Genesis Minerals Drills Puzzle North Growth

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported results from ongoing exploration drilling underway at the company’s 1.6 million ounces Ulysses gold project in Western Australia.

Genesis Minerals achieved the latest results from its recently discovered Puzzle North prospect, located 700m north of the 59,000 ounce Puzzle deposit that was first reported by Genesis in April, including some of the best drilling results ever reported by Genesis in the history of the Ulysses project.

The company indicated the new results, which follow visible gold hits reported recently from the Admiral deposit, continue to highlight the upside potential across the Ulysses project, including the strong potential to make new discoveries.

Results from recent Puzzle North drilling include:

40 metres at 2.52g/t gold from 44m;

84m at 1.98g/t gold from 84m, including 10m at 6.31g/t gold from 116m, including 8m at 5.94g/t gold from 157m;

31m at 1.02g/t gold from 56m;

19m at 1.41g/t gold from 94m;

11m at 4.23g/t gold from 89m;

18m at 0.69g/t gold from 61m;

34m at 1.16g/t gold from 101m (extension);

3m at 3.4g/t gold from 148m (extension); and

60m at 3.03g/t gold from 106m, including 8m at 12.9g/t gold from 126m (extension).

“The Puzzle North discovery is developing into a significant zone of shallow gold mineralisation that clearly has the makings of a new open pit mine,” Genesis Minerals managing director Michael Fowler said in the company’s ASX announcement.

“The width, tenor, grade and shallow nature of the mineralisation suggests that we can quickly build ounces at Puzzle North.

“Drilling will re-commence there as soon as possible in the next few weeks with both RC and diamond drilling to be completed in enough detail to allow an initial Mineral Resource Estimate as soon as possible.

“What is really exciting for us is that some of the best results we have seen to date at Ulysses have come in the last three months as we have started in our search for significant extensions to our known resources and hunt for new discoveries.

“The recent drilling may have a significant impact on our development plan – particularly the exciting shallow results at Puzzle North and the high-grade zone at Admiral deeps – and we are considering the possibility of including these new elements in our Feasibility Study.”