Description
Golden State Resources Limited (GDN) is an ASX-listed public company with headquarters in Perth, Western Australia. Floated in 1996, the Company is primarily focused on oil and natural gas exploration in the USA and gold projects in the Eastern Goldfields region of Western Australia.
Share Price
In-depth Golden State Resources Proactive Investors Articles
- 17/09/2009 Golden State Resources looks to get production from Utah wells
- 27/07/2009 Golden State Resources reports gas produced in testing of Ismay formation at Paradox #2
- 25/06/2009 Highly anticipated testing begins today of Golden State Resources' Paradox Basin #2 gas discovery
- 12/06/2009 Golden State Resources moves closer to testing gas discovery in Paradox Basin Well #2
- 13/05/2009 Golden State Resources to evaluate discovered gas, drilling ahead at Paradox Basin #2
Recent Golden State Resources news
- 10/03/2010 Golden State Resources drilling on target at Paradox Basin # 3 in Utah
- 08/03/2010 Golden State Resources drilling ahead at Paradox Basin # 3 in Utah
- 04/03/2010 Golden State Resources drilling on track at Paradox Basin #3 in Utah
- 02/03/2010 Golden State Resources closer to target at Paradox Basin #3 production well
- 26/02/2010 Share placement for Golden State Resources
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Presentations & Company Media
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Current Operations:
Oil & Gas
Golden Eagle
THE PARADOX BASIN
The Paradox Basin is richly productive. Currently home to 171 oil and gas fields containing estimated recoverable reserves of one billion barrels of oil (BMbo), or six trillion cubic feet of gas (Tcf) equivalent. The potential for more hydrocarbon reserves is thus enormous. Over its history, the Paradox Basin has produced 500 million barrels of oil and 3.5 trillion cubic feet of gas. Even at current prices that equates to approximately US$57 billion that the area has already produced, with a similar amount again estimated still to be recoverable.
Most encouragingly, the Golden Eagle Prospect has been described as a geological ‘look-alike’ to the largest producing fields in the Paradox Basin. It is the only documented geological structure in the Paradox Basin that is similar in terms of structural style and size. These fields run along the same northern/southern producing trend plain, notably, the Lisbon Field (which is 64 km to the projects south and has produced 50 million barrels of oil and 780 billion cubic feet of gas), the Greater Aneth Field (150 km south with production of 385 million barrels of oil. [READ MORE]
Gold
Leonora
Golden State Resources owns 100% of the Leonora Project.
Located 30 km NE of the Sons of Gwalia Gold Mine (>3 million oz) the Leonora Project is highly prospective for large tonnage gold and base metal deposits, fitting the Company's exploration strategy for the discovery of a major deposit through acquisition of significant land holdings in preferred geological settings. [READ MORE]
Laverton
Golden State's Laverton Project comprises two land holdings, the England and Kelly Well Prospects. The prospects lie in the strategic Laverton Tectonic Zone, close to the large Granny Smith and Wallaby mines.
England
England is located on the same north-east trending structure as the Wallaby gold deposit (7 million oz) and is close to the Granny Smith Deposit (>2 million oz). Preliminary RAB drilling by Golden State has encountered strong gold anomalism (5 metres at 5.6 g/t gold) associated with this north-east structure. Further drilling is proposed to follow up the anomalous intersections on the mineralised structure.
Kelly Well
At Kelly Well Golden State has identified a significant gold soil anomaly adjacent to the north-trending shear that hosts Placer Keringal gold mine to the south. Competitors have reported gold intersections in drilling adjacent to Golden State's tenement.
Menzies
South Yunndaga Prospect (Golden State 87.5%)
The prospect is immediately along strike from the Lady Shenton and Yunndaga mines, which have produced over 750,000 ounces of gold. Golden State Resources, in joint venture with Dalrymple Resources NL, controls 4.5 km of the inferred strike extension of the mineralised shear zone that hosts Lady Shenton and Yunndaga.
The prospect has good potential for the location of repetitions of the Yunndaga mineralisation.
Drilling to date has defined a 600 metre long envelope of low grade gold bedrock mineralisation open to the south.
Merrey Well South (Golden State 100%)
A series of strong gold soil anomalies (maximum 900 ppb) occur at intervals over several hundred metres of strike of a gossan representing alteration along a shallow southwest dipping dolerite-felsic volcanic contact. Previous wide spaced RAB drilling intersected gold anomalism in a number of holes.
Recent drilling is limited in scope but intersected higher grades of mineralisation. Best results were in hole 99MWR463 intersecting 4m @ 2.05 g/t gold from 28m and 8m @ 0.43 g/t from 32m.
Johnston Range
Golden State has a significant tenement position of 335 km2 in the Marda-Jackson Greenstone Belt, north of Southern Cross, in WA.
Located approximately 150 km north of Southern Cross and Sons of Gwalia's mining operations at Cornishman-Marvel Loch, the Johnson Range Project is highly prospective for gold due to its structural setting and past exploration results.
Johnston Range covers the zone of intersection of faults controlling the location of gold deposits at Evanston and Diemals with a flexure in the major regional fault associated with the emplacement of gold mineralisation in the Sandstone, Youanmi, Bullfinch and Southern Cross districts.
The project is an under-explored area where past soil geochemistry has identified widely dispersed gold occurrences.
The project area has in the past been poorly explored due to masking by transported cover. Recent exploration by Golden State has located new encouraging gold anomalies in soils and in outcrop.
Management
Richard Sciano - Managing Director
Richard Sciano is a businessman with 7 years experience as a public company director and is directly responsible for raising over 50 million dollars for those companies. He has 21 years experience in the property investment and building development sectors of Western Australia. He had extensive project management and commercial activities experience, both in the public and business sectors. He has been Executive Director of the company since January 2003. Richard is also executive director for associated company White Canyon Uranium Ltd and was also a non-executive director of Adelaide-based ASX listed company, MGM Wireless Ltd up until November 2007. Richard has not been a director of any other public listed companies during the 3 years prior to the current year.
Rick De Boer - Executive Director
Rick graduated from Curtin University (WAIT at the time) in 1984 then did an Honours year equivalent (Graduate Diploma) in 1985.
He started in the oil patch working on Harriet Field for the Harriet Joint Venture. The first taste of success came soon when the very first exploration well I was involved in, Rosette -1 was a discovery. He went on to re-evaluate Harriet field and that resulted in an increase in reserves from around 10 million to 54million barrels. Rick then joined Core Laboratories and spent the next four years working throughout SE Asia.
He joined Maurice Brand at Energy Equity Corporation, the company achieved the first independent gas-power station in Australia and Rick was instrumental in the purchase of the Senkang gas field from which we developed the much larger Sulawesi gas power Project. Rick also enjoyed success in the purchase of the Harimau oilfield in South Sumatra. They were required to drill further exploration wells in the block and re-evaluated high graded the Singa Prospect. That resulted in a multi TCF gas discovery, actually much larger than they ever expected.
Rick left EEC to join Mobil in Perth, working as staff geologist on WA 268P. His job was to evaluate the existing Jansz prospect and to conduct further studies that would reduce the high perceived reservoir risk and get the prospect drilled. Unfortunately did not survive the Exxon-Mobil merger. Janzs was drilled after he left and was a monstrous discovery.
Post Mobil Rick consulted for various clients including long term contracts at BHP, Alberta Energy and Encana. Rick was negotiating to join AED Oil in 2006 but ended up joining RPS Energy as geology manager in 2006 and worked on numerous listing reports including competent persons reports for AIM listings notably Mediterranean Oil and Gas. AED Oil continued to use his services through RPS and in 2007 I joined AED as Chief Geologist. Rick left AED in 2008 to join Golden State straight after the sale of 60% of the Puffin Field to Sinopec.
Lewis Cross, BBus(Acc) CPA FAICD - Non-Executive Chairman
Mr Cross is a Certified Practising Accountant and principal of the firm CrossCorp Accounting, which has been established for over 24 years. He has a Bachelor of Business majoring in Accounting from Curtin University and is a Fellow of the Institute of Company Directors. Mr Cross has been involved in the mining industry for many years as well as various other industries in the course of his work in providing accounting and business consulting services. He has had extensive experience as a company director and is currently Non-executive Chairman of Polaris Metals NL, and a director of Aspermont Limited.
Ranko Matic, BBus Assoc. CA - Company Secretary
Mr Matic has over 17 years experience in providing audit, accounting and corporate advisory services in public practice and commerce. He holds a Bachelor of Business degree and is an Associate of the Institute of Chartered Accountants in Australia.
Major Shareholders
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Contact Information
Level 1, 181 Roberts Road
SUBIACO WA 6005
(PO Box 616, West Perth. WA 6872)
Ph: +61 89381 9522
Fax: +61 89381 9525
Email :gsr@goldenstate.com.au
Corporate Information
Share Registry
ComputerShare Investor Services
Level 2,
45 St George's Terrace
Perth WA 6000
Telephone: 08 9323 2000
1300 55 70 10
Facsimile: 08 9323 2033
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