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Golden State Mining (ASX:GSM) Completes Yule RC Drilling, Gets New Flat in September Quarter – The Market Herald

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  • Golden State Mining ( GSM ) has released its quarterly report for September, noting the completion of reverse circulation (RC) drilling at Target 2A at its Yule project in Washington.
  • A total of 10 holes were drilled to follow the anomalous lithium-cesium-tantalum (LCT) trofinder and gold.
  • During the quarter, the company also received a new exploration license at the Payne’s Find project, where it completed initial field exploration
  • Looking ahead, the company now plans to pursue regional geochemical programs in its residential properties in the December quarter along with new drilling program planning
  • Golden State spent about $550,000 on operations during the quarter and ended September with $3.18 million in available funding, representing 5.8 quarters of usage
  • The company’s shares rose 5.88 percent to trade at 3.6 cents at 2:18 p.m. ET

Golden State Mining (GSM) released its September quarterly report highlighting the completion of reverse circulation (RC) drilling at Target 2A at its Yule project in Washington.

In total, the company drilled 10 holes for 1,478 meters to follow the anomalous lithium-cesium-tantalum (LCT) trofinder and gold.

While the two wells drilled on the L3 target initially failed to reach the target depth due to problems with the drill rig, a larger and more powerful rig was subsequently sent to the site with no further technical problems.

Golden State reported intersections of eight meters at 21 parts per billion (ppb) gold from 63 meters and three meters at 128 parts per million (ppm) lithium from 91 meters, and the company is now awaiting further results.

A four-mile well

In the middle of August Golden State got the results from the Four Mile Well exploratory drilling program.

The Company drilled 27 wells for 1,162 meters to evaluate hidden Archean relief and basement beneath historical and recent anomalous soil geochemical characteristics.

Three holes returned anomalous gold intercepts, including a four-meter strike of 224 ppb gold from 16 meters.

Golden State is currently awaiting an application for Flat E38/3632, where evidence of buried greenstone preservation was recorded.

Payne’s find

Golden State was awarded exploration license E59/2701 as part of the Payne’s Find project, bringing its holdings in the area to 99.6 square kilometres.

In the block over the northern and central parts of the district, the initial field survey has been completed.

Finances

Looking at the company’s finances, Golden State spent about $550,000 on operating activities in the quarter, with most of that going to exploration and evaluation.

As of September 30 of this year. Golden State had $3.18 million in total available funding, which represents 5.8 quarters of usage if spending levels remain the same.

Shares in the company rose 5.88 per cent to trade at 3.6 cents at 2.18pm AEDT.

https://themarketherald.com.au/golden-state-mining-asxgsm-completes-yule-rc-drilling-receives-new-tenement-over-september-quarter-2022-10-28/

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