Golden State Mining June 2024 Quarterly Report Overview

Golden State Mining Limited (ASX: $GSM) has released its June 2024 Quarterly Report, detailing its progress across various gold and lithium projects in Western Australia. The company reported having approximately $1.9 million in cash on hand at the end of the quarter and is well-positioned to advance up to 6,000m of Pilbara focused gold drilling. The report highlighted significant developments at the Yule (Au-Li) Project in Pilbara, WA, the Southern Cross East (Au) Project in Goldfields, WA, the Eucla (Cu-Au-Ni-REE) Project in Dundas, WA, and the Paynes Find (Li) Project in Murchison, WA.

Executive Commentary on Quarterly Progress

During the quarter, Golden State Mining focused on planning a gold-focused drill program at Yule, where the company holds over 600km2 of tenements in the highly prospective Mallina Basin in the Pilbara. The company is also actively working towards the commencement of further gold drilling at Yule, as well as advancing the targeting work at the Paynes Find and Southern Cross East projects. Additionally, the company undertook work on the Eucla project, focusing on drill core received from a previous explorer's core storage facility. The analytical results have revealed a highly anomalous gold intercept at depth, requiring further investigation. Field work at the Southern Cross East project has validated previous geochemical work, and further targeting work is in the planning stages prior to the commencement of any drill campaigns. Geochemical analysis work has characterized the lithium anomaly at the Nomad prospect, suggesting an intrusive source, while further work is needed at Paynes Find to firm up the overall exploration strategy for the area.

Summary of Quarterly Report and Outlook

Golden State Mining's June 2024 Quarterly Report highlights the company's focus on advancing gold and lithium exploration across its Western Australian projects. The company is well-positioned to commence up to 6,000m of Pilbara focused gold drilling and has approximately $1.9 million in cash on hand. The report outlined significant developments at the Yule (Au-Li) Project, Southern Cross East (Au) Project, Eucla (Cu-Au-Ni-REE) Project, and Paynes Find (Li) Project. Looking ahead, Golden State Mining aims to continue its exploration efforts, with a focus on further gold drilling at Yule, advancing targeting work at Paynes Find and Southern Cross East projects, and conducting additional petrological work on drill chip specimens to determine mineralogy and pathfinder element makeup for potential drill exploration.