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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/3/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 3-7-2017: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 7m @ 4.11g/t Au from 153m. Genesis Minerals Limited (ASX: GMD) is pleased to announce that recent Revers | |
| Resources: | (Resource, Total): 2.803Mt @ 2.3g/t Au for 206400oz Au contained at Ulysses | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to announce that recent Reverse Circulation drilling at its 100%-owned Ulysses Gold Project located 30km south of Leonora in WA has confirmed the project’s significant growth potential. Assay results from a very wide spaced 9-hole, 1,306m RC drill program completed at the Ulysses Project in May have confirmed the presence of significant high-grade mineralisation at depth directly below the Ulysses and Ulysses West open pits and the 206,400oz Mineral Resource, while also highlighting the potential of the Ulysses East prospect, located immediately along strike to the east of the existing open pits. The strong intersections achieved at depth, well outside the existing Mineral Resource envelope, demonstrate the continuity of the Ulysses mineral system at depth and open up a significant new area for down-plunge exploration and potential future underground mining if exploration is successful. The drilling returned significant high-grade intercepts directly down-plunge from the Ulysses and Ulysses West pit, highlighting the presence of mineralisation up to 200m below surface. The drilling below the existing pits was undertaken over a total strike extent of 800m, demonstrating the lateral potential of the system. At the same time, follow-up RC drilling at the Ulysses East prospect returned additional high-grade intercepts which have further validated the potential of this area for potential future mining. Genesis Managing Director Michael Fowler said the recent wide-spaced drilling undertaken at Ulysses covered a total strike extent of approximately 2km and was designed to evaluate the potential size of the overall Ulysses gold system. | |
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