Genesis Minerals confirms high-grade gold at Ulysses

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THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) announced the return of high-grade gold results from a maiden resource definition drilling program undertaken at the company’s Ulysses gold project, located south of Leonora in Western Australia.

Genesis Minerals said the results had confirmed the high-grade nature and continuity of the resource base it has recently acquired.

The initial resource definition drilling of 23 holes targeted the western end of the Ulysses Resource.

The drilling delivered a number of high-grade gold results, including:

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4 metres at 15 grams per tonne gold from 79m;

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11m at 7.2g/t gold from 51m;

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5m at 5g/t gold from 82m;

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3m at 7.6g/t gold from 62m;

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8m at 4g/t gold from 6m;

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7m at 4.1g/t gold from 37m;

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5m at 3.1g/t gold from 32m;

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3m at 6.9g/t gold from 55m;

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8m at 2.3g/t gold from 14m; and

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8m at 2g/t gold from 11m;

“The high-grade results returned from the program to date strongly support our view that Ulysses will add significant value to the company in a relatively short period of time,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“There has been no active work on the project since 2004 and the initial results provide great encouragement that the historical data can be relied upon as a basis for the Feasibility work underway and on track for completion by the end of the year.

“With a number of gold plants located in close proximity to the project the company is very confident of being able to commercialise the Ulysses project in short order for very low capital cost.”

Genesis said the results to confirming the continuity of the near surface, high-grade mineralisation have provided the impetus to immediately complete further resource definition and extensional drilling.

The company’s next program set to recommence in early November, which it indicated will also test the extension of the resource along strike to the east and west and at depth.

Email: info@genesisminerals.com.au

Website: www.genesisminerals.com.au