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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/19/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 19-12-2019: Genesis Minerals Ltd. announces a Resource Estimation report for its Ulysses deposit at the Ulysses project. Updated mineral resource estimate at project. Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has taken another step | |
| Resources: | (Resource, Total): 8.5Mt @ 3.2g/t Au for 867Koz Au contained | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has taken another step towards its objective of developing a substantial new Australian gold mine at its 100%-owned Ulysses Gold Project near Leonora in WA, with the announcement of a 107,000oz increase in the Mineral Resource for the Ulysses deposit from 760,000oz to 867,000oz of contained gold. The updated Mineral Resource incorporates the results of the highly successful drilling program completed at Ulysses over the past four months, which has returned numerous high-grade intersections that confirmed and extended a number of high-grade gold zones. The updated Measured, Indicated and Inferred Mineral Resource now totals 8.5Mt @ 3.2g/t gold for 867,000 ounces of contained gold (refer to Table 1 for full details), which represents a 14% increase in contained ounces when compared with the October 2018 Mineral Resource. Importantly, the higherconfidence Measured and Indicated component has increased by 103,000 ounces (22%) to 574,000 ounces, with the Measured Resource increasing significantly from 4,000 to 133,000 ounces. The high-grade portion of the Mineral Resource, reported at a cut-off of 2g/t gold (refer to Table 1 for full details), which will form part of the mining evaluation for the Feasibility Study, is estimated to contain 4.8Mt @ 4.5g/t gold for 695,000 ounces. | |
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