Genesis Minerals Drills High-Grade Results at Ulysses

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) announced the intersection of high-grade gold mineralisation during resource upgrade drilling at the company’s 100 per cent-owned Ulysses gold project, located south of Leonora in Western Australia.

Genesis Minerals is conducting the drilling within and adjacent to the 760,000-ounce Ulysses Mineral Resource at the Ulysses project.

The company said the initial assay results have been received from drilling at Ulysses West (western side of Resource) targeting areas within and adjacent to the current Resource boundary.

A further 15,000 metres of drilling is expected to be completed over the coming few months to upgrade the top 200m of the resource in preparation for mining.

Drilling will target approximately 1,000m of strike and some 300m of down-dip extent within and adjacent to the current Resource envelope.

“Drilling has resumed and is now in full swing at Ulysses, with two rigs now operating to in-fill and extend the main Resource,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“A third rig should arrive over the next few weeks to speed up the program, which is essentially designed to upgrade the Resource in preparation for mining.

“The initial focus will be on upgrading the upper 200 metres of the Resource, although we will in time further test the edges of the Resource and further investigate potential down-plunge and strike extensions and repetitions.

“All of the information from the current program will be combined with recent drilling for inclusion in a Resource upgrade planned for Q4 this year.”

The company explained that the drilling results it has received came from the first batch of holes from the Resource upgrade drilling program that commenced at Ulysses in August.

High-grade gold mineralisation was encountered in diamond and Reverse Circulation (RC) drilling (19USDH079 to 085 and 19USRC374 to 19USRC378) completed as part of the drilling.

Results are from holes targeting the upper part of the Ulysses West high-grade gold shoot with the drilling supporting the continuity of the higher-grade gold mineralisation.

High-grade gold intersections from the recent holes include:

9.05 metres at 9.94 grams per tonne gold from 142.15m, including 5.6m at 14.92g/t gold;

3m at 5.56g/t gold from 174m, including 0.87m at 13.4g/t gold;

1.73m at 6.4g/t gold from 192.6m, including 0.68m at 14.9g/t gold;

6.24m at 10.62g/t gold from 223.03m, including 4.63m at 14.1g/t gold;

6.14m at 9.52g/t gold from 232.48m, including 2.82m at 19.8g/t gold;

3m at 3.98g/t gold from 147m; and

3m at 8.6g/t gold from 216m, including 2m at 11.6g/t gold.