Genesis Minerals Confirms Orient Well Open Pit Potential

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) has been encouraged by new drilling results achieved at the company’s 100 per cent-owned Ulysses gold project, south of Leonora in Western Australia.

Genesis Minerals is currently progressing a multi-pronged exploration program at Ulysses targeting depth extensions of the main 760,000-ounce Mineral Resource in parallel with an expanding regional exploration campaign.

The company expects to incorporate results from recent and upcoming drilling in a 2019 Mineral Resource later this year.

Recent reverse circulation (RC) drilling intersected new mineralisation at Orient Well NW, 10 kilometres east of the current Ulysses Mineral Resource, highlighting the potential to delineate shallow Resources in this area which are potentially amenable to extraction via open pit methods.

Follow-up drilling at Orient Well NW confirmed a zone of shallow gold mineralisation with new assays including:

45 metres at 1.77 grams per tonne gold from 60m, including 20m at 3.37g/t gold from 85m;

15m at 0.74g/t gold from 120m, including 5m at 1.1g/t gold from 125m; and

5m at 1.5g/t gold from 50m.

New results received from pre-collar RC drilling completed ahead of diamond drilling targeting depth extensions of the main Ulysses Resource highlight potential for a new gold mineralised structure north of the Ulysses shear, including:

1m at 12.4g/t gold from 42m; and

4m at 6.92g/t gold from 53m, including 1m at 25.1g/t gold.

“The Orient Well area is shaping up as a potentially important source of shallow oxide ore within the broader project area,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“The drilling completed to date has so far tested just a 250-metre strike length of a four-kilometre-long target zone – highlighting the exciting opportunity that continues to emerge in this area.

“The results generated to date will be incorporated in a maiden Mineral Resource estimate later this year.

“We are also seeing the potential for a plunging high-grade shoot position at Orient Well which will be further evaluated with diamond drilling this month to help us understand the structural controls on the mineralisation.

“An extensive air-core program will also commence this month to evaluate the potential along the broader four-kilometre long corridor.

“In the meantime, our extensional diamond drilling program continues to forward this month, with drilling targeting down-plunge positions well beyond the 760,000-ounce Resource envelope.

“First assays for this program should be available later this month.

“We have also commenced the process of applying for a Mining Lease for Orient Well NW, which reflects our growing confidence in the potential of the project to move quickly towards development.”