managing Director, Michael Moore was happy to see De Grey's drilling results at Hemi.
"We are very excited by the recent De Grey drilling results which underpins our commitment to gold exploration and discovery in this very prospective and underexplored region of the Pilbara Craton," he told the market.
The company has 702 square kilometres of ground that it will focus on exploring and drilling this year.
"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," Michael said.
Golden State Mining is up 84.9 per cent on the market this morning and selling shares at 13.5 cents each at 11:17 am AEDT.