Golden State Mining targets Payne's Find lithium potential

Golden State Mining is substantially growing its footprint across Western Australia following the successful granting of two out of five tenement applications at its new ~1200sqkm Payne's Find Project in the Murchison region of Western Australia.

The gold, lithium, and base metals exploration company has secured the ground for its lithium and base metal potential based on open file aeromagnetic and remote sensing data evaluation. The Payne’s Find Project consists of 3 main project areas, covering North, Central and South. 

The project-scale lithium targeting work has already commenced on the new, underexplored tenure of the entire project area, with further reconnaissance and initial soil sampling work due to commence in the coming weeks.

Golden State’s recent aeromagnetic and remote sensing research, modelling and targeting has revealed the Payne’s Find region contains known lithium-bearing pegmatites.

Golden State's Managing Director, Michael Moore, said the diligent targeting work carried out during the second half of 2021 is already paying off for the company with the recent granting of two out of five tenement applications at Payne's Find.

"In conjunction with a well-regarded industry consultant, this greenfields area was specifically targeted for its lithium prospectivity, however, the recent Meleya discovery by Tempest Minerals some 30km away has also highlighted the importance of base metals opportunities in this region."

The new Payne's Find Project adds to the company's projects focussed on Western Australia, with the flagship being the Yule Project in the under-explored Mallina Basin in the Pilbara region of the State.

GSM's 100% per cent owned holding is a strategic ground position in the highly sought-after Archaean Mallina Basin, with the tenement package hosting intrusive bodies and major structural corridors. The most recent drill campaign uncovered a significant gold intersection of 4m @ 0.8g/t from 74 metres.

"The region is seriously under-explored. GSM continues to validate the credibility of this region and its ability to deliver further major discoveries," Mr Moore said.

GSM's tenements are only about 15km from De Grey's big discovery at Hemi, hosting large discrete intrusive targets with similar magnetic signatures. Mr Moore highlighted the potential of the Mallina Basin, which is logistically ideal with roads, nearby port, gas pipeline and only 40 minutes from town.

GSM has only 83mn shares on issue and said it is "well funded" for its extensive exploration programs in 2022.