Multiple Gold Intersections In Phase 1 Programme
Gold and base metals exploration company Golden State Mining Limited (ASX:GSM) has uncovered potential report in the final drill results for the five initial target areas drilled at the Yule South project in Western Australia.
Golden State’s Managing Director, Michael Moore, said the significance of the results from the first pass reconnaissance programme at Yule South should not be underestimated.
“This once dismissed and misunderstood region is now establishing itself as a premier destination for gold exploration as well as other significant minerals,” Mr Moore said.
T”he aim of this initial phase was to establish the credentials of GSM’s extensive ground holding in the Mallina Basin which totals 715 sq. km and to that end we have very much succeeded.
“We have only tested a tiny fractionof our land holding and are buoyed by our first gold hits, which puts us in good stead for the exciting next phase of exploration.
“Our systematic, and targeted aircore strategy has delivered positive gold intercepts across several concealed aeromagnetic targets at Yule South. Indeed, we have evidence of gold mineralisation at all 5 target areas and a best intercept of 1m @ 7.6g/t in only the second hole drilled.
“We have observed broad zones of potentially gold-related hydrothermal alteration and delineated an interpreted gold bearing structural corridor at Target 1. In addition, we have intersected mineralised intrusives at Target 3 & 5 and outlined a large arsenic anomaly at Target 2.
“All these targets require follow up work which we will prioritise in the near future.
“Phase 2 of our reconnaissance drill strategy will include two Yule South targets as well as our Yule North Project where we will explore the exciting potential of the Sholl Shear Zone.
“Here we have a major regional structure that is relatively untouched within our ground and comparable to the Mallina Shear zones hosting the Hemi discovery.
“The company is well funded and actively exploring this hugely prospective region through multiple phases of exploration over 2020 and 2021.”
Mr Moore said the Phase 1 drilling has advanced the understanding of the interpreted lithologies, metamorphic grade, structure and revealed encouraging alteration assemblages at Yule South. This new knowledge will be applied to follow- up drill planning and new drill target research in the greater Yule project area. The next phase of reconnaissance drilling will focus on additional gold target areas at Yule South and the Sholl Shear Zone at Yule North. This programme will consist of 10-15,000 metres of AC drilling and is planned to commence in the first week of October 2020.