Gold, lithium, and base metals exploration company Golden State Mining Limited (ASX: GSM) has successfully completed a bookbuild to raise A$2.5 million in a placement to sophisticated and professional investors.
Funds raised from the Placement, together with the company’s existing cash reserves, is intended to be applied towards (where applicable) the following:
Four Mile Well, near Laverton, Western Australia
- Soil sampling survey currently underway
- Follow-up AC or RC drilling Q2
Yule exploration, in the Pilbara region WA
- Target 2A – Li & Au – RC drilling Q2
- Balla Yule – Ni, Co, Cu & Li – AC & RC drilling Q4
- Yule East – Au – AC & DD drilling Q4
Payne’s Find, in the Murchison region WA
- Lithium and base metals targeting
- Soil sampling
Compile and review historic data on all five new tenement areas ~3,800 sq. km
Additional exploration programmes in 2H CY22 (to be confirmed)
Ongoing working capital requirements and general administrative overheads
Euroz Hartleys Limited acted as Lead Manager to the Placement.
“We are greatly pleased and welcome the significant support demonstrated by the oversubscribed Placement by existing shareholders and to new investors of the company,” Managing Director, Mike Moore, said.
“The appetite for this placement has certainly endorsed the recent project targeting strategy as well as the significant advances made at the Yule project in the Pilbara region of WA over the past two years.
“GSM is now well positioned as it looks to significantly advance lithium and gold exploration at our six key target areas at Yule as well as important preliminary work at our Payne’s Find lithium and base metals project in the Murchison region which formed part of our aggressive targeting work in late 2021 in Western Australia.
“The company now has several future metals projects that it will continue to refine over the coming months and we look forward to providing regular updates throughout 2022.”
For further information please visit: https://goldenstatemining.com.au/
