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Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/9/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 9-7-2018: Genesis Minerals Ltd. announces an Exploration/Drilling Update report for its Ulysses deposit at the Ulysses project. Drilling results incl. 3.0m @ 26.3g/t Au from 182.0m. Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has inte | |
| Resources: | (Resource, Total): 3.3Mt @ 3.0g/t Au for 321koz contained at Ulysses | |
| CP/QP: | [Overall Report]: Michael Fowler (Internal) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has intersected a high-grade gold reef 300m north of the existing Mineral Resource at its 100%-owned Ulysses Gold Project, located 30km south of Leonora in WA. RC pre-collar drilling returned a high-grade intersection of 1m at 74.3g/t gold from 183m (see Figure 1). Notably, the mineralisation style is quartz reef with nuggety gold (see Figure 3), meaning it is a different style to that at Ulysses. The orientation, true width and continuity of the high-grade mineralisation is yet to be determined As part of the ongoing drilling program to expand and upgrade the Resource at Ulysses, an infill drilling program completed over a 350m strike length beneath the Ulysses pit (see Figure 1) has confirmed extensive high-grade gold mineralisation within the current portion of the Inferred Mineral Resource. This drilling was designed to provide data to allow a large part of the current Inferred portion of the 321,000oz Mineral Resource between 12,500E and 12,150E to be upgraded to Indicated status in the next update. Genesis Managing Director Michael Fowler said the latest drilling results continued to highlight the substantial upside at Ulysses. “These results show the potential we have to continue growing the Resource at Ulysses,” Mr Fowler said. “The intersection of “blind”, nuggetty high-grade gold mineralisation outside of the current resource extension area and well into the hanging wall of the Ulysses shear is an exciting development. “While it is too early to know the full significance of this intersection and how extensive it may be, it is highly promising to see a new style of mineralisation in a new area away from the main resource area. “Also, importantly infill drilling within the Inferred part of the current mineral resource beneath the Ulysses Pit has confirmed extensive, continuous high-grade gold mineralisation. The information generated from this program will be used to support an updated Mineral Resource to be released early in the December quarter. “We are continuing to systematically drill out the deeper resources to establish the foundations for what we believe can be a significant new stand-alone gold mining and processing operation.” | |
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