- Golden State Mining (GSM) has received the first batch of results from phase two aircore drilling at the Yule Project in Western Australia
- The company drilled 196 holes for over 15,000 metres to test six target areas across the project
- Managing Director, Michael Moore, is encouraged by the highly anomalous gold grades which will warrant drilling in the new year
- Assay results from the remaining holes are expected to be released sometime this month
- Company shares are down 4.44 per cent and trading at 21.5 cents
Golden State Mining (GSM) has announced first results from phase two aircore drilling at the Yule Project within the Maillina Basin in Western Australia.
This phase of drilling began in October and was completed ahead of schedule last month.
The company drilled 196 holes, for 15,125 metres, to test six target areas within the Yule Project. Of these, two target areas are located within Yule South and the other four lie within the Yule North tenement.
This first batch of assay results come from a target at Yule South and two from Yule North.
Yule South — target one
A total of 21 holes were drilled at this target which aimed to test prospective structural and intrusive zones.
The best composite gold intersections 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 four-metre composite intersections of more than 10 parts per billion (ppb).
Despite the results not being of high-grade, the gold is said to be highly anomalous which will warrant further drilling.
Yule North — Quarry Well
A total of 29 holes were drilled at this target on three 1000-metre-spaced traverses.
Unfortunately, no significant gold intersections were encountered at this target. However multiple gold anomalies of more than 10 ppb were recorded.
Quarry Well East
A total of six holes were drilled at this target which aimed to test a dislocated zone. The best gold intersection is six metres at 0.18g/t gold from six metres downhole.
“To intersect highly anomalous gold grades at target one west above an interpreted intrusive in this geological setting demonstrates the robustness of our targeting strategy and provides strong vectoring information for follow-up drilling in early 2021,” Managing Director Michael Moore said.
Outlook
Assay results from the remaining holes are expected to be released some time this month.
In the new year, Golden State plans to conduct a review of its targets and begin planning for phase three drilling.
The WA explorer intends to begin this drilling between March and April following a heritage survey at the Yule Project.
Company shares are down 4.44 per cent and trading at 21.5 cents at 11:30 am AEDT.