Golden State Mining Limited provided a lithium exploration update on progress at its self-generated Payne's Find lithium project in the Murchison region and the newly named Nomad lithium prospect at the Yule Project in the Pilbara region of Western Australia. Payne's Find (100% GSM): The Company has completed first phase reconnaissance geochemical sampling at Payne's Find. This work was based on a regolith study and target generation using aeromagnetic interpretation.

This early-stage work has included the collection of 19 rock chip samples and 704 soil samples over priority areas of interpreted shallow cover and stripped regolith profile with areas of sub-crop. Assay results from the rock chip sampling have provided early encouragement with anomalous and elevated lithium and associated pathfinders recorded in several samples. The rock chip sampling program targeted material sourced from sub-cropping coarse grained K-feldspar rich granites and granitic pegmatites.

Further geochemical analysis indicates that a number of samples lithologies show evidence of potentially highly fractionated granites and pegmatites. The most significant results were recorded from sample GSPF0514, a coarse-grained, porphyritic (K-feldspar bearing) pegmatite with 208 ppm Li, 851 ppm Rb and 40 ppm Cs associated with elevated levels of tin, tantalum and tungsten. Sample GSPF0505 recorded 106 ppm Li and 548 ppm Rb also with elevated levels of tin, tantalum and tungsten.

Summary statistical analysis of multielement rock chip sample data shows a moderate to good correlation between Li, Cs, Rb, Y, Sn and W. Anomalous results from the rock chip sampling are provided. Assay results from the soil sampling are expected in late February 2023. Drill target generation over transported cover unsuitable for conventional soil sampling is now complete, with drill program logistics currently underway.

The Company expects the first phase of reconnaissance air-core (AC) drilling to get under way in early April 2023. Yule Project (100% GSM): Nomad prospect: The company recently completed further field reconnaissance onsite and collected additional samples from reverse circulation (RC) hole 22GSYSRC0024, which intersected 6 metres @ 440ppm Cs and 88ppm Li along with 5290ppm As from 103 metres. These levels of caesium are considered highly anomalous and indicative of a proximal pegmatite source.

Assay results from these extra samples are expected late February 2023. Further AC and RC drilling at the Nomad prospect is currently being planned and is awaiting statutory approvals. Drilling is expected to commence early second quarter 2023.