Join our daily newsletter At The Bell to receive exclusive market insights
- Golden State Mining (GSM) reports “significant” exploration progress across its WA projects during the March 2023 quarter
- During the quarter, GSM announced results from first-pass geochemical sampling at the Paynes Find lithium project, identifying a clear anomaly with up to 217 parts per million lithium, with pathfinder element support
- This quarter also saw the company complete an aircore (AC) drilling program at its Four Mile Well gold project, with assays expected by the end of April
- GSM secured new exploration licences during the quarter at both its Southern Cross East and Yamarna projects
- Shares in GSM are trading at 3.1 cents at 11:13 am AEST
Golden State Mining (GSM) has reported “significant” exploration progress at its WA projects during the three-month period to March 31, 2023.
During the March quarter, the company announced results from its first-pass geochemical sampling at its Paynes Find project, which identified a clear anomaly with up to 217 parts per million (ppm) lithium, supported by pathfinder elements. Two priority targets were also reported, being up to six kilometres long.
At the company’s Four Mile Well gold project, it completed an aircore (AC) drilling program for a total advance of 982 metres, assessing anomalous soil geochemistry responses first reported in June of last year.
While Golden State awaits assays from 242 drill samples, the company said field drill logging recorded variable weathered granitic intrusive lithologies beneath extensive types of clay. Assays are expected by April’s end.
“The March quarter has seen the company undertake significant exploration works across several projects which will position the company well in 2023,” GSM Managing Director Michael Moore commented.
Also during the quarter, GSM gained new exploration licenses across its projects prospective for gold and nickel sulphides in WA resources heartland.
“The granting of a tenement at our Yamarna project gives the company further exposure to the all-important battery minerals space, with the project targeting the nickel +/- copper sulphide potential of the region,” Mr Moore added.
Post quarter’s end, Golden State Mining agreed to sell two Cue prospecting licences to Victory Metals. The company received $200,000 from the deal, with royalty payments to follow.
At the quarter’s end, Golden State held a balance of cash and cash equivalents of $1.78 million.
Shares in GSM were trading at 3.1 cents at 11:13 am AEST.
