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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/9/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 9-10-2018: Genesis Minerals Ltd. announces a Resource Estimation report for its Ulysses deposit at the Ulysses project. Updated mineral resource estimate at the project. Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has taken a key step | |
| Resources: | (Resource, Total): 7.1Mt @ 3.3g/t Au for 760koz contained at Ulysses | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has taken a key step towards its objective of developing a substantial new Australian gold mine at its 100%-owned Ulysses Gold Project near Leonora in WA with the announcement of a 137% increase in the Mineral Resource for the Ulysses deposit from 321,000oz to 760,000oz of contained gold. The updated Mineral Resource incorporates the results of the highly successful drilling program completed at Ulysses over the past six months, which has returned numerous high-grade intersections that confirmed and extended a number of high-grade gold zones (shoots). The updated Measured, Indicated and Inferred Mineral Resource now totals 7.1Mt @ 3.3 g/t gold for 760,000 ounces of contained gold (refer to Table 1 for full details), which represents a 137% increase in contained ounces and a 10% increase in grade when compared with the previously announced February 2018 Mineral Resource. Importantly, the higher-confidence Measured and Indicated component has increased by 290,000 ounces (162%) to 471,000 ounces. The high-grade portion of the Mineral Resource, reported at a cut off of 2g/t gold (refer to Table 1 for full details) which will form part of the mining evaluation for the Feasibility Study is estimated to contain 4.1Mt @ 4.7g/t gold for 628,000 ounces. The high-grade shoots which form part of the overall Mineral Resource are estimated to contain 1.6Mt @ 6.9g/t gold for 356,000 ounces. This represents a 66% increase in contained ounces and a 25% increase in grade for the high-grade shoots when compared with the February 2018 Mineral Resource. | |
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