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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/29/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 29-5-2018: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 6m @ 5.85g/t Au from 259m. Genesis Minerals Limited (ASX: GMD) is pleased to advise that recent wide-sp | |
| 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 recent wide-spaced step-out drilling below the current 321,000oz Mineral Resource at its 100%-owned Ulysses Gold Project, located 30km south of Leonora in WA, has highlighted the potential for a large-scale gold system which is continuing to expand at depth. Significant new high-grade results have been received from further step-out drilling up to 160m down-plunge of the current Resource boundary, providing an immediate target for in-fill drilling. The 2018 extensional drilling program has been very successful with the results received to date clearly outlining the potential to significantly expand the Mineral Resource. Extensional drilling is continuing with three rigs operating as Genesis continues to target an area extending to a vertical depth of ~400m below the existing shallow open pits, a down-dip extent of ~750m and a total strike length of 1km. Genesis Managing Director, Michael Fowler, said the latest results provided further strong evidence of the potential for a significant standalone gold project at Ulysses. “We are very pleased with what we are seeing in this very wide-spaced drilling pattern, which shows that we have a gold system of considerable scale and potential on our hands at Ulysses. We are now systematically extending the mineralisation, laying the foundations for our next Resource upgrade – which is targeted for mid-year. “The latest results demonstrate the huge upside at depth and along strike within the broader gold system. We are also excited about the discovery of another potential new high-grade shoot that has been outlined in the footwall to the Ulysses shear in our recent drilling. “Like many other high-quality gold discoveries in the North-eastern Goldfields, Ulysses is continuing to grow and improve with each round of drilling.” | |
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