New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$5.79m market cap, or US$4.08m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Dec 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 69% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.01m market cap, or US$5.30m). Annuncio • Oct 08
Golden State Mining Limited, Annual General Meeting, Nov 27, 2025 Golden State Mining Limited, Annual General Meeting, Nov 27, 2025. New Risk • Sep 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 0.4% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$5.13m market cap, or US$3.41m). Minor Risk Shareholders have been diluted in the past year (22% increase in shares outstanding). Annuncio • Sep 01
Golden State Mining Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million. Golden State Mining Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 62,500,000
Price\Range: AUD 0.008
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 125,000,000
Price\Range: AUD 0.008
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Nov 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.8m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 4.1% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$2.51m market cap, or US$1.63m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Annuncio • Oct 22
Golden State Mining Limited, Annual General Meeting, Nov 22, 2024 Golden State Mining Limited, Annual General Meeting, Nov 22, 2024. Location: stantons, level 2, 40 kings park road, west perth wa 6005, Australia New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.5m free cash flow). Earnings have declined by 6.6% per year over the past 5 years. Revenue is less than US$1m (AU$30k revenue, or US$21k). Market cap is less than US$10m (AU$3.35m market cap, or US$2.32m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (46% increase in shares outstanding). New Risk • Apr 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.5m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 6.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (139% increase in shares outstanding). Revenue is less than US$1m (AU$30k revenue, or US$19k). Market cap is less than US$10m (AU$3.35m market cap, or US$2.17m). Annuncio • Nov 22
Golden State Mining Limited has completed a Follow-on Equity Offering in the amount of AUD 0.812124 million. Golden State Mining Limited has completed a Follow-on Equity Offering in the amount of AUD 0.812124 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,772,000
Price\Range: AUD 0.017
Transaction Features: Subsequent Direct Listing New Risk • Nov 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.7m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 12% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m (AU$30k revenue, or US$20k). Market cap is less than US$10m (AU$4.59m market cap, or US$2.98m). Annuncio • Nov 15
Golden State Mining Limited has filed a Follow-on Equity Offering in the amount of AUD 0.812124 million. Golden State Mining Limited has filed a Follow-on Equity Offering in the amount of AUD 0.812124 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,772,000
Price\Range: AUD 0.017
Transaction Features: Subsequent Direct Listing New Risk • Nov 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.7m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 12% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m (AU$30k revenue, or US$20k). Market cap is less than US$10m (AU$4.40m market cap, or US$2.87m). Annuncio • Oct 28
Golden State Mining Limited, Annual General Meeting, Nov 29, 2023 Golden State Mining Limited, Annual General Meeting, Nov 29, 2023, at 11:00 W. Australia Standard Time. Location: Stantons, Level 2, 40 Kings Park Road, West Perth, Western Australia West Perth Australia Agenda: To receive the Financial Report, together with the Directors' Report and the Auditor's Report, for the financial year ended 30 June 2023; to adopt the Remuneration Report; to consider re-election of mr brenton siggs as a director; to consider and approval of 10% placement facility; and to deal with any other business that may be brought forward in accordance with the Constitution and the Corporations Act. New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 12% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m (AU$93k revenue, or US$60k). Market cap is less than US$10m (AU$6.88m market cap, or US$4.42m). New Risk • Jul 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 64% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.88m market cap, or US$4.70m). Annuncio • Jun 03
Golden State Mining Limited, Annual General Meeting, Jul 05, 2023 Golden State Mining Limited, Annual General Meeting, Jul 05, 2023, at 11:00 W. Australia Standard Time. Location: Stantons, Level 2, 40 Kings Park Road West Perth Western Australia Australia Agenda: To consider the ratification of issue of tranche 1 placement shares using 15% placement capacity; to consider the ratification of issue of tranche 1 placement shares using 10% placement capacity; to consider the approval to issue tranche 2 placement shares; to consider the approval to issue tranche 2 placement shares; to consider the approval to issue lead manager options; and to consider the ratification of agreement to issue 2028 options. Annuncio • Jan 18
Golden State Mining Limited Updates on Exploration Projects and Drill Program Being Planned At Four Mile Well Project Near Laverton, Western Australia Golden State Mining Limited provided an update on its exploration projects and a new drill program being planned at the Four Mile Well project near Laverton, Western Australia. A new Exploration Licence located to the north of the Company's existing tenure has recently been granted GSM recently completed an ultra-fine fraction soil sampling traverse over an historic arsenic-bismuth +/- gold soil anomaly on the newly granted tenement E38/3632. The UFF gold results reinforce the elevated gold response to historic regional soil sampling over a magnetic responsive corridor on which historic water bore drill chips were identified as altered greenstone lithologies . The Company has now received DMIRS approval for a reconnaissance air-core drill program over prospective parts of this geochemical traverse. This AC drill program is scheduled to commence in February 2023. Southern Cross East - Gold project Three exploration licences located approximately 60km north-east of the well-endowed gold mining camp of Southern Cross have recently been granted, for a total of 620km. The granted tenements include interpreted buried Archaean rocks within a favourable orogenic gold structural setting. The project area has had negligible on-ground exploration. The structural setting is believed to comprise a series of thrust faults dislocated by minor secondary dilational structures which are prospective for orogenic gold mineralisation. Regional soil sampling and field reconnaissance programs are scheduled to commence this month. An exploration licence located 95km north-northeast of Laverton has also recently been granted. The tenement captures ground located on the same crustal feature as St George Mining's Mt Alexander nickel sulphide deposit and is considered an analogous geological setting for magmatic nickel +/-copper sulphide potential. As seen at Mt Alexander, the interpreted host rocks at Yamarna are fractured and intruded by Proterozoic dykes and considered similar to the setting at Mt Alexander. Annuncio • Dec 24
Golden State Mining Limited Provides A Lithium Exploration Update on Progress At Its Self-Generated Payne's Find Lithium Project Golden State Mining Limited provided a lithium exploration update on progress at its self-generated Payne's Find lithium project in the Murchison region and the newly named Nomad lithium prospect at the Yule Project in the Pilbara region of Western Australia. Payne's Find (100% GSM): The Company has completed first phase reconnaissance geochemical sampling at Payne's Find. This work was based on a regolith study and target generation using aeromagnetic interpretation. This early-stage work has included the collection of 19 rock chip samples and 704 soil samples over priority areas of interpreted shallow cover and stripped regolith profile with areas of sub-crop. Assay results from the rock chip sampling have provided early encouragement with anomalous and elevated lithium and associated pathfinders recorded in several samples. The rock chip sampling program targeted material sourced from sub-cropping coarse grained K-feldspar rich granites and granitic pegmatites. Further geochemical analysis indicates that a number of samples lithologies show evidence of potentially highly fractionated granites and pegmatites. The most significant results were recorded from sample GSPF0514, a coarse-grained, porphyritic (K-feldspar bearing) pegmatite with 208 ppm Li, 851 ppm Rb and 40 ppm Cs associated with elevated levels of tin, tantalum and tungsten. Sample GSPF0505 recorded 106 ppm Li and 548 ppm Rb also with elevated levels of tin, tantalum and tungsten. Summary statistical analysis of multielement rock chip sample data shows a moderate to good correlation between Li, Cs, Rb, Y, Sn and W. Anomalous results from the rock chip sampling are provided. Assay results from the soil sampling are expected in late February 2023. Drill target generation over transported cover unsuitable for conventional soil sampling is now complete, with drill program logistics currently underway. The Company expects the first phase of reconnaissance air-core (AC) drilling to get under way in early April 2023. Yule Project (100% GSM): Nomad prospect: The company recently completed further field reconnaissance onsite and collected additional samples from reverse circulation (RC) hole 22GSYSRC0024, which intersected 6 metres @ 440ppm Cs and 88ppm Li along with 5290ppm As from 103 metres. These levels of caesium are considered highly anomalous and indicative of a proximal pegmatite source. Assay results from these extra samples are expected late February 2023. Further AC and RC drilling at the Nomad prospect is currently being planned and is awaiting statutory approvals. Drilling is expected to commence early second quarter 2023. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Brenton Siggs was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Nov 01
Golden State Mining Limited Announces Lithium Targets Confirmed at Yule South Golden State Mining Limited provided the final results of its reverse circulation (`RC') drilling over the Nomad prospect at the Yule South project in the Pilbara region of Western Australia. GSM recently completed and announced preliminary results for one of three conceptual target areas drilled during its lithium-gold focused RC drilling program at the Nomad prospect at its Yule South project. Two additional RC holes were also drilled to follow up previous gold intercepts and downhole geochemical trends. This first pass RC drilling program consisted of 10 holes for a total advance of 1,478 metres. The program has delivered robust lithium ("Li"), caesium ("Cs"), and rubidium ("Rb") anomalies with high levels of associated arsenic. The arsenic assay values show a distinct spatial association with anomalous caesium values in drill samples from the northern part of the arsenic anomaly. The occurrence of arsenic as an accessory mineral has been documented at major lithium pegmatite deposits, that is, the giant Greenbushes pegmatite and at the Goulamina deposit, Mali. At Greenbushes, arsenic also forms a ~4 x 1 km scale anomaly in lateritic duricrust as an anomaly in overlying regolith. At Nomad, bedrock caesium values accompanying arsenic show a strong SW-NE trend with a strong spatial association with the interpreted mafic basement units. This is interpreted as a lithological control on caesium distribution rather than just structure alone. The bedrock and structural interpretation has indicated the presence of preferred mafic host lithologies and a major antiform which is crosscut by faulting and a refolded hinge zone. Based on the evidence above, GSM believes the Nomad prospect now has increased prospectivity as a bona fide LCT pegmatite target. The significant assay results for the program are detailed below. Drillholes were routinely assayed for gold over various composite intervals over the entirety of the hole. Selected intervals and the end of hole were submitted for multi-element and rare earth analysis. Samples intervals above and below significant intersections will now be re-assayed for a multi-element suite. Hole 22GSYSRC0024 was designed as a follow up hole to test anomalous gold intersected in the first phase of air-core drilling. The hole successfully intersected a similar interval of anomalous gold with 4 metres at 98ppb Au from 165 metres in an interpreted mafic porphyritic unit. This hole also intersected significant intervals of highly anomalous caesium, lithium and arsenic. The best interval was 6 metres at 440ppm Cs & 88ppm Li along with 5290ppm As from 103 metres in a structure consisting of ferruginous saprock interpreted to represent oxidised micaceous fault gouge. These levels of caesium are considered highly anomalous and encouraging. Caesium is less mobile than other rare alkali elements in dispersion haloes and therefore is considered to be a proximal vector to a potential LCT pegmatite source. Caesium is a very rare element in the crust (single ppm levels). It is normally only concentrated to elevated levels in LCT granitic pegmatites. The highly caesium enriched interval from 22GSYSRC0024 will be further investigated mineralogically, to identify the caesium and arsenic mineral hosts. The identification of caesium-bearing primary mica minerals would give further indication to the presence of an LCT pegmatite body. Hole GSYSRC0028 was designed to test an interpreted geochemical trend identified from previous air-core drilling with anomalous caesium intersections. This hole intersected 8 metres at 95ppm Cs from 120 metres and 2 metres at 148ppm Cs from 160 metres at the end of hole, both intersections were associated with elevated lithium and high arsenic. Three 240 metre spaced holes were drilled in this target area for a total advance of 480 metres. Field logging recorded mainly granitic lithologies with some minor mafic xenolithic units. These results are not considered significant at this stage. Three holes were drilled at this target area for a total advance of 510 metres. Hole 22GSYSRC0025 recorded an encouraging 13-metre interval of anomalous lithium and arsenic hosted in a sheared mafic unit between 93-106 metres. This hole also ended in anomalous lithium with 4 metres at 137ppm Li from 158 metres in a mafic unit. Hole 22GSYSRC0026 recorded 4 metres at 154ppm Li, 95ppm Cs & 1180ppm As from 155 metres in a mafic unit and 3 metres at 102ppm Cs and elevated Li and As at the end of hole in an interpreted dolerite. Hole 22GSYSRC0027 recorded 4 metres at 61ppm Cs from 87 metres in an intermediate host and 4 metres at 170ppm Li and 79ppm Cs from 143 metres in a mafic volcaniclastic. Previously announced results for this target area recorded 3 metres at 128ppm Li from 91m at the end of abandoned hole 22GSYSRC0020. Further anomalous intervals include 8 metres at 150ppm Li & 51ppm Cs from 59 metres and 8 metres at 137ppm Li from 75 metres. Hole 22GSYSRC0019 recorded an elevated interval of 12 metres at 90ppm Li from 33 metres. Due to both holes being abandoned before target depth and the anomalous and elevated lithium and Cs results, this target is considered untested and will be re-drilled during the next follow up RC program. This lower priority target will be tested at a later date during the next follow up RC program. The principal objective of this drill program was to probe conceptual LCT pegmatite target areas in relation to primary geochemical dispersion haloes identified in air-core bedrock anomalies. An updated bedrock and structural interpretation in association with additional geochemical analysis has now identified three advanced target areas. These new targets are based on common areas of overlap in lithium pathfinder element anomalism in combination with favorable structural positions and preferred host lithologies. Target M1: The priority target is based upon the presence of the caesium values in 22GSYSRC0024, as well as its favorable structural position in the core of an interpreted major antiform. Additionally, significant faulting is also associated with this area, making it a 'damaged zone' that can preferentially accommodate later intrusions and serve to focus potentially mineralizing crustal fluids. Target M2: This target is based on the overlapping Li-Cs-As anomalism on the western side of the major antiform, close to an interpreted refold hinge zone. It also coincides with a major fault crosscutting the major antiform. Target M3: This target is based on anomalous Li-Rb-Cs intercepts within associated mafic schists across a major curvilinear shear zone to the south and west of the major antiform. This type of geological setting is also considered a conceptual gold target. Further priority RC and AC programs are now in planning for Nomad to progress this exciting new prospect. Program of work submissions are in place and awaiting statutory approvals. Annuncio • Oct 27
Golden State Mining Limited, Annual General Meeting, Nov 25, 2022 Golden State Mining Limited, Annual General Meeting, Nov 25, 2022, at 12:00 W. Australia Standard Time. Location: Stantons, Level 2, 40 Kings Park Road West Perth Western Australia Australia Agenda: To receive the Financial Report, together with the Directors' Report and the Auditor's Report, for the financial year ended 30 June 2022; to consider Adoption of Remuneration Report; to consider Re-election of Mr. Greg Hancock as a Director; to consider Approval of 10% Placement Capacity; to consider Issue of Options - Director Damien Kelly; to consider Issue of Options - Director Michael Moore; to consider Ratification of Agreement to Issue Options (Geoff Willetts); to consider Ratification of Agreement to Issue Options (Marc Boudames); to consider Ratification of Prior Issue of Shares for Restructuring the Cue Royalty; and to consider other matters. Reported Earnings • Oct 01
Full year 2022 earnings released: AU$0.036 loss per share (vs AU$0.05 loss in FY 2021) Full year 2022 results: AU$0.036 loss per share. Revenue: AU$963.9k (up 35% from FY 2021). Net loss: AU$3.16m (flat on FY 2021). Annuncio • Aug 18
Golden State Mining Limited Provides an Update on Recent Exploration Drilling Activities At Yule Project in the Pilbara Region of Western Australia Golden State Mining Limited provided an update on its recent exploration drilling activities and to report that it has completed reverse circulation (`RC') drilling over Target 2A at the Yule Project in the Pilbara region of Western Australia. Target 2 Lithium and Gold RC drilling program: GSM has completed its lithium-gold focused RC drilling program at Target 2A on its Yule project. First pass RC drilling consisted of 10 holes for a total advance of 1,478 metres being drilled over a shallow sand-covered, complex greenstone- granitoid structural setting and coincident, elevated to anomalous lithium pathfinder and gold air- core (`AC') intercepts recorded in the 2021 reconnaissance drilling. The first area drilled in the program was drill target L3. The two holes drilled at this prospect area failed to reach target depth of 150m due to drilling related issues. As a result, the Company resolved to engage a larger and more powerful RC drill rig which mobilised promptly to site successfully completing the remaining holes with no further technical issues. The two holes drilled at Target L3 were 22GSYSRC0020 which reached a depth of 94 metres and 22GSYSRC0019 which reached a depth of 52 metres. Selected samples from these first two holes were sent to Perth for assay analysis prior to the replacement rig arriving on site. To avoid any conceivable doubt as to the Company's ability to issue a `cleansing notice' pursuant to section 708A(5)(e) of the Corporations Act 2001, the Company provides the preliminary and incomplete assay results below as interim disclosure. The only anomalous results were recorded in hole 22GSYSRC0020 which intersected 8 metres @ 21ppb Au from 63 metres and 3 metres @ 128ppm Li from 91m at the end of the hole. These gold and lithium results along with associated pathfinder results are consistent with previous AC results recorded in this region at Target 2A. These results are only a fraction of the assay batch expected from the RC drill program at Target 2A, and the Company is awaiting further multi-element assays including these two drill holes that failed to reach target depth. The Company looks forward to disclosing full assay results which are expected to be received in early October. Four Mile Well (100% GSM): The Company has now received the assay results from the reconnaissance air-core drill program completed in early July. The program consisted of 27 holes for a total advance of 1,162 metres and was designed to assess concealed Archaean terrain and basement below historic and recent anomalous soil geochemistry responses. Gold intercepts considered anomalous were encountered in three of the holes. The most significant intercept was recorded in hole 22GSFMAC0069 with 4 metres @ 224ppb Au from 16 metres in an interpreted porphyry unit which coincides with a magnetic high, considered to be in a buried greenstone sequence. This interpretation has now been confirmed with all holes drilled over the northwest magnetic trend encountering greenstone units. The Company now looks forward to the granting of tenement application E38/3632 where evidence of a continuation of the buried greenstone has been recorded in historic water bore chips. Annuncio • Jul 20
Golden State Mining Limited Announces That Reverse Circulation Drilling Has Commenced over Target 2A At the Yule Project in the Pilbara, Western Australia Golden State Mining Limited announced that reverse circulation drilling has commenced over Target 2A at the Yule Project in the Pilbara, Western Australia. GSM has secured a drill contractor and commenced a lithium-gold focused RC program testing Target 2A on its Yule project . First pass RC drilling (circa 10 holes, 1500m) will test a shallow sand-covered, complex greenstone-granitoid structural setting and coincident, elevated to anomalous LCT pathfinder and gold air-core intercepts recorded in 2021 reconnaissance drilling. Annuncio • Jul 06
Gold Drilling Complete Provides an Update on Its Exploration Activities At the Four Mile Well Project Near Laverton Plus Additional Lithium Exploration Licence Granted At Payne's Find Golden State Mining Limited provided an update on its exploration activities and the details of an air-core program completed at the Four Mile Well project near Laverton, Western Australia. The Company has completed a reconnaissance air-core drill program on its newly granted tenement at the Four Mile Well Project near Laverton in Western Australia. The program consisted of 27 holes for a total advance of 1,162 metres and was designed to assess concealed Archaean terrain and basement below historic and recent anomalous soil geochemistry responses. Drill logging recorded a range of granitic lithologies including interpreted dioritic and porphyritic intrusive rocks with interpreted mafic-ultramafic greenstone lithologies which likely reflect magnetic signatures on the western side of the tenement. A total of 316 samples have been submitted for assay with result turn around expected mid-August. GSM has received notification of the successful grant of another exploration licence E59/2701 at its Payne's Find Project. This tenement brings an additional 99.6km of ground holding with approximately 22km strike length along a potential VMS style target corridor on an interpreted granitoid/greenstone contact. GSM recently completed an initial field reconnaissance trip over its granted tenure in the northern and central parts of the project area. Activities included initial stakeholder consultation with supportive local pastoralists and establishing access to all parts of the ground holding. Regolith assessment and geochemical sampling was completed in areas elevated for gold in historic laterite sampling. Initial reconnaissance suggests historic geochemical sampling methods may not have been effective. GSM is continuing its pursuit of a drill contractor for a focussed lithium and gold reverse circulation ("RC") program at Target 2 on its Yule South project. All statutory approvals are in place which will ensure a rapid deployment when a suitable rig becomes available. Recent unseasonal rains have delayed regional programs in the area, thus limiting the availability of drill contractors working locally in an already competitive market. Annuncio • Jun 21
Golden State Mining Limited Provides an Update on Its Exploration Activities and New Drill Program Now Underway At the Four Mile Well Project Near Laverton, Western Australia Golden State Mining Limited provided an update on its exploration activities and new drill program now underway at the Four Mile Well project near Laverton, Western Australia. GSM has recently completed an orientation geochemical program on two traverses over an historic arsenic-bismuth +/- gold soil anomaly. The aim of the orientation program was to validate the historic anomalous values, collected as conventional lag samples with a more appropriate ultra-fine soil fraction (UFF) analytical method determined from GSM's regolith analysis. The UFF technique was specifically developed for transported sand covered terrain as observed in the northern part of the Four Mile Well project. Although UFF is a different collection and analytical method to the historic lag sampling, some broad correlations can be interpreted between the UFF geochemistry and the historic lag sampling results. The analysis has provided sufficient encouragement to undertake further work and sampling over this area. Reconnaissance work also revealed several historic, wide-spaced water bore collars located on the northern tenement application ELA 38/3632 where remnant drill chips were collected for petrographic analysis. These drill chips were recorded as fine-grained schistose chlorite-sericite altered intermediate/volcanoclastic types, including some specimens with weak sulphide mineralisation. These findings demonstrate the presence of an untested corridor of altered greenstone rocks striking north-northwest beneath the sand covered northern portion of the Four Mile Well project in an area previously interpreted as buried granite by the GSWA. DMIRS WAMEX searches and field-checking has shown the northern portion of the Four Mile Well project has not been the subject of any effective reconnaissance drill testing. The Company has now merged this latest surface geochemical and field observation dataset with the historic geochemistry data and aeromagnetic structural interpretation work. This generative work has resulted in the design of an approved 1,200m air-core ("AC") drill program over prospective, untested structural and geochemistry corridors. This AC drill program commenced on Friday 17th of June. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Brenton Siggs was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Apr 08
Golden State Mining Limited announced that it expects to receive AUD 2.4975 million in funding Golden State Mining Limited announced a private placement of 33,300,000 shares at an issue price of AUD 0.075 per share for gross proceeds of AUD 2,497,500 on April 8, 2022. The transaction will include participation from sophisticated and professional investors including company's directors and staff for AUD 100,000. The transaction is expected to close on April 15, 2022. The company will receive funding in tranches. The issue of 12,606,667 shares is subject to shareholder approval at a general meeting scheduled to take place by mid to late May 2022, with this portion of the placement expected to settle in mid to late May. Annuncio • Apr 04
Golden State Mining Announces Successful Grant of Two Out of Five Tenement Applications Golden State Mining Limited announced the successful grant of two out of five tenement applications at GSM's new 1,200km Payne's Find Project in the Murchison region of Western Australia. The new Payne's Find project is located immediately east and 30kms north of Payne's Find in the Murchison region of Western Australia. GSM has secured the ground for its lithium and base metal potential based on open file aeromagnetic and remote sensing data evaluation. Selection criteria supporting the GSM ground selection in the Payne's Find region includes known lithium-bearing pegmatites (e.g., Mount Edon & Goodingnow) in the region and a favourable geological setting for potential lithium mineralisation comprising multiple granitic intrusive episodes (many of which appear to be "late-stage") intruding into a potential extension of the "Youanmi Terrane" greenstones. The project-scale lithium targeting work has already commenced on the new, underexplored tenure of the entire project area. In addition, the technical team are assessing the interpreted base metal potential corridor on the western part of the Payne's Find North tenements. Further reconnaissance and initial soil sampling work is due to commence in the coming weeks. Reported Earnings • Mar 17
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.021 loss per share (up from AU$0.038 loss in 1H 2021). Revenue: AU$945.0k (up 271% from 1H 2021). Net loss: AU$1.77m (loss narrowed 17% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annuncio • Feb 24
Golden State Mining Limited Announces Anomalous Target Trends at Yule Golden State Mining Limited announced the first batch of composite assay results (approximately 75% of program results) from its regional phase three reconnaissance air-core ("AC") drill program at the Yule Project in the Mallina Basin. GSM is continuing its interpretation of anomalous and pathfinder element results with well-regarded industry consultants to determine the significance of these latest gold intercepts and their geological host rocks to vector in on prospective trends and structural corridors and to plan a follow-up drill program strategy. The first assay results have been received for eleven target areas drilled during the phase three reconnaissance program. A total of 3,990 samples were submitted for gold fire assay over 4 metre composite intervals and single metre end of hole (`EOH') gold and multi-element assays. To date, 3003 results have been received with the remainder due by mid-March. At Yule South, composite results have been received for additional drilling at Target 1 East and new AC drilling at Target 1, located approximately 2.3 kilometres to the west. The results from additional drilling at Target 1 West, Target 2A and Target 5 remain outstanding. At Yule East, results have been received for all of the target areas from GSM's first reconnaissance drill program on the tenement. All reconnaissance program holes were drilled on nominal 160 metre centres to blade refusal or to the limit of available drill rods (156 metres maximum) on regionally spaced drill traverses. Phase three drilling has returned several anomalous four and six-metre composite intervals greater than 100ppb gold. Additional drilling at this target continued to probe a diorite intrusive and structural corridor previously discovered in phases 1 & 2 air-core programs. The best gold intersection occurred in a weathered saprolite horizon in hole 21GSYSAC0317 with 4m @ 200ppb from 30 metres. In addition, transported cover related gold mineralisation was intersected in hole 21GSYSAC0311 within an interpreted paleochannel containing a ferruginous grit host with 6m @ 190ppb from 24 metres. This shallow paleochannel anomaly requires follow-up drilling to test extent and potential gold source. Reconnaissance AC drilling at this location was designed to target a south-east trending structural corridor containing potential mafic units and intrusives interpreted from aeromagnetic data. The best bedrock gold intersection occurred near the end of hole 21GSYSAC0341 in a slatey fine-grained metasediment with pyrite with 1m @ 120ppb from 89 metres. Several anomalous gold intersections were also encountered at or near surface in weathered metasediments. The best result was recorded in hole 21GSYSAC0338 in a weathered arkosic saprock unit with 4m @ 200ppb from 21 metres. GSM will follow up on the interpretation of the bedrock intersections and the considerable potential of paleo-channel related gold mineralisation in this area due to its proximity "downstream" of the Hemi gold deposit. GSM's assay results have now been received for all target areas at Yule East. GSM is investigating a possible link between the two gold intersections at Areas 1 & 2 potentially occurring within the same structure. Further magnetic modelling and interpretation will be completed to optimise any follow up drill orientations. A potential interpretation of these +100ppb Au intercepts is that they are associated with a NW-SE trending structure which is poorly tested and remains open to the NW and SE. The additional gold and potential base metal pathfinder anomalism is consistent with the results of previous drilling along the YRSZ. GSM will continue working with industry consultants to consider this anomalism as potential vectors to economic mineralisation and understand the geological setting in which it may occur in the Mallina Basin. Annuncio • Jan 06
Golden State Mining Limited Provides Update on 2021 Yule AC Drill Sample Status and 2022 Forward Exploration Planning Golden State Mining Limited provide an update on 2021 Yule AC drill sample status and 2022 forward exploration planning. The Company has received updated advice from theassay laboratory with regards to the assay resultstimeline for the Yule air-core (AC) samples, none ofwhich have yet been received. Nine batches ofsamples were submitted during the recent ACprogram between 12th October 2021 and 22ndNovember 2021. The first batch of sample results isnow expected in mid to late January 2022. Thisschedule is in line with the industry wide backlog anddemand for analytical results across the state. The results from the remaining Yule drill samples are expected to be received in batches through February andinto early April 2022. Ongoing 2022 exploration activities in planning include: Follow-up AC drill targeting; Refinement of planned Reverse Circulation (RC) Lithium drilling; Petrological studies of selected AC EOH core and drill chips. GSM is currently working with respected industry consultants to evaluate available ground in various regions inWA for additional Li-Au-Ni-base metal potential. This exercise is expected to produce several successful tenementapplications upon which GSM intends to continue it's aggressive and systematic exploration strategies. Yule Summary to Date: GSM's 100% Owned Yule Project ~730km2: Strategic ground position in the sought-afterArchaean Mallina Basin; Tenement package hosts intrusive bodies andmajor structural corridors; Seriously underexplored; High priority gold + lithium + base metal targets. Large discrete intrusive targets 15kms from Hemi with similar magnetic signatures: Target 1 East - 4m @ 2.3g/t Au incl. 1m @ 7.6g/t; Target 2A - 800m x 1400m Arsenic Anomaly; Alteration - Focussed Quartz-Sericite-Pyrite. 2021 drilling programs: 3,542m RC gold program; 16,326m Air-core gold and lithium program. Major regional structures: Sholl Shear Zone; Yule River Shear Zone. The Right Rocks: Archaean Mallina Basin; Large granitic intrusions into volcano-sedimentary sequence; Right environment for late discrete intrusives andpegmatite development. Annuncio • Nov 24
Golden State Mining Limited Announces Successful Completion of its Air-Core Drill Program over 18 Target Areas at Yule Project in Mallina Basin Region of Western Australia Golden State Mining Limited announced the successful completion of its air-core (AC) drill program over 18 target areas at the Yule project in the Mallina Basin region of Western Australia. Yule AC Drilling: the 2021 reconnaissance air-core drilling program at the Yule Project has now been concluded over 18 target areas at Yule South, Yule North and the recently granted Yule East projects. 213 holes for a total advance of 16,326 metres were completed. Twelve new target areas were drilled with two at Yule North and ten at Yule East. The remaining six areas at Yule South were drilled over further zones at existing targets including Targets 1, 2A, 3A and 5. The drilling recorded a wide range of rock types including interpreted altered and sheared metasedimentary types, metamorphic and mafic schists and granitoid/porphyritic intrusive bodies. As a result, selective drill holes will be the subject of the company’s lithium-base metal assay suite analysis and additional petrological studies. All drill-holes with suitable transitional to fresh lithic fragments will undergo end-of-hole multi-element analysis. Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Brenton Siggs was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annuncio • Aug 20
Golden State Mining Limited Announces Completion of RC Drill Program over Three Gold Target Areas At the Yule Project in the Mallina Basin Golden State Mining Limited announced the completion of its RC drill program over three gold target areas at the Yule project in the Mallina Basin. Yule South RC program: The reverse circulation ("RC") program at Yule South has now been concluded with three of the four targets having been tested. 18 holes for a total advance of 3,542 metres were completed. Three main targets generated from the 2020 exploration campaigns were tested with the recently completed RC drilling. These targets consist of: Targets 1 East, 1 West and Target 5. Target 1 East: Magnetic inversion modelling has revealed an interpreted anticlinal intrusive feature not adequately tested by AC blade drilling. Interpreted structural zones outlined by magnetic linear features occur either side of this modelled intrusive which host several gold intersections recorded in Phase 1 AC drilling including 4 metres @ 2.3g/t Au including 1 metre @ 7.6g/t Au from 99m (20GSYSAC0002). Target 1 West: Significant silica and pyrite alteration has been recorded in addition to multiple intersections of anomalous 0.1g/t gold values at this target. These indicators are interpreted as a potential mineralised intrusive at depth. Target 5: Petrological work suggests that the mafic package recorded between altered granitoid intrusions has been subject to silicification with patchy sericite and pyrite alteration. This target also recorded anomalous gold intercepts and zones of significant magnetite and leucoxene alteration. GSM's 100% Owned Yule Project ~700km2: trategic ground position in the sought-after Archaean Mallina Basin, Tenement package hosts intrusive bodies and major structural corridors, Seriously underexplored, High priority gold + lithium + base metal targets. Large discrete intrusive targets 15kms from Hemi with similar magnetic signatures: Target 1 East - 4m @ 2.3g/t Au incl. 1m @ 7.6g/t, Target 2A - 800m x 1400m Arsenic Anomaly, Alteration - Focussed Quartz-Sericite-Pyrite, 2021 drilling programs: ~4,000m RC/Diamond gold program x 4 Targets, ~1,500m RC lithium program x 4 Targets, ~15,000m AC gold and lithium program. Major regional structures: Sholl Shear Zone, Yule River Shear Zone, The Right Rocks: Archaean Mallina Basin, Large granitic intrusions into volcano-sedimentary sequence, Right environment for late discrete intrusives. Annuncio • Jun 15
Golden State Mining Limited Provides an Update on Drilling Approvals for its 4 Gold Target Areas at Yule South Golden State Mining Limited provided an update on drilling approvals for its 4 gold target areas at Yule South. GSM is planning to test four gold target areas showing anomalous gold and pathfinder alteration vectors with follow up RC drilling to test bedrock responses to these significant and anomalous gold intersections. Based on positive field studies, the decision was taken to expand the RC drilling program from 1,500 metres to 4,000 metres to accommodate additional targets with prospective geochemistry. Target 1 West: Significant silica and pyrite alteration has been recorded in addition to multiple intersections of anomalous 0.1g/t gold values at this target. These indicators are interpreted as a potential mineralised intrusive at depth. Target 1 East: Magnetic inversion modelling has an interpreted anticlinal intrusive feature which has not been tested by AC blade drilling. Interpreted structural zones outlined by magnetic linear features occur either side of this modelled intrusive which host several gold intersections recorded in Phase 1 AC drilling. Target 5: Petrological work suggests that the mafic package recorded between altered granitoid intrusions has been subject to silicification with patchy sericite and pyrite alteration. This target also recorded anomalous gold intercepts and zones of significant magnetite and leucoxene alteration. Target 2A: Phase 1 AC drilling outlined a 1400 long metre arsenic anomaly reinforced by two +0.1g/t gold drill intersections Subsequent AC drilling confirmed the strong arsenic anomaly and widespread smoky quartz and tourmaline vein development with associated pyrite-chlorite-sericite alteration suggesting a potentially significant mineralised system at depth. Annuncio • Jun 04
Golden State Mining Limited Provides New Mallina Basin Tenement Granted and RC Drilling Update Golden State Mining Limited provided an update on the granting of Yule East E45/5570 and the progress of its planned field programs. Highlights: E45/5570 Yule East in the Mallina Basin has been granted ~210km2; Multiple shear hosted and intrusive style gold targets; 9km long drill-ready historic gold and base metal anomaly; Highly prospective `Pilbara style' LCT pegmatite setting; and Issues with RC drilling approvals for Yule South resolved. Annuncio • Mar 10
Golden State Mining Limited, Annual General Meeting, Apr 08, 2021 Golden State Mining Limited, Annual General Meeting, Apr 08, 2021, at 10:00 W. Australia Standard Time. Location: Stantons International, Level 2 1 Walker Avenue West Perth Australia Agenda: To consider ratification of issue of shares using 15% placement capacity; to consider ratification of issue of shares using 10% placement capacity; to consider approval of issue shares; and to consider ratification of prior issue of shares for drilling services. Annuncio • Feb 18
Golden State Mining Limited Provides an Update on the Status of Planned Drill Programs at its Yule Project Golden State Mining Limited provided an update on the status of its planned drill programs over the coming six months at its 100% owned Yule Project located 15 kilometres north west of De Grey Mining Limited's Hemi gold discovery. Gold targets -2,500m RC/Diamond program- A 2,500 metre follow-up reverse circulation ("RC") and diamond program is being planned, subject to statutory approvals at gold targets delivered from the Phase 1 and 2 air-core ("AC") program is expected to commence in March 2021. Some of the key anomalous gold intersections to be followed up include: Target 1 East - 4 metres @ 2.3g/t Au including 1 metre @ 7.6g/t Au from 99m (20GSYSAC0002); and 18 metres @ 0.17g/t Au from 104 metres (20GSYSAC0013). The potential for lithium bearing LCT pegmatite mineralisation within and around the Yule Project tenements was recognised early in GSM's exploration strategy. As a consequence, four LCT pegmatite targets have been generated based on known lithium pathfinder analysis identified from the phase 1 and 2 AC program results from 2020. A 1,500 metre RC program will test these target areas and is scheduled to commence in May subject to statutory approvals. The next phase of reconnaissance AC drilling is currently in planning for newly granted tenement E47/4343 and the E45/5570 license application at Yule East. Additional areas at Yule South and Yule North will also be included based on the encouraging results from phase 1 and 2 programs. Approximately 15,000 metres of AC drilling, focussed on delivering additional gold and lithium targets for further RC drilling is expected to commence in July 2021 subject to statutory approvals. Annuncio • Jan 19
Golden State Mining Limited Announces the Final Assay Results and Round Up from its First Pass Phase Two Reconnaissance Air-Core Program At the Yule Project in the Mallina Basin Golden State Mining Limited announced the final assay results and round up from its first pass phase two reconnaissance air-core ("AC") program at the Yule Project in the Mallina Basin. GSM is currently working with well-regarded industry consultants with respect to the significance of the phase 2 gold intercepts and their geological host rocks to plan a follow up drill strategy. The outcomes of this process will be combined with planned RC drilling based on the encouraging gold intercepts at Target 1 East, anomalous arsenic and gold at Target 2 and anomalous gold and interpreted hydrothermal alteration at Target 5 delivered from the Phase 1 and 2 air-core programs. Yule Phase Two AC Program: All outstanding assay results have been received for the remaining target areas drilled during the phase two reconnaissance program. All holes were drilled on nominal 160 metre centres to blade refusal or to the limit of available drill rods (156 metres maximum). Phase two drilling returned several four-metre composite intervals greater than 0.1 ppm gold, recorded 39 holes or 20% of holes in the phase 2 program ending in anomalous or elevated gold and/or arsenic and intersected numerous broad intervals of elevated gold values over downhole widths of 12 metres or more. Target 1 West: Drilling at this target was designed to test prospective structural and intrusive zones in this area. Twenty-one holes were drilled at 160 metre centres on four variably spaced traverses for a total advance of 2,168 metres. Field logging recorded a shallow cover to a depth of 15-20 metres. Logged bedrock geology consisted of a range of variably weathered and highly altered metasediment rock types and schists displaying variable silica and pyrite alteration. Two reconnaissance AC traverses tested discrete magnetic anomalies constrained along an interpreted south-east structural trend. The best composite gold intersections included 4 metres @ 0.11g/t Au from 109 metres in hole 20GSYSAC0202 and 3 metres @ 0.10g/t Au from 113 metres in hole 20GSYSAC0203. These encouraging intersections were accompanied by multiple intervals of elevated +10ppb gold. The assay results of two infill holes on 80 metre centres drilled either side of hole 20GSYSAC0202 have now been received. Drillholes 20GSYSAC0300-301 encountered similar silica and pyrite alteration of metasedimentary rocks and intersected zones of elevated gold. 20GSYSAC0300 intersected a 48 metre interval of +10 ppb gold hosted in a chlorite altered and iron-stained saprolite sequence interpreted as a metasediment unit. Two additional AC traverses tested magnetic dislocations to a major north-south structure and parallel demagnetised zones interpreted to represent localised alteration. Anomalous gold intersections included 4 metres @ 0.10g/t Au from 94 metres in hole 20GSYSAC0214 and 4 metres @ 0.10g/t Au from 32 metres in hole 20GSYSAC0215. Target 2: A single east-west traverse was drilled at Target 2A between existing traverses drilled during phase 1. Twelve holes (20GSYSAC0277-288) were drilled for a total advance of 722 metres. Additional end of hole (`EOH') arsenic anomalies were recorded which will aid 2021 target vectoring. Three east-west traverses were drilled at Target 2B focussing on a high strain zone between two granite contact zones. Fourteen holes (20GSYSAC0263-276) were drilled for a total advance of 859 metres. Field logging recorded bedrock geology consisting of mafic units between granitic rocks. No significant gold intersections were encountered in these traverses, however multiple EOH +50ppm arsenic anomalies were recorded including 1 metre @ 666 ppm from 40 meters in hole 20GSYSAC0273. Target 3: Six additional traverses on various orientations were drilled at Target 3A around existing traverses drilled during phase 1. Thirty-six holes (20GSYSAC0221-238, 20GSYSAC0245-262) for a total advance of 2,159 metres. Field logging recorded bedrock geology consistent with phase 1 drilling. The best gold intersection was encountered in hole 20GSYSAC0226 with 4 metres @ 50ppb from 50 metres. Target 4: Six holes (20GSYSAC0289-294) were drilled on two east north-east traverses at this target for a total advance of 602 metres. Four holes were drilled on the eastern traverse extending a traverse drilled in phase 1 drilling. Subtle, elevated intersections were recorded in20GSYSAC0291 (12 metre interval of elevated +30ppb gold from 36 metres) and a +50ppm end of hole arsenic anomaly from 155 metres. Another low-level interval was recorded in hole 20GSYSAC0293 (48 metre interval of elevated gold +10ppb encountered from 69 metres including 4 metres @ 55ppb from 85 metres). Target 6: An interpreted structural intersection of north and north-west trending contact zones was targeted in this area along strike of the promising indicators from Target 5 drilled from the Phase 1 program. Five holes (20GSYSAC0295-299) were drilled here for a total of advance of 488 metres on an east north-east trending single traverse. Field logging recorded bedrock geology consisting of mainly metasedimentary sequence with some possible minor mafic units. No significant gold intersections were encountered at this target although multiple intervals of elevated +10ppb gold were recorded including one twelve metre interval in hole 20GSYSAC0296. Annuncio • Dec 04
Golden State Mining Limited Announces First Assay Results from Phase 2 Drilling At Yule Golden State Mining Limited announced the first results from its phase two air-core ("AC") program at the Yule Project in the Mallina Basin. In addition, target generation on a tenement application (E45/5570) to the east of the current Yule project has been completed using open file aeromagnetic data providing several new target areas. Assay results have been received for the first three target areas drilled during the phase two reconnaissance program. This represents approx. 30% of the total samples submitted with the remainder of results expected during the rest of December 2020. All holes were drilled to blade refusal or to limit of available drill rods (156 metres maximum). Drilling at this target was designed to test prospective structural and intrusive zones in this area. Twenty-one holes were drilled at 160 metres centres on four variably spaced traverses for a total advance of 2,168 metres. Field logging recorded a shallow cover sequence consisting of transported sand, clay and silcrete and calcrete sediments to a depth of 15-20 metres. Bedrock geology consisted of a range of variably weathered and highly altered metasediment rock types and schists displaying increasing silica and pyrite alteration downhole. Two ~900 metre spaced AC traverses tested discrete magnetic anomalies constrained along an interpreted south-east structural trend. The best composite gold intersections included 4 metres @ 0.11g/t Au from 109 metres in hole 20GSYSAC0202 and 3 metres @ 0.10g/t Au from 113 metres in hole 20GSYSAC0203. These encouraging intersections were accompanied by multiple four metre composite intersection greater than +10ppb gold. The presence of highly anomalous gold grades and increasing silica and pyrite alteration provides sufficient evidence to warrant follow up drilling in this target. Two additional east-west 320 metre spaced AC traverses tested dislocations to a major north-south structure and parallel demagnetised zones interpreted to represent localised alteration. Two notable gold intersections included 4 metres @ 0.10g/t Au from 94 metres in hole 20GSYSAC0214 and 4 metres @ 0.10g/t Au from 32 metres in hole 20GSYSAC0215. The Quarry Well area (Figure 2) is interpreted as a strongly deformed aeromagnetic target related to a granite contact zone along the southern edge of the Sholl Shear Zone ("SSZ"). Twenty-nine holes were drilled on three ~1,000 metre spaced traverses for a total advance of 1,571 metres. Field logging recorded a deeper cover sequence consisting of transported sand, clay and silcreted and calcrete sediments to approximately 30 metres. Bedrock geology consisted of a range of variably weathered ultramafic rock types with minor schist and chert units. No significant gold intersections were encountered at this target although multiple +10ppb Au anomalies were recorded. Annuncio • Nov 20
Golden State Mining Limited Announces Completion of Phase Two Air-Core Program Completed Golden State Mining Limited announced the recent completion of its phase two air-core program at the Yule project in the Mallina Basin. The second phase of AC drilling was completed ahead of schedule with 196 drill holes completed for a total advance of 15,125 metres. Six main target areas have been tested including two target areas at Yule South and four broad target areas at Yule North. The Yule South drilling is focusing on interpreted intrusive settings on west-north-west and north-south structures. The Yule North drilling is focusing on some prospective zones along the Sholl Shear Zone and the Balla Yule Prospect. The first batch of assay results are expected late November 2020 from Yule South. The remaining assay results are scheduled for release at regular intervals during December 2020. Annuncio • Oct 04
Golden State Mining Limited Announces the Acquisition of A Significant Aeromagnetic Dataset and the Immediate Commencement of Reprocessing Work Being Undertaken at the Yule Project in the Mallina Basin Golden State Mining Limited reported the acquisition of a significant aeromagnetic dataset and the immediate commencement of reprocessing work being undertaken at the Yule project in the Mallina Basin. The gold-hosting potential of the Mallina Basin has already been established locally by Golden State's Phase 1 aircore drilling which confirmed the presence of gold mineralization within the Yule South tenements. Additional target generation based on the newly acquired magnetic data will increase the pedigree of GSM's Yule tenements and enhance their potential with each phase of exploration. As a genuinely active exploration company, focused on delivering positive exploration outcomes with the drill bit, Golden State is well positioned with a significant Mallina Basin ground holding and a very active exploration program over the next 12 months. Geophysical Data Acquisition and Reprocessing: GSM has recently purchased an aeromagnetic dataset (Reg. number 60884) held under a multi-client license agreement by Core Geophysics Pty Ltd. (Core Geophysics). This aeromagnetic survey (100-metre spaced) was flown by Fugro Airborne Surveys in 2006. The dataset will provide far greater resolution from which to interpret additional structurally hosted gold targets with a focus on intrusive environments. Core Geophysics will now merge the recently acquired aeromagnetic data with GSM's existing open file dataset and use this combined data to produce an enhanced geological interpretation. This study will focus on any structural environments favourable for the development of intrusive style settings, in addition to extensions of mineralized structures intersected in the Phase 1 program. Phase 2 drill program: The next reconnaissance exploration program will consist of 10-15,000 metres of air-core ("AC") drilling testing target areas at Yule South and Yule North. The program is scheduled to commence in the first week of October 2020. Annuncio • Sep 24
Golden State Mining Limited Announces Maiden Drill Program Reinforces Gold Potential At Yule South Golden State Mining Limited to report the final drill result summary for the five initial target areas drilled at the Yule South project. Yule South Aircore Program Results: Phase 1 Yule South Aircore (`AC') drilling over five gold target areas was completed on 11 August 2020 with a total of 199 holes drilled for a total advance of 13,275 metres. Final assay results have been received for the remaining areas including Target 4 and follow up drilling at Target 1. Preliminary petrological analysis has also been received to support the initial geological data collection completed on site during the program. Follow up drilling at Target 1 consisted of extension and neighbouring infill holes and an additional scissor hole to determine the extent and geometry of the host units of anomalous gold intersections. The best four-metre composite gold intersections included 8 metres @ 0.92g/t Au from 96 metres including 4 metres @ 1.81 g/t Au from 96m in hole 20GSYSAC0002 and 20 metres @ 0.15g/t Au from 102 metres including 8 metres @ 0.30 g/t Au from 114m in hole 20GSYSAC0013, located on an east-west section 320 metres to the south. One metre assay results from hole 20GSYSAC0002 have returned an intercept of 4 metres @ 2.3g/t Au from 99 metres including a high-grade interval of 1 metre @ 7.6g/t Au from 99m. One metre samples from hole 0GSYSAC0013 returned 18 metres @ 0.17g/t Au from 104 metres. The impact of this first high-grade gold intercept recorded in weathered bedrock clearly demonstrates the strong potential for gold bearing structures in the Yule project area. Both gold intersections were observed in a weathered, fine-grained schistose saprolitic metasedimentary sequence close to an interpreted felsic intrusive. Petrological analysis confirms this field logging and reveals a weakly foliated chlorite-sericite-biotite altered meta-wacke in hole 20GSYSAC0002 and a chlorite-quartz-sericite-sulfide altered rock in hole 20GSYSAC0013. The extensional infill drilling (holes 20GSYSAC0095-96) completed on a section 320 metres to the north returned four +50ppb gold intersections in four metre composite samples and multiple +10ppb gold anomalies. These intersections were recorded in similar metasedimentary rocks with pyrite mineralisation occurring towards, and at the ends of both drill holes. Neighbouring infill drilling (holes 20GSYSAC0097-98), 80 metres either side of hole 20GSYSAC0002 also returned four anomalous +50ppb gold intersections including two +100ppb gold intervals in four metre composite samples. These holes also recorded multiple +10ppb gold anomalies. A scissor hole (20GSYSAC0199) angled 60o west, was drilled under 20GSYSAC0002 to gain a better understanding of the geometry of the mineralised zone observed in 20GSYSAC0002. This hole intersected a deeply weathered meta-siltstone-sandstone sequence with a dark grey, weathered siliceous unit recorded at 111-117 metres downhole. The best gold intersection returned 4 metres @ 0.06g/t from 110m in a four-metre composite sample within the siliceous unit along with multiple +10ppb gold anomalies. This hole also recorded minor fine-grained pyrite (<2%) towards and at the end of hole. GSM ranks this target as a priority 1 follow-up target corridor and is currently planning infill and extensional AC drilling along the folded intrusive contact. Deeper RC drilling is also proposed to check for depth extensions of the Phase 1 gold intercepts. Further drill line extensions to the west of 20GSYSAC0028 will test the western contact of the logged felsic intrusive. Drilling at this target revealed an 800 x 1400 metre arsenic anomaly and some gold anomalism intersected on the northern AC traverse. Field logging revealed a range of variably weathered rock types including metasediments, schists, and possible mafic/ultramafic rocks. Preliminary petrological analysis of representative rock chips and end-of-hole air-core has enhanced this interpretation and identified a tourmaline-quartz schist (hole 20GSYSAC0097) and a foliated plagioclase-quartz- biotite schist (hole 20GSYSAC0102). Additional detailed lithology studies of drill chips with arsenic and gold anomalism indicates an interpreted complex alteration history of a mafic precursor rock type with widespread biotite mica alteration associated with localised smokey quartz and tourmaline vein development. Silicification and quartz veining of the biotite mica schists was also observed with associated pyrite and chlorite-sericite alteration. Further drill target vectoring and evaluation work is required at this target.