Golden State Mining has begun its exploration of the Paynes Find lithium project with positive results. The region, traditionally known for gold exploration, has shown the potential to be a promising lithium province. Golden State Mining has identified several prominent pegmatites across its expansive 1,300km2 ground package.
Assay results from rock chip samples collected from Paynes Find North and Paynes Find Central project areas in Western Australia’s Murchison region have revealed significant lithium, rubidium, and caesium values. Notably, one sample collected at Paynes Find North contained an impressive ore grade of 4,170ppm lithium, 2,650ppm rubidium, and 178ppm caesium. Golden State Mining described these results as “preliminary” and plans to conduct more comprehensive studies in the upcoming weeks.
While Paynes Find North exhibited significant lithium findings, Paynes Find Central showcased predominantly elevated rubidium levels. The company intends to use these findings to build a robust target footprint for its maiden lithium-oriented drilling campaign. Detailed field mapping and an extensive rock chip sampling program are scheduled to commence next month.
Golden State Mining successfully secured $1.5 million through an oversubscribed placement, ensuring funding for their exploration plans at Paynes Find. The forthcoming AC/RC drilling program, expected to cover up to 8,000 meters, will commence in the first quarter of 2024. The managing director of Golden State Mining, Michael Moore, expressed his delight with the initial results from the lithium exploration at Paynes Find. He emphasized the validation of the targeting criteria and the prospectivity of the project.
The Paynes Find lithium project presents promising opportunities for Golden State Mining, and further fieldwork is anticipated in the coming months. As the company progresses with its exploration activities, shareholders can expect regular updates on the project’s advancements.
1. What is the significance of the rock chip samples collected at Paynes Find?
The rock chip samples collected at Paynes Find demonstrated significant lithium, rubidium, and caesium values, indicating the potential for a prosperous lithium province.
2. When will the detailed field mapping and extensive rock chip sampling program begin?
The detailed field mapping and extensive rock chip sampling program at Paynes Find will commence next month, allowing for the generation of a robust target footprint for the upcoming drilling campaign.
3. What funding has Golden State Mining secured for its exploration plans at Paynes Find?
Golden State Mining successfully raised $1.5 million through an oversubscribed placement, ensuring funding for its exploration ambitions at Paynes Find, including the proposed AC/RC drilling program.
4. When will the drilling program at Paynes Find begin?
The drilling program at Paynes Find is scheduled to begin in the first quarter of 2024, covering up to 8,000 meters of exploration.
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