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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/10/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 10-11-2016: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 7m @ 3.6g/t Au from 40m at Ulysses West. Genesis Minerals Limited (ASX: GMD) is pleased to advise that | |
| Resources: | (Reserve, Prob): 74000t @ 4.1g/t Au for 9700oz Au contained at Ulysses West | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that recently completed drilling programs at its 100%-owned Ulysses Gold Project near Leonora in WA have highlighted the potential both for new discoveries and immediate extensions to the existing open pit mining operations. A recently completed aircore program has delineated an extensive, coherent gold anomaly over a 1.3km strike length immediately to the east of the existing 151,000oz resource inventory. This represents an outstanding target for follow-up drilling, with closer spaced aircore drilling planned to commence within days to define potential targets for RC drilling. In addition, recent follow-up drilling targeting the newly discovered extensional zone at Ulysses West, where open pit mining operations recently commenced, has been successful in defining a continuous mineralised zone which will be further evaluated for its mining potential. Current exploration activities are aimed at growing the gold inventory at Ulysses, where Genesis recently commenced mining at the Ulysses West open pit with ore being processed under a Toll Milling Agreement with Paddington Gold Pty Ltd at the Paddington mill. The cash-flow generated will be utilised to underpin the Company’s broader growth ambitions, both at Ulysses and the highly prospective Viking Gold Project near Norseman where drilling is also now underway. Genesis has recently completed a program of aircore drilling comprising 75 holes for 4,073 metres of drilling at Ulysses East. The drilling was completed using 200m spaced traverses and 80m hole spacings. The drill spacing resulted in ~35% coverage of the saprolite (weathered zone) with the depth of the overburden ranging from 5-20m. The recently completed holes are highlighted with a white outline in Figures 1 and 2 below. The coloured holes were completed earlier in the year. | |
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