Golden State Mining

MICHAEL MOORE

MANAGING DIRECTOR

◾ Company Name: Golden State Mining ◾ Company ASX code: GSM ◾ Key Commodities: Gold, Lithium, Base Metals ◾ Key Personnel: Michael Moore, Managing Director | Damien Kelly, Chairman | Geoff Willetts, Exploration Manager ◾ Locations: Yule in the Pilbara, Payne’s Find in the Murchison, Southern Cross and Four Mile Well in the northern Goldfields ◾ Market Cap as of 15/08/22: $6.98M ◾ FY22 Share price range - Low/High: $0.038 / $0.145 ◾ Company Website: goldenstatemining.com.au

(ASX:GSM)

COMPANY PROFILE

Golden State Mining has a smorgasbord of precious and base metals across its unique, strategic footprint in proven mineral-rich locations across Western Australia, but its flagship project remains the exciting 730sqkm Yule Project in the Malina Basin of the Pilbara.

With several gold and lithium targets up its sleeve, 13km to the north-west of De Grey’s Hemi discovery, GSM managing director Michael Moore believes there is significant opportunity lurking under the surface at the virtually untouched project – just a stone’s throw from Port Hedland.

While the Hemi gold discovery meant a lot of things to many people, for Golden State the discovery was vindication that it was both operating in the right part of the world, and potentially on to something great.

The ground at Yule was pegged in the mid-2000s by famous prospecting geologist Graham Hutton who was associated with many large base metals, gold, iron ore and diamond discoveries during his lifetime, including the leases that underpinned the 2004 float of Sandfire Resources, which led to the eventual discovery of the world class DeGrussa copper-gold deposit.

But Hutton passed away in 2007 soon after the Yule project was vended into an exploration company; there it languished for the next decade or so until Golden State chairman Damien Kelly, who worked with Hutton back in the day, picked up the tenements himself.

One of the main reasons Yule wasn’t explored effectively is the 5m-70m layer of cover that effectively ‘masks’ the underlying geology.

There’s hardly any outcropping rock, which is often used to pinpoint the location of mineral deposits deeper down.

But despite the lack of ‘signposts’, Golden State managing director Michael Moore told Stockhead the underlying geology at Yule is compelling.

With more than 45,000m of drilling completed to date, he says the company is beginning to understand what is going on beneath the surface.

The company is currently drilling Target2A, following up elevated-toanomalous lithium-caesium-tantalum (LCT) pathfinders and gold aircore intersections reported from AC drilling in 2021.

The RC program is expected to total 1500m across around 10 holes, testing the area’s shallow, sand covered, complex greenstone-granitoid structural setting.

Moore says the company was excited to have secured a rig and get moving on what looms as a big second half of 2022.

The pipeline is full in the second half of 2022 and in addition to drilling Target 2, Golden State expects to undertake heritage surveys at the Balla Yule nickel, cobalt, copper and lithium prospect this month as it works towards planned RC drilling.

A program of work submission has also been completed for the next phase of aircore drilling at Yule.

Meanwhile, the company has secured a series of exploration licences across the state in areas highly prospective for gold and battery metals.

This includes the Payne’s Find project, which was identified by GSM with the assistance of the esteemed Dr Marcus Sweetapple.

Here, around 22km of strike length has been identified along a potential VMS-style target corridor on an interpreted greenstone contact.

In June, aircore drilling kicked off at the Four Mile Well Gold Project north of Laverton over prospective, untested structural and geochemistry corridors where field-checking has shown the northern portion of the project has not been the subject of any effective reconnaissance drill testing.

KEY INVESTMENT HIGHLIGHTS

JULY 29, 2022: With $3.73 million cash in the bank at the end of July, GSM is well placed to undertake various exploration programs across its series of strategic land packages in the September quarter. JUNE 20, 2022: A 1,200m air core drilling program kicked off at Four Mile Well over prospective, untested structural and geochemistry corridors. APRIL 4, 2022: GSM secures the extensive greenfields 1,200sqkm Paynes Find Project.