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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/27/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-6-2016: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 10m @ 1.50g/t Au from 0m at Ulysses West. Genesis Minerals Limited (ASX: GMD) (‘Genesis’ or the ‘Compan | |
| Resources: | (Resource, Total): 2.1Mt @ 2.2g/t Au for 151000oz Au contained | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) (‘Genesis’ or the ‘Company’) is pleased to advise that significant new gold zones at Ulysses East and Ulysses West (see Figure 1) have been identified outside of the existing Mineral Resource base at the Company’s 100% owned Ulysses Gold Project (‘Ulysses” or the “Project”) located in the Eastern Goldfields of Western Australia. The zones were identified in a recent aircore drilling program that was designed to test immediate strike extensions to the Ulysses Mineral Resource which currently stands at 2.1Mt at 2.2g/t Au for 151,000 ounces of gold (See GMD ASX Release dated February 1, 2016) and other strongly gold anomalous geochemical and structural targets in the area. Aircore drilling targeting shallow mineralisation east of the current Ulysses resource returned 8m @ 0.7g/t gold from 60m (Including 3m @ 1.6g/t gold to the end of hole) in hole 16USAC072 which lies more than 600m along strike from the current Ulysses resource (see Figure 1). Hole 16USAC057 returned 5m @ 0.56g/t gold from 40m in an area of very strong aircore defined gold anomalism located a further 800m to the east. Significant shallow mineralisation has been intersected at Ulysses West in hole 16USAC136 which returned 10m @ 1.50 g/t gold from 0m. The mineralisation is interpreted to dip to the north, subparallel to the main Ulysses shear zone with hole 16USAC137 (located 40m north of Hole 16USAC136) returning 2m @ 0.53g/t gold from 20m to the end of the hole. This intersection is located ~100m to the WSW of the Ulysses West resource which is planned to be the subject of open pit mining in the second half of 2016. | |
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