Golden State Mining (ASX: GSM) – Milina basin focused

 

COMPANY SCOREBOARD

Pro PlusProCon PlusCon
 
  • Some project pipeline
  • Right sized market cap
  • Money and effort was wasted on the Yule project
 

ABOUT COMPANY

Golden State Mining (GSM) (https://goldenstatemining.com.au/) explores gold and lithium deposits. It holds interests in the Yule project located in the Malina Basin Western Australia; the Murchison project situated to the northeast of Perth, and the Four Mile Well project located in the Eastern Goldfields.

ASX GSM Golden State Mining projects location

CAPITAL STRUCTURE

The company holds 2.5m CRS shares.

FLAGSHIP ASSETS

Yule Gold Lithium Project Malina Basin WA (700 km)

Project Data

The tenements are 15kms to the southeast of DEG’s Hemigold discovery.

Over 40,000m has been drilled since 2020, nothing is found.

OTHER ASSETS

Paynes Find Lithium Project

The company’s next focus

Cuddingwarra and Big Bell South Gold Projects Cue WA (20%)

The company sold 80% interest to CRS for about $700k.

In December 2021, the company didn’t successfully sell the Cue township tenements for $1.1m.

Four Mile Well Project Laverton WA (107 km2)

The project is located 9km to the north of the Laverton in the Eastern Goldfields and consists of a single 38 block exploration licence measuring 107.6km2.

Southern Cross Gold Project

Ashburton Base Metal Project

SUMMARY

The prospect of its Yule project in Milina Basin is very limited. The company has since pegged several large tenements statewide.