Genesis Minerals Confirms Ulysses Satellite Discovery

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) announced an encounter with shallow oxide mineralisation at the Orient Well NW prospect, located east of the Ulysses Mineral Resource at the company’s 100 per cent-owned Ulysses gold project, 30 kilometres south of Leonora in Western Australia.

Genesis Minerals carried out follow-up drilling at Orient Well NW, claiming the result from which have confirmed a zone of shallow oxide gold mineralisation.

Assays returned:

20 metres at 9.1 grams per tonne gold from 50m;

28m at 0.69g/t gold from 62m, including 5m at 1.52g/t gold from 73m; and

8m at 1.8g/t gold from 108m.

Genesis Minerals said the results continue to demonstrate the potential to define Resources outside of the Ulysses deposit while highlighting the under-explored nature of the broader project.

Further extension drilling at Ulysses also produced encouraging results from wide-spaced, extensional RC drilling targeting strike extensions to the Ulysses Mineral Resource of 7.1 million tonnes at 3.3g/t gold for 760,400 ounces.

New extensional drilling results at Ulysses East, outside of the Resource, include:

10m at 3.05g/t gold from 102m; and

5m at 5.08g/t gold from 75m.

Genesis indicated its intentions to systematically test the potential high-grade gold shoot position the drilling has defined at Ulysses East.

Extensional drilling conducted immediately east of the Resource demonstrated mineralisation continues outside and to the east of the Resource with results including:

4m at 3.32g/t gold from 218m;

5m at 2.15g/t gold from 167m; and

4m at 2.44g/t gold from 150m.

“The outstanding results generated from shallow RC drilling at Orient Well NW show just how under-explored the broader Ulysses project is,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“We have now outlined a very prospective oxide zone which spans a strike length of at least 1.5 kilometres.

“Achieving intercepts such as 20 metres at 9 grams per tonne gold in a completely greenfields position is an outstanding result, and we are really looking forward to drilling out this satellite prospect to a Resource level during the first half of 2019.

“At the same time, we have now received the remaining results from extensional drilling completed at Ulysses last year following the updated 760,000-ounce Mineral Resource announcement.

“The assays have identified step-outs to the mineralisation at Ulysses East and confirmed the presence of a potential new high-grade shoot position which needs to be systematically drill tested at depth.

“Drilling will resume at Ulysses at the end of the month, initially with one rig focusing on extensions at Ulysses and drilling out Orient Well NW.

“We will progressively bring more rigs online as the results begin to flow.

“Our overall objective is to deliver another upgrade to the Ulysses Mineral Resource by the end of Q2 2019.”