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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/7/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 7-5-2019: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 45.0m @ 1.77g/t Au from 60.0m. Recent Reverse Circulation (RC) drilling has intersected further signific | |
| Resources: | (Resource, Total): 7.1Mt @ 3.3g/t Au for 760koz contained at Ulysses | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Recent Reverse Circulation (RC) drilling has intersected further significant mineralisation at Orient Well NW (see Figure 1), located 10km east of the 760,000oz Ulysses Mineral Resource, highlighting the potential to delineate shallow Resources in this area which are potentially amenable to extraction via open pit methods. Meanwhile, RC pre-collar drilling in preparation for deeper diamond drilling targeting the depth extensions of the Ulysses Mineral Resource has intersected a potential new mineralised structure containing high-grade gold in the hanging wall to the Ulysses Shear. The diamond drilling program is now in full swing targeting down-plunge extensions well beyond the current Mineral Resource envelope. Genesis Managing Director Michael Fowler said the Company’s 2019 exploration program at Ulysses was gaining momentum, with highly encouraging results received from regional exploration at Orient Well NW and deep extensional drilling at Ulysses now well underway. “The Orient Well area is shaping up as a potentially important source of shallow oxide ore within the broader project area. The drilling completed to date has so far tested just a 250m strike length of a 4km long target zone – highlighting the exciting opportunity that continues to emerge in this area. The results generated to date will be incorporated in a maiden Mineral Resource estimate later this year. “We are also seeing the potential for a plunging high-grade shoot position at Orient Well which will be further evaluated with diamond drilling this month to help us understand the structural controls on the mineralisation. An extensive air-core program will also commence this month to evaluate the potential along the broader 4km long corridor. | |
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