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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/28/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 28-6-2018: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 4.23m @ 12.93g/t Au from 347.94m. Genesis Minerals Limited (ASX: GMD) is pleased to advise that the ong | |
| 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 the ongoing wide-spaced step-out drilling program below the current 321,000oz Mineral Resource at its 100%-owned Ulysses Gold Project, located 30km south of Leonora in WA, is continuing to generate excellent results, demonstrating the potential for further significant Resource growth. Assay results have now been received from recent step-out drilling up to 300m below surface and some 280m down-dip of the current Resource boundary, with the high grades and significant widths encountered providing further evidence that Ulysses is emerging as a significant large-scale gold system with excellent potential to underpin a future standalone gold development. Extensional drilling will continue with three rigs in the September quarter as Genesis continues to target an area extending to a vertical depth of over 400m below the existing shallow open pits, a down-dip extent of over 750m and a strike length of 1.2km. Drilling will focus on expanding the Ulysses Resource to a vertical depth of well over 400m while also in-filling the recently drilled areas identified outside of the existing resource. Genesis Managing Director, Michael Fowler, said the latest step-out drilling results at Ulysses amounted to a significant breakthrough for the project. “We now have clear evidence that the multiple high-grade shoots persist up to 280m down-dip of the current Resource boundary and the mineralisation remains open at depth with no obvious geological reason as to why it will not continue. “In light of the success of the recent step-out drilling, we have decided to undertake further drilling to pursue the Resource at depth, as well as in-filling the recently drilled areas. We have planned an additional 15,000m of drilling for the September quarter, which should give us a really good idea of the overall potential of the mineralised system. “That means that we have rescheduled the next Resource update for early in the fourth quarter, rather than mid-year as previously envisaged. That is a direct reflection of the success of our recent drilling and an indication that the Ulysses Project is emerging as a very significant asset for the Company. “We are really looking forward to seeing where the next round of drilling can take us, and we expect to be able to report a steady stream of news from the project in the weeks and months ahead.” | |
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