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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/3/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 3-10-2016: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 10m @ 3.20g/t Au from 30m at Ulysses West open pit. Genesis Minerals Limited (ASX: GMD) is pleased to a | |
| Resources: | (Reserve, Prob): 74000t @ 4.1g/t Au for 9700oz Au contained at Ulysses West | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that open pit mining operations are now underway at the Ulysses West open pit, part of the Company’s 100%-owned Ulysses Gold Project near Leonora in Western Australia after a successful 7-day site establishment period. Genesis is also pleased to report positive results from ongoing drilling and exploration programs at the Ulysses Project, with recent results from both sterilisation drilling and deeper resource extension drilling highlighting the growth and expansion potential beyond the initial 3-month mining operation. It appears that the mineralisation intersected in the sterilisation drilling may be associated with an east-west splay off the main Ulysses shear zone, with the mineralisation associated with a weathered mafic schist with goethite after sulphide mineralisation, which is similar to the main zone. Whilst still at a very early stage, the results are highly encouraging, suggesting there may be potential to extend the current pit at Ulysses West to mine the newly identified zone of gold mineralisation. Follow-up drilling of this target will commence shortly to extend mineralisation further to the west along the interpreted splay structure, at depth and to the east to attempt to link mineralisation to the current Ulysses West pit with this new zone of mineralisation. | |
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