Genesis Minerals Confirms Ulysses Resource Growth Potential

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) released results from ongoing Resource drilling at the company’s Ulysses gold project in Western Australia.

Genesis Minerals declared the results had confirmed the potential to expand and upgrade existing Resources within the Ulysses project, including all deposits within the recently acquired Kookynie group of tenements.

The latest highly-encouraging results were from Reverse Circulation (RC) drilling completed prior to Christmas at both the Orient Well and Butterfly-Clark deposits.

The drilling at Orient Well was part of a large program designed to expand and upgrade the existing 61,000-ounce Mineral Resource, where results received to date have demonstrated strong potential to grow the existing Resource.

All of the latest results are from areas outside the current Resource.

Drilling on the Clark-Butterfly area focused on an area targeting the Hercules and Clark shears and also focused on upgrading parts of the Inferred Resource at Butterfly.

“This is a great way to start the New Year, with another batch of impressive assay results from both the Orient Well and Butterfly-Clark areas,” Genesis Minerals managing director Michael Fowler said in the company’s ASX announcement.

“At Orient Well, all of the new results are from outside the current 61,000-ounce Resource and show clear potential to grow this Resource.

“At Clark-Butterfly, recent drilling has focused on the potential of the Hercules and Clark shears and also intersected significant mineralisation outside the known deposits.

“Drilling has now re-commenced across the greater Ulysses project with one RC rig currently on site.

“We expect to deliver an updated project-wide Mineral Resource in the first quarter of 2021, which will underpin the completion of a 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.”