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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/23/2018 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 23-11-2018: Genesis Minerals Ltd. announces a Scoping Study report for its Ulysses deposit at the Ulysses project. Scoping study results confirm potential for robust low-cost project. Genesis Minerals Limited (ASX: GMD) is pleased to present the findings | |
| Resources: | (Resource, Total): 7.1Mt @ 3.3g/t Au for 760koz contained at Ulysses | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to present the findings of a recently completed Scoping Study for a standalone gold operation at its 100%-owned Ulysses Gold Project (Ulysses or Project), located 30km south of Leonora in Western Australia’s Eastern Goldfields. The Scoping Study contemplates the development of an underground mining operation with the construction of a stand-alone 0.8 million tonne per annum (Mtpa) ore processing facility and the results to date clearly demonstrate a project which is financially robust and has strong project fundamentals and low technical risk. The positive Scoping Study provides the Company with confidence to advance the project through a detailed Feasibility Study while maintaining an aggressive approach to drilling to grow the Ulysses Mineral Resource and target potential new discoveries. Cautionary Statement The Scoping Study (Study) referred to in this announcement has been undertaken to determine the potential viability of an underground mining operation and standalone gold processing plant to be constructed at the Ulysses Gold Project (Ulysses or Project). It is a preliminary technical and economic study of the potential viability of the Project. It is based on low level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves. Further exploration and evaluation work and appropriate studies are required before Genesis will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. The Study is based on the material assumptions outlined below. These include assumptions about the availability of funding. While Genesis considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved. | |
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