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Corporate Spotlight

Golden State Mining Limited was incorporated in Western Australia in August 2017 and has its registered office in West Perth. The Company was formed with the intent of acquiring quality Western Australian exploration assets and listing on the Australian Securities Exchange (“ASX”).
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Interview with Mike Moore from Gloden State Mining

INTERVIEW

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DRILLING

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Golden State to commence gold focussed drilling campaigns at Cue in coming weeks 

ASX Announcement 8 November 2018


Highlights 

  • Flagship Cue Project situated in a premier gold mining district of WA 
  • Targeting large, high-grade gold systems 
  • Drilling contractors engaged 
  • Drilling to commence at Cue Project in 2-3 weeks 
  • GSM considers recent seismic interpretation at Cue to be a game-changer


Western Australia-focused gold, base metals and lithium explorer Golden State Mining Limited (ASX code: GSM) is preparing to initiate an aggressive drilling program following its successful ASX listing today.


The company has engaged the services of diamond and reverse circulation drilling contractors to commence drilling programmes targeting large, high-grade gold systems at its flagship project at Cue. This first phase programme will be for a combined total of 4000m of diamond and reverse circulation drilling which is targeting the Cue deeps as well as resource drilling around the shallower targets. Drilling will commence in 2-3 weeks.


A proven gold region, Cue, has produced over 7Moz of gold in its rich history and given the recent seismic reprocessing the company is confident that this will continue into the future.


On behalf of GSM, HiSeis (Perth) has undertaken seismic profile reprocessing which demonstrates that there are seismic reflectors occurring at a relatively shallow depth within the Cue Project that would not be expected if the granite intrusive were a large batholith type intrusive body of substantial depth extent.


The seismic profile evidence in association with the magnetics and gravity interpretation all independently suggest that the greenstone sequence hosting the Great Fingall Dolerite and the Great Fingall Shear Zone extends northwards beneath the granite. Other deposits that occur below overthrust granite bodies include Granny Smith gold deposit near Laverton and the depth extensions of the Plutonic gold mine between Meekatharra and Newman.

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PRESENTATION

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CUE

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  • PROVEN GOLD REGION - produced over 7M oz of gold over the past 126 years
  • Day Dawn/Great Fingall mine (1.7Moz) located ~5km along trend to the southwest
  • Historic underground mines operated until the 1920’s exploiting high grade + 15g/t veins
  • The largest mine was the Light of Asia/Queen of the May which produced 35,000 tonnes for 30,000 oz of gold between 1911 and 1923. Recent RC drilling intersections include:
  • 6m at 33.8g/t Au (from 24m)
  • 1m at 67.6g/t (from 86m)
  • 16m at 6.5g/t Au (from 64m)
  • 3m at 12.4g/t (from 93m)
  • 46km2 of the right ground in an underexplored area
  • Excellent access and infrastructure

The Cue project covers an area of approximately 46km2 with several high priority targets that require additional exploration.


Cue Deeps

Recent reprocessing and interpretation of open file high-resolution aeromagnetic and gravity survey data suggests that greenstone rocks continue beneath the granite intrusive, especially on the western and south western flanks of the granite that hosts many of the high-grade deposits mentioned above. The Company has also had an open file seismic profile re-processed by HiSeis.  This reprocessed seismic profile shows that there are seismic reflectors occurring at a relatively shallow depth within the Cue Project that would not be expected if the granite intrusive were a large batholith type intrusive body.

Historical Workings

These targets include additional exploration drilling and evaluation work immediately along strike and down dip and plunge of these workings. The workings that require additional evaluation include the Salisbury, Cue No. 1, Cue North, Light of Asia and Queen of the May mines. These old mines have been explored as indicated above, however the previous explorers were focussed on defining shallow high-grade ore shoots below the existing workings.

