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In the footsteps of the ‘old timers’

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In the footsteps of the ‘old timers’

Cue as Golden State Mining sees it.

Cue as Golden State Mining sees it.

Image from the company

Cue as Golden State Mining sees it.

Image from the company

Image from the company

Cue as Golden State Mining sees it.

Henry Sims, Business Journalist

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Peppered throughout the desolate, bright red outback of the Mid West stand hundreds of abandoned gold mines and shafts, dating back to 1892 – the beginning of a historic gold rush that originally brought settlers to the area in search of wealth and led to the foundation of Cue.

Today in the small town locally known as “The Queen of the Murchison”, a young Western Australian mining company is hoping to once again strike gold and make it big.

Golden State Mining, an upstart mining company founded in August 2017, is currently exploring land to the East of the town along with two other sites in far flung parts of the state, namely Yule and 4 Mile Well.

But Cue remains their cornerstone project, the crown jewel of their holdings, and the land that their Managing Director and founder, Michael Moore, speaks most passionately about.

“Cue’s fortunes ebb and flow with the fortunes of gold mining”, he says. “It’s a beautiful town, beautiful architecture, but it does struggle.”

Moore is confident that his company will help to turn the fortunes of the town around – by following the footsteps of whom he terms the “old timers”, the prospectors who originally mined the surrounds during that historic gold rush.

“They would exploit anything they could make a buck out of,” he tells me. “But they couldn’t go deep, because they didn’t have the equipment and the resources to do that – and we have those resources now.”

“Their signature, the relics of their activities in terms of the shafts and the stopes, are an indicator, a pointer to something perhaps a little more interesting going on there than just shallow high-grade mineralisation.”

Golden State Mining intends to go public on the ASX, with an IPO planned for October 12. They are seeking to raise $5.5m, which will allow them to start pulling samples from the tenements surrounding Cue – and ultimately discover whether they will be able to build a productive gold mine.

Moore understands that even if they raise those funds and complete that process, nothing is guaranteed.

“I mean, you have a hunch, and you do your best to gather data to feed in and substantiate the theory – but ultimately it’s the drill bit that’s the teller of the truth.”

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In the footsteps of the ‘old timers’