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Golden State Mining (ASX:GSM) - Managing Director, Michael Moore
Managing Director, Michael Moore
Source: HotCopper
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  • Golden State Mining (GSM) has been awarded a $150,000 grant under the WA Government’s Exploration Incentive Scheme for exploration at Yule South
  • The money will partially fund an upcoming 10,000-metre air core drilling program at the Yule South Project
  • Yule South lies just 15 kilometres from De Grey Mining’s Hemi discovery which has consistently resulted in high-grade gold
  • The drilling will focus on testing five high priority gold targets within Yule South
  • Company shares closed 2.33 per cent in the red and trading for 21 cents each

Golden State Mining (GSM) has been awarded a $150,000 grant under the Western Australian Government’s Exploration Incentive Scheme (EIS).

The money will partially fund the company’s expanded 10,000-metre air core (AC) drilling program at the Yule South Project in the Mallina Basin of the Pilbara region.

“Golden State is grateful for the support of the Western Australian Government’s Exploration Incentive Scheme (EIS) in recognising the potential of the five priority targets areas at Yule South,” Managing Director Mike Moore said.

Golden State announced its intention to conduct drilling over five target areas in March this year. This followed a revelation in February that its project may display similar geological characteristics as De Grey Mining’s Hemi Prospect. Hemi is located just 15 kilometres from Yule South.

Target one consists of a tightly folded hinge zone of interpreted mafic or intrusive units as well as aeromagnetic anomalies. Target two is a small structural corridor that sits between nested and deformed granitoid complexes. It’s believed to contain altered metasediments and remnant greenstone enclaves.

Target three is believed to be host a tightly folded greenstone, ultramafic sequence or intrusive along a granite contact zone. Similar to the others, Target four’s magnetic signature is believed to contain greenstone sequences within Mallina Basin sediments which are near a secondary fault splay trending northeast off the Yule River Shear Zone.

Target five is located along a highly magnetic northern contact zone within the Portree granite complex and is interpreted as either a distinct intrusive phase or alteration zone.

Company shares closed 2.33 per cent in the red and trading for 21 cents each.

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