Golden State Mining Limited announce the final batch of composite assay drill results from the regional phase three reconnaissance air-core drill program at the Yule Project in the Mallina Basin. GSM has now defined strong vectors from all AC drilling to date to prioritise six multi-commodity target areas to focus on with a detailed follow up drill campaign. Final assay results have been received for the remaining target areas drilled during the phase three reconnaissance AC program.

These results include the remainder of existing targets 1 West, 2 and 3 at Yule South and new target areas at Yule North. First pass, wide-spaced (nominal 320m centres) AC drilling at this new target area tested an interpreted dilational zone adjacent to distinct breaks in aeromagnetic high features approximately 2.5 kilometres to the west of the Balla Yule nickel-cobalt-copper prospect. A significant gold intersection (4m @ 0.8g/t from 74 metres in hole 21GSYNAC0101) was recorded in a composite sample of weathered magnetic, possible silica altered granitic intrusive beneath the transported bedrock interface.

GSM plans to collect one metre splits and additional QA/QC checks to determine the distribution and tenor of this significant gold intersection. The scope for follow-up is very broad as the drilling in the vicinity of this gold intercept is very wide-spaced and located on the end of a drill traverse. As a result, is not only open at depth, but also to the north and along the extensive dislocated aeromagnetic target corridor to the east and west.

GSM's first reconnaissance AC drilling on tenement E47/4343 tested for gold and base metals at an interpreted structural break in the Sholl Shear Zone sequence. No significant gold results were recorded from this target. Target generation will involve further geochemical interrogation of this area's data-set.

2021 AC drilling consisted of one reconnaissance AC traverse located 500 metres to the north-west of previous GSM AC drilling to target an interpreted buried intrusive. Elevated arsenic and copper pathfinder values were recorded at the end of hole with no significant gold results. Target 2 Two AC traverses to the north of existing GSM drilling targeted the apex of an interpreted antiform for gold and Lithium-Caesium-Tantalum pegmatite potential.

Anomalous arsenic and LCT pegmatite pathfinders were intersected in multiple holes resulting in the expansion of the previous anomaly footprint another 600 metres to the north. GSM views these latest results as further evidence of a potential rare alkali dispersion halo of Li-Rb-Cs interpreted as a distal signature from a potential LCT pegmatite source. This dispersion halo is of the type described by Selway et al.

(2005) as a distal footprint for LCT pegmatites. The company believes that the prospectivity of this region for LCT pegmatites is further enhanced by Sayona Mining Ltd.'s Mallina project containing a substantial field of spodumene bearing LCT pegmatites approximately 37 kilometres to the southwest of Target 2 in the same tectonostratigraphic terrane of the Mallina Basin. Target 3 Reconnaissance AC drilling targeted a discrete magnetic high at the northern margin of a granite pluton with no significant gold values recorded.

GSM has now completed its assessment of the drill assay results and pathfinder vectors from all three regional AC programs completed to date at the Yule Project. Six multi-commodity target areas have now been prioritised for future follow up drilling.