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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


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Results Roundup and Forward Programme

ASX Announcement 2 April 2019


  • CUE Project 
    • Further RC drilling at Light of Asia North planned for May 2019, following up intersection of 3m at 20.1g/t (from 64m), including 1m at 56.6g/t (remains open in all directions) 
    • Government co-funded drilling planned for May 2019 to target intersections of the main structural trends hosting shear-related gold mineralisation 
    • Target generation completed for newly acquired Cuddingwarra Project 
  • YULE Project 
    • Targets prioritised for drill testing Q3 2019 field season 
  • FOUR MILE WELL Project 
    • Field program preparation is underway for the upcoming 2019 field season 
    • Active drilling programme being planned 

Golden State Mining Limited (ASX: GSM, ‘Golden State’ or the ‘Company’) is pleased to provide an exploration update regarding drill results and planned exploration activities for the 2019 Field Season. 

Managing Director Michael Moore commented "Since listing we have generated significant gold intercepts requiring further targeted drilling; increased our Cue land holding to more than 175km2 and commenced a very active drill program which will continue not only at Cue but also at the Yule project during this field season.”

Figure1: Exploration Location Plan for Cue and Cuddingwarra Projects 


Light of Asia 

Follow up drilling at the Light of Asia North Prospect is planned to build on the high-grade intercept in 18GSLARC0006 (3m @ 20 g/t including 1m @ 56 g/t Au -refer to ASX announcement dated 25 January 2019). Along strike and downdip positions within the historic high-grade Light of Asia trend will now be targeted in addition to predicted down-plunge positions of the first pass intersection. The Company is finalising statutory approvals with drilling scheduled for May.

Co-funded Diamond Drilling 

The next phase of diamond drilling is now planned further to the north of 18GSCRCD0002 to follow up the broad low-grade gold intersection revealed in that hole and to target intersections of the main structural trends hosting shear-related gold mineralisation. The Company is also completing the statutory approvals process and expects drilling to commence in May 2019.

Seismic Reflector Targets 

The results of comprehensive follow up studies on the two holes targeting the two previously identified seismic reflectors are now complete. Petrological analysis mostly confirmed the alteration assemblages initially interpreted by GSM (see ASX announcement 25 February 2019). Whilst structural analysis didn’t identify major structural features it did recognise the potential for discovery of a large-scale mineralised system nearby, hence the proposed further diamond drilling. The geophysical analysis completed by HiSeis (Perth) indicates that the seismic reflector targeted in 18GSCRCD0001 can be explained by the properties of the various greenstone rocks intersected in a broad shear zone. The deeper seismic reflector targeted in 18GSCRCD0002 was not the interpreted extension of the Great Fingall sequence but has been explained by a series of late micro-dolerite dykes intersected at a similar depth.

Cuddingwarra Project 

The recently acquired Cuddingwarra Project is considered highly prospective to GSM’s regional exploration strategy. The new tenements are considered positive, ‘Greenfields’ exploration ground and cover substantial, prospective and underexplored greenstone stratigraphy and structure in a wellendowed gold mining district either along strike, or in the vicinity of previous and current gold mining operations (Figure 1).

A new Targeting Study at Cuddingwarra has now been completed and resulted in the generation of 12 priority gold targets. The study not only highlighted the prospectivity of the new tenure, but also the need to more adequately test the sparse historic drilling completed to date. 

Several high priority targets at the Cuddingwarra Project have been delineated and include:

  1. Shallow drillholes with gold anomalism; 
  2. Coincident gold-in-soil and base-metal anomalies and SAM (Sub Audio Magnetic) geophysical anomalies; 
  3. Re-interpretation of structural complexity; 
  4. Re-examination of the Cuddingwarra Project, which bookends the Cuddingwarra Mining Centre, where a series of shallow gold pits have been previously mined.

Drill planning and logistics are well underway to commence in Q3 of the 2019 field season. 

Click here to view the full announcement


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Cue Drilling Reveals Multiple Anomalous Alteration Zones

ASX Announcement 25 February 2019 


  • GSM completed 2 deep diamond holes (see ASX:GSM 25 Jan 19) of planned initial four-hole program 
  • Deep Diamond Hole 18GSCRCD0002 
    • Significant shallow gold mineralised zone in weathered tonalite (7m @ 1.6 g/t Au from 44m) 
    • Large, relatively shallow, 140m width structural-alteration downhole interval, with multiple gold anomalous zones intersected 
    • Substantial alteration and structural zones with anomalous gold recorded in core associated with a sheared, quartz veined zone with strong to intense silica alteration 
  • Deep Diamond Hole 18GSCRCD0001 
    • Best assay results include 1m @ 2.4 g/t Au from 39m and 2m @ 1.5 g/t Au from 76m 
    • The interpreted granite-greenstone contact was intersected at 219 metres downhole consisting of a 130m+ interval of structurally deformed, contact metamorphosed granite-greenstone zone 
  • Near Surface Hole 18GSLARCD0003 
    • High grade intersection at Light of Asia *0.3m @ 25.7 g/t Au from 75.5m *from 1.2m Interval with 0.9m of core loss 
  • Awaiting petrological report and results of geophysical core modelling 
  • Significant gold values in the 18GSCRCD0002 pre-collar, along with the widths and intensity of alteration and structural deformation + anomalous gold zones are essential pathfinders for drilling 
  • Follow up drill programmes to commence in April targeting geophysical and shallow high grade targets

Figure 1: Cross Section of 18GSCRCD0002 Showing Alteration Zones and Significant Intercepts 


Golden State Mining Limited (ASX: GSM, ‘Golden State’ or the ‘Company’) is pleased to report assay results from two deep diamond drill holes of the inaugural geophysical exploration target program at its Cue Gold Project as well as a shallow diamond hole at the Light of Asia mine. 

The diamond drilling program was designed to test geophysical seismic reflector targets and granitegreenstone contact zones. The drilling achieved both of these aims and returned multiple, gold anomalous alteration-structural deformation (18GSCRCD0002) and a large, strongly deformed granitegreenstone contact zone (18GSCRCD0001).

Golden State’s Managing Director, Mike Moore, commented: 

“The key takeaway from this deeper drilling program is that we appear to have discovered a potentially large system of alteration which contains encouraging signs of gold mineralisation. Albeit early days, we have enhanced the understanding of controls on this mineralisation and we will now focus on the potential for new, quality gold targets at our 100% owned Cue Gold Project. These include down-dip positions of high-grade gold workings, our new high-grade drill intercept at Light of Asia North and exciting upside of anomalous gold intercepts in the geophysical target holes.” 

“Significant gold values recorded in the pre-collar of 18GSCRCD0002, along with the widths and intensity of alteration and structural deformation, plus anomalous gold zones are essential pathfinders for follow-up drill targeting.” 

“The next phase of drilling is currently being optimised based on the results of the first two holes and is expected to be underway in April”.

Click here to view the full announcement


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December 2018 Quarterly Activities Report 

ASX Announcement 31 January 2019 


  • GSM lists on the ASX 8 November 2018 
  • First drilling program completed at the flagship Cue Gold Project situated in a premier gold district of WA 
  • High-grade gold results from the shallow RC program and broad structural alteration zones intersected in the diamond drilling 
  • Strategic ground acquisition quadruples tenure at Cue 
    • Exploration footprint increased by 120km2 
    • Includes ‘Big Bell South’ Exploration License 
  • WA Government awards co-funded drilling grant for Cue 
    • Up to $150,000 to cover 50% of direct drilling costs 
  • Loyalty option issue announced 
  • Initial mapping and reconnaissance work completed at Yule 

Golden State Mining Limited (ASX code: “GSM” or the “Company”) is pleased to present its quarterly report for the period ending 31 December 2018. Since listing on the ASX on 8 November 2018 the Company has got off to a flying start, having undertaken its first and successful drilling campaign at its flagship Cue project, secured a co-funded drilling grant, initiated it first post-listing exploration at Yule and significantly increased its exploration footprint around Cue. 


IPO and ASX listing 

GSM commenced trading on ASX on 8 November 2018. The Company raised $4,560,000 pursuant to the offer under its prospectus dated 22 August 2018 by the issue of 22,800,000 shares at an issue price of $0.20 per share.

Quadrupling of tenure around Cue 

The Company also announced (on 20 December 2018) that it had entered into a binding Asset Sale Agreement to acquire a 100% interest in the tenements held by Lefroy Exploration Limited (ASX code: “LEX”) in the Murchison region of Western Australia (“the Murchison Project”).

The LEX Murchison Project tenements are considered highly prospective, with synergies to GSM’s exploration strategy in the Cue region. The new tenements are considered positive, ‘Greenfields’ exploration ground and cover substantial prospective greenstone stratigraphy and structure in a wellendowed gold mining district either along strike, or in the vicinity of previous and current gold mining operations.

The new tenure compliments the current GSM held flagship Cue Project where location, access and infrastructure are considered excellent along with the presence of +1 Moz gold mines in the area (Big Bell, Day Dawn Mining Centre).

Figure 1. GSM and LEX tenement packages at Cue 

Click here to view the full announcement


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ASX Announcement 25 January 2019


  • Near Surface Drilling
    • New mineralised zone identified approximately 500m along strike to the north of historic Light of Asia mine 
    • Best intercept includes: 
      • Light of Asia North 3m at 20.1g/t (from 64m), including 1m at 56.6g/t – remains open in all directions 
      • Salisbury 2m at 6.0g/t (from 80m), including 1m at 7.8g/t – remains open down dip and to the south \

  • Diamond Drilling of Seismic Targets
    • 2 holes completed of a planned four-hole program 
    • Broad zones of alteration observed, assay results expected in 3- 4 weeks 
    • Ongoing work includes petrology, detailed logging, updating of seismic model and further core assay work 
    • Co-funding available for further diamond drilling of deep targets


Golden State Mining Limited (ASX:GSM, ‘Golden State’ or the ‘Company’) is pleased to announce encouraging high grade gold results from the shallow RC program and broad structural alteration zones intersected in the diamond drilling program at Cue. 

Golden State’s Managing Director, Mike Moore, commented: 

“The Company’s first RC drill program at Cue has been successful in demonstrating significant prospectivity down-dip and along strike of historic workings and previous drilling but more importantly, revealing new high-grade gold intercepts away from the historic workings. 

The Company is further encouraged by the observations obtained from the first two deep diamond holes that suggests previously unrecorded alteration and structure will assist in interpreting possible sources of mineralisation. 

We are very pleased by the early results of our strategy at Cue to systematically assess the shallow high-grade potential and the deeper targets beneath an established underexplored goldfield.”


The Reverse Circulation (RC) drilling program accomplished the following target criteria: 

1) Targeting untested down-dip gold potential related to high-grade historic gold workings and shallow historic drilling 

2) Defined structural and ‘along trend’ targets with negligible existing drill coverage 

The Golden State shallow RC program (Figure 1) consisted of 15 holes for a total of 1524 metres varying in depth from 60-152 metres with an average depth of 102 metres. Eight holes (18GSLARC0001-8) were drilled at the Light of Asia and Queen of the May workings including two pre-collars and one diamond tail targeting down-dip and plunge positions and along strike to the north. A further five holes (18GSSLRC0001-5) were drilled at the Salisbury workings targeting similar positions. Another two holes (18GSCNRC0001-2), were drilled at the Cue North Prospect including one pre-collar targeting a downplunge position to the north of existing mineralisation. 

The RC drilling recorded both high-grade gold intercepts and anomalous gold zones in a coarse-grained granodioritic-tonalitic intrusive setting with minor dioritic phases and quartz feldspar porphyry units. A table of collar locations and significant intercepts is included in Appendix 1.

Figure 1: Location Plan of Drill Collars at Cue Project 

Click here to view the full announcement


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