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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/8/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 8-5-2017: Genesis Minerals Ltd. announces a Resource Estimation report for its Ulysses deposit at the Ulysses project. 36% increase in resources at Ulysses. Genesis Minerals Limited (ASX: GMD) is pleased to advise that it is evaluating additional opportun | |
| Resources: | (Resource, Total): 2.803Mt @ 2.3g/t Au for 206400oz Au contained at Ulysses | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that it is evaluating additional opportunities to unlock the value of its 100%-owned Ulysses Gold Project in WA via low-cost toll-treatment mining campaigns after announcing a substantial increase in the project’s Mineral Resource inventory. The updated Measured, Indicated and Inferred Mineral Resource now totals 2.8 million tonnes at an average grade of 2.3g/t for 206,400 ounces (Refer to Table 1 for full details), which represents a 32% increase in resource tonnes and 36% increase in contained ounces compared with the February 2016 Mineral Resource. The resource remains open and untested at depth. The updated Mineral Resource incorporates the results of drilling completed over the past year. It also follows the success of two limited open pit mining campaigns at Ulysses – one completed in late 2016 and a subsequent limited mining campaign to extract high-grade material at the base of the pit which was completed over the weekend. These campaigns have demonstrated that Genesis can generate strong cash returns from this style of operation, utilising the proceeds to strengthen its balance sheet, to fund exploration and organic growth at both its Ulysses Project near Leonora and its Viking Project near Norseman and to assess new project opportunities. Further open pit mining campaigns will now be evaluated and considered, as well as potential future underground mining opportunities at Ulysses. Any potential future underground mining operation is likely to be undertaken via a mining partnership with an experienced underground contractor in order to minimise risk and capital requirements for Genesis. If a suitable development pathway is identified, a Feasibility Study will be undertaken in the second half of 2017. | |
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