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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/18/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 18-7-2016: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 13m @ 2.2g/t Au from 115m. Genesis Minerals Limited (ASX: GMD) (‘Genesis’ or the ‘Company’) is pleased | |
| Resources: | (Resource, Total): 2.1Mt @ 2.2g/t Au for 151000oz Au contained | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) (‘Genesis’ or the ‘Company’) is pleased to advise that further high-grade gold mineralisation has been intersected outside of the Ulysses Resource beneath the historically mined Ulysses Pit at the Company’s 100% owned Ulysses Gold Project (‘Ulysses” or the “Project”). The 7 hole RC drill program recently completed included 4 holes that targeted potential high-grade shoot positions below the historically mined Ulysses Open Pit. The recent reverse circulation (RC) drilling program comprised 7 holes (1,041m) (see Figure 2) which continued to target the depth extensions along the Ulysses resource particularly the positions of potentially north plunging high-grade gold shoots which are interpreted to result from the intersection of the WNW-trending Ulysses shear zone where it cuts across favourable lithologies in the (locally) NW-trending mafic sequence. Holes 16USRC054 to 16USRC056 intersected mineralisation within the preferred Ti-rich dolerite host rock with mineralisation associated with biotite and pyrite altered zones with variable amounts of quartz veining. Mineralisation in 16USRC052 and 16USRC050 is hosted within dolerite and 16USRC051 within a mafic schist associated with the moderately north east dipping Ulysses shear zone. Hole 16USRC053 was terminated short of the main target zone due to down hole drilling issues and this position remains to be tested. | |
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