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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/4/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 4-12-2017: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 14m @ 5.93g/t Au from 120m. Genesis Minerals Limited (ASX: GMD) is pleased to report further excellent | |
| Resources: | (Resource, Total): 2.8Mt @ 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 report further excellent results from the current resource upgrade and extensional drilling program at its 100%-owned Ulysses Gold Project, located 30km south of Leonora in WA, with the latest batch of assays providing further evidence of the potential for a standalone underground mining and processing operation. The Company has now received assay results for the next 11 RC holes (17USRC141 to 151), following the initial batch of 13 RC holes reported on 10 November, with the drilling results strongly confirming the continuity of the deeper mineralisation below the open pit and current Mineral Resource. The current RC and diamond drill program, which commenced on 22 September, has now been expanded to 59 holes for ~10,000m with the additional Phase 2 drilling, which was completed on the weekend. Results are pending for 35 holes. The drilling forms part of the Feasibility Study on the Ulysses Underground Project. Drilling to expand the current resource has been successful and demonstrates clearly that highgrade mineralisation continues over mineable widths (results reported are approximately true widths) down-plunge below the open pit and well beyond the limits of the current Mineral Resource envelope (Measured, Indicated and Inferred: 2.8Mt at 2.3g/t for 206,400oz). Results from holes 17USRC148 to 17USRC150 confirm the presence of significant mineralisation outside the current resource boundary beneath and to the east of the Ulysses Pit, highlighting excellent potential to expand the current resource. Results from 17USRC142 has further extended the Ulysses West shoot outside of the current resource which remains open at depth. | |
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