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Golden State Mining (ASX:GSM) - Managing Director, Mike Moore - The Market Herald
Managing Director, Mike Moore
Source: The Market Herald
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  • Golden State Mining (GSM) has received final assay results from phase two aircore (AC) drilling at the Yule Project in WA
  • 196 holes were drilled at the project to test six targets across the Yule South and Yule North areas
  • Work was completed ahead of schedule in November and first results were received in early December
  • Of the new results received, gold grades peaked at 63 parts per billion and more than 50 parts per million arsenic was encountered
  • These results warrant further drilling which Golden State will aim to undertake in March this year
  • Shares in Golden State are down 5.56 per cent and shares are trading at 17 cents

Golden State Mining (GSM) has received final assay results from phase two aircore (AC) drilling at the Yule Project.

Yule lies in the Mallina Basin of Western Australia, between 45 and 65 kilometres southwest of Port Hedland.

196 holes, for 15,125 metres, were drilled at Yule to test six targets across Yule South and Yule North.

Work was completed ahead of schedule in November and first results were received in early December.

Phase two drilling returned several intervals grading more than 0.1 parts per million (ppm) gold and 20 per cent of the holes ended in anomalous levels of gold or arsenic.

Yule South

Target 1 West

21 holes were drilled at Target 1 West to test prospective structural and intrusive zones within the area.

Best results include four metres at 0.11g/t gold from 109 metres, and three metres at 0.10g/t gold from 113 metres.

These results were accompanied by multiple intervals of more than 10 parts per billion (ppb) gold.

Target 2

26 holes were drilled across Target 2 with focus on a high strain zone between granite contact zones and an existing traverse drilled during phase one work.

No significant gold was encountered, however, multiple arsenic anomalies were returned with a best result of one metre at 666 ppm arsenic from 40 metres.

Target 3

36 holes, for 2159 metres, were drilled at Target 3 around areas drilled during phase one work.

The best result includes four metres at 50 ppb gold from 50 metres.

An additional six holes were also drilled with focus on a structural disconnect of a granite contact zone.

These best result includes 23 metres at 29 ppb gold from 30 metres as well as an arsenic anomaly grading more than 50 ppm.

Target 4

Six holes, for 602 metres, were drilled at Target 4 where a result of 12 metres at 30 ppb gold from 36 metres and a 50 ppm arsenic anomaly was intersected.

Target 6

Five holes were drilled at at Target 6 on an east-northeast trending traverse.

While no significant gold intersections were recorded, multiple elevated arsenic levels grading more than 10 ppb were encountered.

Yule North

Target 1 Quarry Well

A total of 29 holes were drilled at Quarry Well on three 1000-metre spaced traverses.

Gold grades peaked at 63 ppb with multiple +10 ppb intersections recorded.

Quarry Well East

Work at this area was designed to test a disconnected zone within the Sholl Shear Zone with a best result of six metres at 0.18g/t gold.

Targets 2 and 3

33 holes were drilled across Targets 2 and 3, however, no significant gold or base metal intersections were encountered.

Target 4

20 holes were drilled at Target 4 with more than 30 ppb gold intersected in some holes.

"The first two air-core campaigns have been relatively shallow, first-pass reconnaissance drill testing of selected targets identified solely via the interpretation of the aeromagnetic datasets in a largely untested emerging gold district," Managing Director Michael Moore said.

"Both phases of reconnaissance drilling, especially the first, have delivered encouraging gold and arsenic anomalism along with broad zones of alteration," he added.

These results warrant further drilling, which Golden State will aim to undertake in March this year.

Shares is Golden State are down 5.56 per cent and trading at 17 cents at 2:27 pm AEDT.

GSM by the numbers
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