Investing News NetworkAUSTRALIA
Lithium, gold and base metals exploration company Golden State Mining Limited (ASX code: “GSM” or the “Company”) is pleased to provide rock chip assay results following a geochemical program conducted at its Paynes Find lithium project in Western Australia.
Paynes Find (Li) Project
- Paynes Find North - Significant lithium-rubidium-caesium assay results
- First pass reconnaissance rock chips demonstrate encouraging pegmatites with LCT affinity over an area of broad anomalous geochemistry
- Rock chip results include: 0.9% Li₂O, 0.3% Rb₂O K 178ppm Cs
- Paynes Find Central
- Widespread rubidium anomalism in rock chips up to 0.12% Rb₂O
- Follow-up field work campaign to orientate and sample prospective pegmatites for drill planning
Figure 1: Paynes Find North Rock Chip locations and results.
Golden State’s Managing Director, Michael Moore commented: “Despite the very limited fieldwork coverage thus far, GSM has already validated its original targeting criteria at the Paynes Find lithium project – a self-generated asset in the greater Murchison region of Western Australia.
These encouraging results come from a recent field trip which identified outcropping pegmatites and further enhanced the prospectivity of the project. This data provides the basis for a robust drilling campaign in 2024.
GSM looks forward to carrying out further fieldwork during this quarter, assisting drill-hole placement, target vectoring and updating shareholders as work progresses.”
Paynes Find (Li) Project
GSM has received assay results for 18 rock chip samples collected from a range of pegmatite outcrops at the Paynes Find North (Figure 1) and Paynes Find Central project areas (refer to ASX announcement dated 8 November 2023). These results were taken from a preliminary reconnaissance field mapping exercise only with no comprehensive sampling undertaken. The sampled rock chip locations were selected within areas previously highlighted by soils anomalous in lithium (Li), rubidium (Rb), caesium (Cs) and other lithium pathfinder elements (refer to ASX announcement dated 13 June 2023). A results table of significant elements and key element ratios is provided in Appendices 1 E 2.
Figure 2: Paynes Find North Rock Chip Sample PFNR016 images on sub-crop.
Paynes Find North (E59/2660, 2661, 2662 E E59/2701)
At Paynes Find North, assay results for seven rock chip samples returned several highly encouraging results with significant lithium, rubidium and caesium values along with elevated tantalum and niobium. The best result was reported from rock chip sample PFNR016, which recorded a lithium assay approaching an ore grade of 4,170ppm Li (0.9% Li₂O), 2,650ppm Rb (0.29% Rb₂O) and 178ppm Cs. This sample (Figure 2) was collected from a weathered pegmatite sub-crop approximately 3 metres wide with a very coarse-grained K-feldspar-muscovite with opaque quartz pegmatitic mineral assemblage trending approximately 110 degrees east-southeast.
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