THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) has been encouraged by initial results from a maiden Reverse Circulation (RC) drilling program at the company’s 100 per cent-owned Ulysses gold project in Western Australia.
Genesis Minerals carried out drilling on the Admiral deposit, which was part of the recent acquisition of the Kookynie tenements the company announced in June 2020.
Admiral is one of a number of deposits that will be systematically drilled out over the coming months within the Ulysses project.
Genesis said the drilling confirmed shallow and continuous mineralisation, from results including:
7 metres at 1.8 grams per tonne gold from 23m;
7m at 2.12g/t gold from 46m;
10m at 3.6g/t gold from 25m; and
3m at 5.45g/t Au from 35m.
Genesis has now completed approximately 95 holes of Resource confirmation drilling at the Admiral, Clark and Butterfly deposits, which have a combined Mineral Resource of 4.6 million tonnes at 1.7g/t gold for 246,000 ounces.
“Our maiden drilling program across the newly-acquired Kookynie tenements is off to a great start,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.
“The initial phase of RC drilling has validated the historic drilling data on which the current Admiral resource is based – which is a huge tick for the project, confirming the presence of consistent and continuous gold mineralisation within the Mineral Resource envelope.
“Importantly, the currently defined Mineral Resource at Admiral is open down-dip on the Admiral shear and along the north-dipping shear running along the northern limit of the current Admiral deposit.
“We believe there is significant potential to grow the Resource and, with resource confirmation drilling already nearly completed, the next phase of drilling will focus on this exciting potential over the next couple of months.
“Drilling is progressing smoothly, which is a real credit to the exploration team in the field, with well over 120 holes completed over the past two months.
“With so many samples going into the laboratory, the only brake on news-flow will be assaying of samples and processing of results.
“That said, we expect to receive a steady stream of results from both in-fill and extensional drilling across the deposits which should ensure regular news-flow through to the end of the year.
“Drilling is continuing at Ulysses with two RC rigs and a diamond rig operating and an air-core rig scheduled to commence drilling this week.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE