• Viewed 10,240 times by 3014 users (Last 30 days)
  • print Created with Sketch. Print

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”).
View the full Corporate Spotlight arrow Created with Sketch.

Interview with Mike Moore from Gloden State Mining

EXPLORATION UPDATE

arrow-down-2 Created with Sketch.

EXPLORATION UPDATE

Four Mile Well and Yule 

ASX Announcement 8 January 2020 


Yule Project 100% GSM

Figure 1: Project location plan showing planned exploration targets in 2020 


Yule North 

The Sholl Shear Zone (“SSZ”) is a major regional structure within the Western and Northern Pilbara. The SSZ consists of a major easterly to north easterly trending strike-slip fault zone and is interpreted as an important tectonic domain boundary in this region. The strike extent of the SSZ is over 21 kilometres along the southern boundary of the Yule North project and represents a significant exploration opportunity for GSM in the 2020 field season. 


This section of the SSZ has been subject to only limited previous gold exploration activities targeting magnetic highs interpreted as Banded Iron Formation (“BIF”) and ultramafic units. GSM has been reviewing this previous exploration data and has noted a lack of systematic exploration in and around favourable geophysical structures offsetting the main SSZ trend. These areas (Figure 1) will be the main focus for drill targeting in the 2020.


Drill planning and statutory approvals are ongoing for the Balla Yule Prospect which forms part of the greater Yule North project area (refer to ASX announcement dated 20 December 2019).


Yule East - Exploration License Application E45/5570 

A new exploration license application (Figure 1) covering additional prospective ground to the east of the current Yule Project is expected to be granted in early 2020, bringing the total project area (granted and application to 656km2 (Refer to ASX announcement 25 October 2019). This recently acquired ground has previously been the subject of a geophysical review of aeromagnetic and airborne radiometric data which identified 14 priority targets along the Yule River Shear Zone (“YRSZ”) within the tenement area.


Previous broad spaced AC drill traverses along approximately 15 kilometres of this prospective structure revealed a nine-kilometre zone of bedrock gold anomalism up to 244 ppb, associated with elevated pathfinder elements Copper 481 ppm and Arsenic 230 ppm from separate holes. GSM research has found little or no follow up drilling has been completed, and the majority of these targets are designated robust drill targets for evaluating in the 2020 field season.


Yule South 

Further review of geophysical targets has expanded the scope of the exploration activities planned for the 2020 field season. Additional drill targets will now be added to the planned AC program currently under preparation via departmental statutory approvals (refer to ASX announcement 25 October 2019). The additional gold targets (Figure 2) are interpreted alteration zones and structural targets situated between interpreted nested plutons of the Portree Granite Complex. This work is expected to commence in Q2 2020


Figure 2: Yule South Target Areas showing planned and additional Aircore program targets over RTP 1VD Magnetic Image 


Click here to view the full announcement

EM SURVEY

arrow-down-2 Created with Sketch.

Fixed Loop EM survey completed 

ASX Announcement 11 November 2019 


Highlights 

  • Follow up Fixed Loop TEM survey completed over bedrock conductor (BYC1) at the Balla Yule Prospect 
  • BYC1 underlies anomalous Ni-Co geochemical results and Ni-Cu-Co sulphide petrological results


Golden State Mining Limited (ASX code “GSM”, “Golden State” or the “Company”) is pleased to announce the completion of a follow up Fixed Loop Time Domain Electromagnetic (FLTEM) survey at the Balla Yule Prospect at Yule North (Figure 1). 


Figure 1: Yule North MLTEM survey areas (yellow outlines) with modelled BYC1 conductor plate (red) over RTP 1VD magnetic image 


Golden State’s Managing Director, Michael Moore commented: "The initial identification of a bedrock conductor was a highly encouraging first step in our exploration drive at the very exciting Balla Yule Prospect. Rapidly following up the initial geophysical survey work with a fixed loop electromagnetic survey was essential as we look to define a follow-up drill program.”


Yule Project 100% GSM

Balla Yule Prospect 


A Fixed Loop TEM survey has been completed over the Balla Yule bedrock conductor BYC1 (Figure 2) previously identified by a Moving Loop TEM survey in September (see ASX announcement dated 27th Sept. 2019). The aim of the survey was to refine the geometry of the conductance source and to assess the potential for possible drill targeting. A total of 97 stations were acquired during the survey on 25-50m centres and 100m spaced lines (five lines of FLTEM in total). The results will now be processed with a final report expected within the next two weeks.


Figure 2: Balla Yule section looking West showing Modelled EM conductor plate BYC1 with respect to previous drilling 


Further Yule Exploration Activities 

Aircore (AC) drill planning of three high priority gold and rare metal pegmatite targets at the Yule South Project is advancing and awaiting statutory government approvals. This program is expected to commence once Heritage Surveys have been completed.


Click here to view the full announcement

DRILLING TO COMMENCE

arrow-down-2 Created with Sketch.

