WA-based Golden State Mining announces new Payne's Find Lithium Project

PERTH, Australia, April 4, 2022 /PRNewswire/ -- Gold, lithium, and base metals exploration company Golden State Mining Limited (ASX code: "GSM") is substantially growing its' footprint across Western Australia following the successful granting of two out of five tenement applications at GSM's new ~1200km² Payne's Find Project in the Murchison region of Western Australia.

Located immediately east and 30km north of Payne's Find in the Murchison region of Western Australia, GSM has secured the ground for its lithium and base metal potential based on open file aeromagnetic and remote sensing data evaluation. 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 Managing Director, Michael Moore, commented: "The diligent targeting work carried out by GSM 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, being an exciting addition to the GSM stable of projects across Western Australia. 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 Limited (ASX:TEM) some 30km away has also highlighted the importance of base metals opportunities in this region."

The new Payne's Find Project adds to GSM's quality 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 83 million shares on issue and is well-funded for its extensive exploration programs in 2022.

www.goldenstatemining.com.au^[1]

CONTACT: Michael Moore, mmoore@gsmining.com.au^[2], +61-0863232384

References

1. ^{^} www.goldenstatemining.com.au (www.goldenstatemining.com.au)
2. ^{^} mmoore@gsmining.com.au (www.prnasia.com)