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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/10/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 10-11-2017: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 12m @ 4.42g/t Au from 135m. Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has made | |
| Resources: | (Resource, Total): 2.8Mt @ 2.3g/t Au for 206400oz Au contained at Ulysses | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has made a strong start to the current resource upgrade and extensional drilling program at its 100%-owned Ulysses Gold Project, located 30km south of Leonora in WA, with initial results confirming the continuity of the deeper mineralisation and supporting the potential for a significant long-term underground mine at Ulysses. Resource upgrade and extensional drilling commenced at Ulysses on 22 September as part of the recently commenced Underground Feasibility Study. This follows the positive Scoping Study and positive drilling programs completed earlier this year. A total of 40 holes for 6,624m have been completed to date, comprising 29 RC holes for 6,005m and 11 diamond holes for 619m. Genesis Managing Director Michael Fowler said the Company’s plans to develop a significant new long-term underground mine at Ulysses were off to a strong start. “The early results from the drilling have confirmed the consistency and grade of the deeper mineralisation within the resource, while more recent logged holes have indicated that our plan to extend the mineralisation down-plunge is very much on track. “Further results are expected in the next few weeks, but based on the results we have seen to date we have decided to extend the drilling with a further Phase 2 program comprising an additional 2,500m of drilling. “If this drilling is successful as planned, it is quite likely that we will be looking at a much larger drilling program next year aimed at establishing a large standalone mining and processing operation at Ulysses. In the meantime, all the elements of the Ulysses Underground Feasibility Study are in full swing.” | |
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