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Project: | Ulysses | |
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Deposit: | Ulysses | |
Location: | Australia | |
Commodities: | Gold | |
Date: | 9/21/2017 | |
Report Code: | JORC | |
Report Type: | Scoping Study | |
Project Stage: | Pursuing Feasibility Study | |
Report details: | 21-9-2017: Genesis Minerals Ltd. announces a Scoping Study report for its Ulysses deposit at the Ulysses project. Internal scoping study results support a long-term underground mining operation at Ulysses. Genesis Minerals Limited (ASX: GMD) is pleased to | |
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 announce that it has approved the immediate commencement of a Feasibility Study on the development of a long-term standalone underground mining operation at its 100%-owned Ulysses Gold Project, located 30km south of Leonora in WA. The decision to move ahead immediately with a Feasibility Study follows the completion of a positive Scoping Study which confirmed the potential of an underground mine at Ulysses assuming a tolltreatment of ore as the base case scenario. The Scoping Study was undertaken internally with assistance from independent consultants and was based on the current Ulysses Mineral Resource. Genesis Managing Director Michael Fowler said the Company’s decision to move ahead immediately with a Feasibility Study reflected the potential robustness of the underground project: “The recently completed Scoping Study has outlined a strong case for the development of an underground mine at Ulysses which we believe represents an attractive opportunity for the Company to generate significant cash-flows assuming a toll-treatment scenario. “That said, should we be successful in expanding the Resource outside of the area included in the Scoping Study, there is strong potential for us to consider a much longer life standalone underground mining and processing operation. “We have therefore decided to move ahead immediately with a Feasibility Study targeting commencement of underground mining in the second quarter of 2018. We have also approved an immediate 4,000m extensional and in-fill drilling program to a depth of 215m below surface to upgrade the Mineral Resource and allow us to move forward with permitting and other pre-development activities. | |
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