The Patch

One of the other significant exploration targets is the unusual geology at “The Patch” when compared to the remainder of the other deposits in the Cue Project.  “The Patch” extends approximately 1km along strike (N – S) and 0.8km east to west.  It overlies the projected extension of the both the Great Fingall Shear Zone (GFSZ) and the Great Fingall Dolerite.


This target is a system of stacked, large ladder veins consisting of shallow dipping, grey – glassy quartz veins with rare moderate to steeply dipping quartz veins. These veins vary in width from a few centimetres up to 3 to 4 meters in width. The structural geometry of the vein system in this area is not currently understood, however the dominance of the shallow dipping vein sets suggests these veins formed in a compressive structural environment.

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YULE

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  • Lithium-Tantalum projects covering 434km2 and dominating an underexplored area of the West Pilbara
  • Yule South includes ground previously selected for tantalum potential by highly successful geologist, the late Graeme Hutton (co-founder of Sandfire Resources, Metana Minerals and a pioneer of the Hamersley Iron Province)
  • Potential targets identified from airborne geophysics at Yule South.
  • No follow-up work completed
  • Review of historical drill assay data at Yule North has identified anomalous lithium assays with associated anomalous values of caesium, in a drill hole targeting iron ore
  • Emerging gold and lithium province

The Yule Project is located between 35km and 65km southwest of Port Hedland in the Northern Pilbara region of Western Australia.  There are three granted exploration licences for a total of 434 km2 comprising the Yule North tenement E47/3508 and the Yule South tenements E47/3503 and E47/3507.

The Yule Project has the potential for tin, tantalum and lithium mineralisation to be located within the Yule South tenements covering the Portree Granitoid Complex as these metals occur in similar granitoid rocks to the east and southeast of the project areas.  Gold is also likely to occur in structural sites adjacent to the complex. Palaeochannels associated with the Yule River also have the potential to host deposits of heavy minerals and gold.

A widespread layer of alluvial material covers most of the area of E47/3508 with a general thickness of 2-5m, but locally up to 63m based on previous drilling.  This cover has made geochemical exploration methods ineffective and consequently the previous exploration has consisted mainly of geophysical surveys that until recently were limited in depth penetration.


Brumby Resources completed a VTEM and aeromagnetic survey in 2006 over prospective areas but did not test any of the interpreted anomalies for base metal mineralisation or follow-up most of the interpreted targets resulting from the aeromagnetic survey.

The northern part of the project area (E47/5508) has been the subject of previous exploration for Cu-Ni, Cu-Pb-Zn and Au mineralisation since the early 1970s. This area contains a belt of volcanic rocks belonging to the Mons Cupri Volcanics and the Louden Volcanics.  These are of particular interest, as they are known to host the Whim Creek, Mons Cupri and Salt Creek deposits located to the southwest.

Previous exploration for heavy minerals by Texasgulf and Aztec tested only a small part of the project area leaving numerous untested paleochannels, especially beneath the recent alluvial deposits of the Yule River.

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FOUR MILE WELL

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  • World class area – close to multimillion ounce gold deposits
  • Positive gold in soil and auger geochemistry anomalies
  • No follow up drill testing
  • No Native Title
  • Early stage drilling opportunity
  • Good infrastructure

The Four Mile Well Project is located 9km to the north of the Laverton townsite in the Eastern Goldfields and consists of a single 38 block exploration licence measuring 107.6km2.

The region is highly mineralised with a number of major gold and nickel deposits within close proximity to the Four Mile Well Project area.  Two significant nickel sulphide deposits (Windarra and Mt Windarra) are located to the west of the project area and the 1.3Moz Lancefield gold deposit is located less than 1km to the south.  The Crown Jewel, Wedge South, Wedge Central, Wedge North and Lancefield North pits are located to the south east of the tenement area but are held under existing mining leases by Focus Minerals (Laverton) Pty Ltd. Previous work has identified a number of geochemical gold anomalies which will be followed-up with closer spaced geochemical sampling.

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