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Genesis Resources Ltd.
Summary
| Project: | Plavica | |
|---|---|---|
| Deposit: | Plavica | |
| Location: | Macedonia | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 12/15/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 15-12-2016: Genesis Resources Ltd. announces a Resource Estimation report for its Plavica deposit at the Plavica project. Updated mineral resource estimate for Plavica project. Genesis Resources Limited (Genesis or the Company) is pleased to announce a JO | |
| Resources: | (Resource, I+I): 65.8Mt @ 0.70g/t Au for 1.46Moz Au contained | |
| CP/QP: | [Resources]: David Reid (Ravensgate Mining Industry Consultants) | |
| ABSTRACT: | Genesis Resources Limited (Genesis or the Company) is pleased to announce a JORC 2012 compliant Mineral Resource for the Plavica Project in Macedonia. The total Indicated and Inferred Mineral Resources as at November 2016 are estimated at 65.8 million tonnes (MT) at 0.70 grams per tonne of gold (g/t Au) containing 1.46 million ounces of gold. Contained within this total resource is 31.7 MT @ 0.77 g/t Au for 781,000 Au ounces of oxide and transitional (Pox) material from both the Plavica and Maricanski Rid deposits (Table 1). The resource estimate follows a series of reverse circulation and diamond drilling campaigns completed to define mineralisation along both the main Plavica ridge and Maricanski Rid. Mineralisation is continuous for over 1km at Plavica and 700m at Maricanski Rid and has been drilled to depths of over 300m. The Resource at Plavica remains open along strike to the east and at Maricanski Rid to the east and west. Resource estimations were also completed for silver (11.1 million ounces) and copper (107 kT contained copper) within the Primary unoxidized material resulting in a gold equivalent grade of 1.2 g/t Au within this primary material. The Resource represents a major milestone for the Company and work has begun on completing a PreFeasibility Study. Golder Associates have been contracted to complete this work. | |
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