THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) continued to report encouraging drilling results from the company’s Ulysses gold project, in particular within the recently acquired Kookynie group of tenements.
The latest results stem from initial Reverse Circulation (RC) drilling at the Butterfly deposit and diamond drilling at Butterfly as well as at the Admiral deposit.
Drilling has confirmed high-grade gold mineralisation at the Butterfly deposit, which is located south-east of the Ulysses gold deposit.
Assay results include:
5.17 metres at 3.03 grams per tonne gold from 121.76m;
10.82m at 5.22g/t gold from 122.49m;
14m at 2.09g/t gold from 117m;
14m at 1.54g/t gold from 150m;
2m at 15.09g/t gold from 175m including 1m at 29.48g/t gold from 175m; and
6m at 2.41g/t gold from 107m.
Drilling at the Admiral deposit encountered further high-grade mineralisation, including:
2.25m at 7.35g/t gold from 146.08m;
7.6m at 4.00g/t gold from 110.7m;
10.5m at 1.59g/t gold from 66.5m;
7.71m at 2.16g/t gold from 121.79m;
10m at 5.74g/t gold from 75m;
3m at 6.06g/t gold from 81m; and
10m at 3.51g/t gold from 30m.
The drilling was designed to confirm and upgrade zones of mineralisation that are included in the current Butterfly and Admiral Mineral Resources, as well as testing potential extensions to the Mineral Resources.
Drilling was also completed for metallurgical and geotechnical test work.
Results from this program will feed into updated Mineral Resource estimates that will underpin a Feasibility Study on the development of a standalone gold operation at Ulysses, with ore to be sourced from a combination of known underground and open pit Resources.
“These are highly encouraging results from both the Butterfly and Admiral deposits, which indicate a significant opportunity to expand and upgrade the existing Resources across this area to potentially underpin a single, large open pit mining operation,” Genesis Minerals managing director Michael Fowler said in the company’s ASX announcement.
“Drilling is continuing across the greater Ulysses project with two RC rigs and a diamond rig operating until Christmas, with planning also well advanced for drilling in early 2021.
“We expect to deliver an updated project-wide Mineral Resource in the first quarter of 2021, which will underpin the completion of our feasibility study and provide a solid platform from which to progress the development of a significant new standalone gold mining and processing operation at Ulysses.”
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