- Golden State Mining (GSM) sells its Cue gold project in a bid to switch its focus to lithium and gold exploration
- GSM has pocketed a $200,000 cash payment from Rock Solid for the project, with royalty payments to follow
- The royalties will consist of $15 per ounce payable on the first 60,000 ounces of gold production, followed by $5 per ounce payable on all subsequent gold
- Golden State will also receive a 2 per cent net smelter return royalty on all minerals other than gold unearthed from the site
- Golden State Mining shares were last trading at 3.2 cents at 11:12 am AEST
Golden State Mining (GSM) has sold its Cue gold project in a bid to pinpoint its focus on lithium and gold exploration.
The project lies in the Murchison region of Western Australia and will be handed over to Rock Solid Mining Services.
GSM has pocketed a $200,000 cash payment from Rock Solid for the project, with royalty payments to follow. The royalties will consist of $15 per ounce payable on the first 60,000 ounces of gold production, followed by $5 per ounce payable on all subsequent gold.
Golden State will also receive a 2 per cent net smelter return royalty on all minerals other than gold unearthed from the site.
Golden State Managing Director Michael Moore said through monetising its non-core Cue assets, the company had “boosted its coffers” for lithium and gold exploration at its Yule and Paynes Find projects.
“This transaction allows GSM to sharpen its focus on its lithium and gold exploration activities at its 100 per cent owned Yule project in the Mallina Basin as well as the 100 per cent owned Paynes Find lithium project, where recent results delivered a number of high-priority lithium targets to follow up in 2023,“ Mr Moore said.
Golden State Mining shares were last trading at 3.2 cents at 11:12 am AEST.