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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/25/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 25-9-2018: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 3m @ 26.96g/t Au from 182m. Genesis Minerals Limited (ASX: GMD) is pleased to advise that ongoing resou | |
| Resources: | (Resource, Total): 3.3Mt @ 3.0g/t Au for 321koz contained at Ulysses | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that ongoing resource in-fill and extensional drilling below the current 321,000oz Mineral Resource at its 100%-owned Ulysses Gold Project, 30km south of Leonora in WA, continues to generate excellent results. Assays have now been received from recent in-fill drilling extending up to 300m below surface, over a strike length of approximately 800m, and up to 300m down-dip of the current Resource boundary. The high grades encountered provide further evidence that Ulysses is emerging as a large-scale gold system with strong potential to underpin a future standalone gold development. In addition, extensional drilling has now shown that mineralisation extends to over 450m from surface, some 900m down-dip of the Ulysses pit and 500m from the current Resource boundary. Drilling is ongoing with the final in-fill holes above the 100mRL (300m below surface) on track to be completed in September. Drilling will then systematically test along strike to the east and west of the Ulysses Mineral Resource. Genesis Managing Director, Michael Fowler, said: “The current drilling campaign is now moving into its final few weeks and we remain on track to complete a Resource update next month. In-fill drilling in the panel up to 300m below surface is close to being complete, and has delivered some of the highest grade intercepts we’ve seen to date at the project. At the same time, we are also seeing a pleasing trend towards an increased average grade as the drill density increases – something we observed in the shallower portions of the deposit. “Meanwhile, extensional drilling has hit mineralisation up to 450m below surface and beyond, up to 500m below the current Resource boundary. While we are still refining our understanding of the geometry and controls on the mineralisation at this depth, we clearly have a large gold system on our hands at Ulysses. “Drilling will continue through until the end of September. Then we will systematically test the areas to the east and west of the Resource in October where the potential is wide open.” | |
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