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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/21/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 21-2-2018: Genesis Minerals Ltd. announces a Resource Estimation report for its Ulysses deposit at the Ulysses project. Ulysses Mineral Resource increases by 55%. Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has taken a key step toward | |
| Resources: | (Resource, Total): 3.3Mt @ 3.0g/t Au for 321koz contained at Ulysses | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has taken a key step towards its objective of developing a long-term underground gold mine at the 100%-owned Ulysses Gold Project near Leonora in WA with the announcement of a 55% increase in the Mineral Resource estimate for the Ulysses deposit from 206,000oz to 321,000oz of contained gold. The updated Mineral Resource incorporates the results of the highly successful drilling program completed at Ulysses over the second half of 2017, which returned a number of high-grade intersections that confirmed and extended a number of high-grade gold zones (shoots). These shoots, which contain high-grade gold, are visually identifiable in drill chips and core and for the first time have been separately modelled and estimated to quantify the higher grade shoots within the overall Mineral Resource estimate. The updated Measured, Indicated and Inferred Mineral Resource estimate now totals 3.3Mt @ 3.0 g/t gold for 321,000 ounces of contained gold (refer to Table 1 for full details), which represents a 55% increase in contained ounces and a 31% increase in grade when compared with the May 2017 Mineral Resource. The high-grade shoots which form part of the overall Mineral Resource are estimated to contain 1.22Mt @ 5.5g/t gold for 215,000 ounces. The Ulysses West shoot has an estimated grade of 8.5g/t gold. | |
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