Golden State Mining (ASX:GSM) is preparing 8000m of aircore (AC) and reverse circulation (RC) drilling across its Paynes Find Lithium Project in Western Australia.
The work will begin towards the end of the year and continue through to March 2024.
These Golden State plans come after the company identified numerous pegmatite outcrops from recently conducted field mapping in the Payes Find area.
The lithium, gold, and base metals explorer collected 19 rock chip samples from common pegmatite exposures, and all of these samples have been submitted to the laboratory for lithium suite analysis..
Golden State says the pegmatite outcrops were observed within elevated to anomalous lithium-caesium-tantalum (LCT) geochemistry envelopes.
Lab results are expected in early December 2023.
The company says any ‘positive’ results returned from the laboratory will be ‘vigorously’ pursued with follow-up prospect-scale field and structural mapping, detailed rock chip sampling, and shallow drill planning.
Shares in Golden State were up 50% to $0.024 at 10:45am AEDT on 8 November.
Golden State Mining Managing Director Michael Moore says the company’s latest Paynes Find field trip was designed to follow up on previously reported assays from recently conducted soil sampling programs.
“Golden State Mining is pleased to report that several sub-cropping to outcropping pegmatite dyke-like intrusives were recorded and 19 samples have been submitted for laboratory analysis.
The Paynes Find project was pegged by Golden State Mining after a high-level targeting exercise identified it as having the right geological attributes to host lithium mineralisation.”
“The Paynes Find project was pegged by Golden State Mining after a high-level targeting exercise identified it as having the right geological attributes to host lithium mineralisation”
Program of Work (PoW) applications are being prepared and lodged with the WA Department of Mines, Industry Regulation and Safety (DMIRS) across all of the granted tenure within Paynes Find.
To date, one PoW has been approved for AC drilling at the central and north areas of the project.
Golden State says further permitting works for heritage and environmental clearances are now in progress.
The Paynes Find project covers a 1,302km-square area and lies in the Murchison region of Western Australia.
Golden State Mining is an ASX-listed lithium and gold explorer focused on discovering ‘highly prospective’ areas within Western Australia.
As of 30 September 2023, the company had $2.565 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Golden State Mining