Drilling to Commence on Three Projects 

ASX Announcement 25 October 2019 


HIGHLIGHTS:


Yule – NICKEL/COPPER/GOLD 

  • Yule North fixed loop EM survey commissioned to delineate bedrock conductor 
  • Strategic new tenement application at Yule East 
  • Drilling is planned to commence in December 2019 at Yule 


Four Mile Well – GOLD 

  • 60 hole Aircore drill programme planned for mid November 2019 
  • Drilling to target an interpreted 1.6-kilometre anomalous gold trend north of the 1.3Moz Lancefield deposit 


Cuddingwarra - GOLD 

  • Priority drill targets confirmed 
  • 80 hole Aircore drilling planned for early 2020 


Golden State Mining Limited (ASX code “GSM”, “Golden State” or the “Company”) is pleased to provide an update on the progress of its planned exploration activities across all of its projects.



Golden State’s Managing Director, Michael Moore commented: 

“We are very pleased that we are able to deliver an active year end exploration program ahead of Christmas. With two drilling programs and a geophysics program defining additional targets before the end of 2019, shareholders can look forward to news flow on results and further activity in Q1 2020”.


YULE PROJECT 100% GSM 

Balla Yule Prospect – Conductor refinement 


A discrete bedrock anomaly BYC1 (Figure 1) recently identified by a moving Loop electro-magnetic survey (MLEM) at the Balla Yule prospect (see ASX announcement dated 27th Sept. 2019) requires follow up work for drill target planning. The anomaly has been modelled as a large (~750 m x 900 m), moderate conductance (~150-200 S) plate, dipping ~20-40 degrees to the north at a depth of ~130-150 m below surface. 


A geophysical contractor has been commissioned to undertake a fixed loop electro-magnetic (FLEM) survey over a bedrock conductor (BYC1) recently identified at the Balla Yule Prospect. The aim of the survey is to assess the Balla Yule bedrock conductor and to refine the geometry of the conductive rock unit. The survey is scheduled to start in early November with results expected mid-November. Subject to statutory government and heritage approvals, drilling is planned to commence in December, and the associated program of work and heritage survey request has been submitted.


Yule South – Drill planning 

A program of works and heritage survey request has been submitted for a 2500 metre aircore drilling program planned to test three high priority gold and rare metal pegmatite targets. The targets are interpreted sheared remnant greenstone sequences proximal to major structures and the margin of a later, more magnetic granite pluton. This drilling program is expected to commence in December 2019.



Click here to view the full announcement

SURVEY UNDERWAY

arrow-down-2 Created with Sketch.

Yule North EM Survey Underway 

ASX Announcement 3 September 2019 


Highlights:

Balla Yule Prospect - survey testing nickel-cobalt and copper sulphides 

Quarry Well Prospect – survey targeting existing EM anomalies 


Golden State Mining Limited (ASX code “GSM”, “Golden State” or the “Company”) is pleased to announce the commencement of moving loop electromagnetic (MLEM) surveys at the Yule North Project. Two of the higher priority target areas, identified from a recent geophysical review (see ASX announcement dated 26 June 2019) will be tested for the presence of bedrock conductors that may be the response of massive sulphide accumulations. 


Golden State’s Managing Director, Michael Moore commented: 

"We’re pleased to be getting an opportunity to progress these two prospective areas with an established but higher-powered geophysical technique and we are looking forward to generating drill targets to test later this year".


Figure 1: Yule North MLEM Survey Areas (in red) over RTP 1VD Magnetic Image 


Yule 100% GSM 

Balla Yule Prospect 

The Balla Yule prospect is considered the highest priority area where previous drilling and recent petrology work (see ASX announcement dated 21 May 2019) has identified nickel, nickel-cobalt and copper sulphides very close to the bedrock surface. High-powered MLEM surveying is planned across the full strike length of the interpreted layered mafic intrusive (2.7 x 2.4km) to delineate any bedrock conductors that may be the response of massive sulphide accumulations. 


Quarry Well Prospect 

The Quarry Well prospect is considered to be a structurally hosted gold and base metal target within and proximal to the Sholl Shear zone. Several late-time conductive anomalies were previously identified in this area by historical MLEM surveys undertaken by a previous explorer. These untested anomalies are coincident key structural targets within the Sholl Shear Zone. A focussed 0.8 x 1.3km MLEM survey grid has been designed to validate the existing anomalies and to test for further bedrock conductors.


Further Exploration Activities 

Aircore drill planning of three high priority gold and rare metal pegmatite targets at the Yule South Project is progressing and awaiting statutory government approvals. This program is expected to commence in early Q4 2019.


Click here to view the full announcement

INTERVIEW

arrow-down-2 Created with Sketch.


(20min delay)
Last
8.9¢
Change
0.013(17.1%)
Mkt cap ! $3.259M
Open High Low Value Volume
8.9¢ 8.9¢ 8.9¢ $479 5.379K

Buyers (Bids)

No. Vol. Price($)
1 99269 7.6¢
 

Sellers (Offers)

Price($) Vol. No.
8.9¢ 62500 1
View Market Depth
Last trade - 14.13pm 23/01/2020 (20 minute delay) ?
GSM (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.