THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported results from ongoing drilling aimed at growing the resource base at the company’s 1.6 million ounces Ulysses gold project in Western Australia.
Genesis Minerals reported the latest results to include a spectacular visible gold intercept in a potential new mineralised position at the Admiral deposit and meaningful results from the Butterfly North deposit of:
7m at 1.6 grams per tonne gold from 49m;
10m at 1.57g/t gold from 5m;
9m at 0.63g/t gold from 17m;
15m at 1.34g/t gold from 62m;
28m at 1.38g/t gold from 79m;
41m at 1.03g/t gold from 46m, including 14m at 2.02g/t gold from 55m;
17m at 0.45g/t gold from 115m;
12m at 1.41g/t gold from 99m;
4m at 2.01g/t gold from 90m; and
10m at 1.66g/t gold from 160m.
Genesis is drilling within the Admiral-Clark-Butterfly mine area targeting extensions to known deposits and potential new discoveries.
The company considers the results delivered to date demonstrate potential to substantially expand the Mineral Resource base at Ulysses and identify new mineralised positions.
This was demonstrated by a high-grade visible gold intercept returned from step-out drilling at the Admiral deposit of:
5m @ 60.7g/t gold from 265m.
“A standout drill intercept of five metres at 60.7 grams per tonne gold is always going to make investors sit up, particularly when it is located beyond the known resource envelope within a potentially entirely new mineralised position!” Genesis Minerals managing director Michael Fowler exclaimed in the company’s ASX announcement.
“This is what we appear to have at the Admiral deposit, with the caveat that more drilling is needed to evaluate the size, orientation and significance of this high-grade position.
“The broader message is that our step-out and discovery drilling program, which is designed to build on the 1.6 million Resource announced in late March, is well underway and is off to a great start.
“We are seeing clear potential to extend known deposits as well as the opportunity to make new discoveries across a gold field that essentially has had very little exploration attention in the past few decades.
“Our systematic exploration approach is paying dividends and, if the gold is there, we are confident we will find it!
“We look forward to reporting more results in the coming weeks and months, and we are eagerly awaiting the results from a number of holes drilled in close proximity to the high-grade intercept in hole 21USRC892.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE