Page 10 - pd287-Oct20-mag-web_Neat

neWs

Golden State shows faith in Yule

rom the depths of trying to conjure also a boon for the company. “There’s copper along that shear zone
Fsupport for an IPO in late 2018 to an- “Bostech did the drilling for De Grey and we have nickel numbers in some of
ticipating drilling results from Yule South and are very, very good to work with. the historical drilling,” Moore said.
– 13km north of Hemi – Golden State Having them drill for us means that they “There is a feast of opportunity there,
Mining Ltd’s fortunes have certainly are used to the environment up there. Yule South is pretty heavily gold fo-
swung around in the last 20 months. They have the experience with tricky cused, but we do have a bit of granite, so
Yule has been part of Golden State’s cover and know how to get into the inter- we do think there is some potential in the
portfolio since pre-IPO and was always esting rocks. The team at Bostech have tin-tantalum-lithium things as well.
going to be third in line to be drilled be- that can-do attitude and know how to “We picked up some ground last year
hind the company’s projects in the Mur- push on and get through the crusty bits.” and there is an old 7-8km anomaly on
chison and Laverton districts. Golden State’s 702sq km ground it that has never been followed up from
Golden State managing director Mi- package at Yule, north of both De Grey’s aircore drilling previously done by Troy
chael Moore told Paydirt Yule was con- Hemi prospect within the Mallina project, Resources [Ltd]. That is a ridgy-didge
sidered elephant country but a lack of also contains intrusive bodies, including anomaly we need to get onto which is
exploration in the under application
area meant no- [13sq km]. But
one had formed a again, that is an-
“real position” on other thing to get
the ground. the rigs on over
However, given and above what
highly regarded we have at Yule
geologist, the North and Yule
late Graeme Hut- South,” he said.
ton pegged Yule, A $2.2 million
there was never placement locked
any question away by Taylor
of the ground’s Collison and Hart-
prospectivity in leys Ltd will help
Moore’s mind. Golden State bet-
“We put a lot of ter understand the
faith in his initial opportunities at
identification of Yule in the next
this ground hav- year.
ing some worth,” Moore said the
Moore said. company’s cur-
“Because it has rent cash posi-
cover, it had been tion would see
dismissed as be- it through to the
ing a bit too hard back end of 2021,
to explore. We Geophysics and aircore drilling will help Golden State get a better handle on the geology at however, the
always had faith Yule, near Hemi, in WA’s Pilbara prospect of rais-
in it and planned ing more money
on moving towards exploring it this year. granite complexes and major structures. to keep exploration momentum going
This was always going to be the third A hint of the potential at Yule South would be dependent on discovery suc-
cab off the rank for us because it was by was given in late August with results cess.
far the biggest project we had on top of from phase one aircore drilling over five Meanwhile, an agreement for Adaman
dealing with the various issues of being targets revealing gold in multiple targets, Resources Pty Ltd to purchase, mine
in a new area.” including hits of 8m @ 0.92 g/t gold from and process 48,000t of remnant mine
Backing Hutton’s judgement appears 96m, including 4m @ 1.81 from 96m and tailings (battery sands) from Golden
on-song now that De Grey Mining Ltd 19m @ 91 ppb from 46m, including 4m State’s Cue No.1 and Salisbury mines
has verified the region with the Hemi dis- @ 350 ppb from 58m. through the Kirkalocka gold plant could
covery in the Archaean Mallina basin of More assays were pending at the time also deliver profits.
the Pilbara. of print, with the company also reporting At the time of print, the agreement was
“De Grey has legitimised that area multiple anomalous plus-100 ppb gold subject to conditions precedent and if
and given it hard rock gold credibility in intersections. Phase two drilling was triggered, processing of the sands is ex-
the marketplace. The results are speak- planned to start in September. pected to take 2-3 months.
ing for themselves and we are very en- The next round of drilling is likely to in-
thused about the ground and position clude a programme at Yule North where – Mark Andrews
that we hold,’ Moore said, adding that there is base metals potential along the
having Bostech Drilling onboard was Sholl Shear zone.

Page 10 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT