Recent De Grey discovery highlights potential of Golden State’s Yule gold project

Golden State Mining ASX GSM DEG Hemi gold
Golden State Mining's shares have rocketed on its Yule project's proximity to De Grey's Hemi discovery.

Following De Grey Mining’s (ASX: DEG) recent Hemi gold discovery in WA’s far north, Perth-based exploration company Golden State Mining (ASX: GSM) has realised new potential from its wholly-owned Yule gold project 13 kilometres away.

This month, De Grey confirmed the potential for a major discovery at Hemi when it encountered two significant and thick high-grade zones of gold mineralisation at the prospect, which is part of the Mallina gold project within the Pilbara Craton.

Golden State’s Yule project sits a short drive from Hemi, over 702 square kilometres of ground across a sizeable portion of the Craton.

The acreage includes a new exploration licence covering additional prospective ground to the east of the current Yule North tenement.

Exploration commitment

Golden State managing director Michael Moore said the results of drilling at Hemi underpin his company’s commitment to exploration in the region.

“We are very excited by the recent De Grey drilling results [and] committed to gold exploration and discovery in this prospective and underexplored region of the Pilbara Craton,” he said.

“We have several high-priority gold targets for drilling at Yule and in light of De Grey’s recent discovery, we are currently expanding on our exploration programs.”

The Yule aircore drilling campaign will commence in April over 4,000m, and will target similar geological settings to Hemi which sit within the Mallina Basin.

It will focus on untested major and secondary structures which may have potentially acted as a fluid pathway for gold mineralisation.

Hemi facts

Hemi is a virgin greenfields discovery, with maiden drill results reported in December and further high-grade results reported earlier this month.

Aircore drilling has defined significant mineralisation for De Grey, while infill drilling continues along the prospective corridor over a 2.5km strike length.

The gold mineralisation at Hemi is associated with fine-grained disseminated sulphide and only limited quartz veining hosted in sediments and intrusions.

A program of detailed resource definition and comprehensive drilling is planned to commence shortly in combination with further infill aircore work.

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