Genesis Minerals Hits Broad Mineralised Zones in New Archduke Target

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) claimed to have confirmed the Archduke prospect as a new shallow oxide gold target at the company’s 100 per cent-owned Ulysses gold project in Western Australia.

Genesis Minerals completed air-core drilling that confirmed gold mineralisation at the Archduke prospect, located immediately south-east of the 246,000-ounce Admiral-Clark-Butterfly deposits.

The company declared the drilling identified strong potential for shallow oxide gold resources, with results including:

25 metres at 1.09 grams per tonne gold from 15m, including 10m at 2.17g/t gold;

15m at 1.03g/t gold from 40m, including 5m at 2.40g/t gold;

3m at 2.05g/t gold from 68m (EOH);

19m at 0.76g/t gold from 51m, including 5m at 1.88g/t Au from 51m;

19m at 0.50g/t gold from 39m;

15m at 0.52g/t gold from 62m; and

22m at 0.58g/t gold from 37m.

This drilling forms part of early-stage drilling programs the company is conducting to identify prospects that can be moved rapidly into resource development as part of its strategy to develop an expanded standalone gold project at Ulysses.

“The success of our early air-core drilling at Archduke validates our acquisition and growth strategy around the Ulysses project,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“We have long believed that the best way to add value to what we already have at Ulysses is to acquire more ground in the district, which is highly prospective but massively under-explored.

“This early drilling supports this view and has outlined a very substantial shallow gold target at Archduke that provides a strong opportunity to help grow the current Resources of 1.28 million ounces to underpin a long-life, standalone mining operation at Ulysses.

“Subject to establishing a resource and undertaking economic evaluation, Archduke may potentially form part of the Admiral-Clark-Butterfly mining centre.

“Drilling is continuing at Ulysses with two RC rigs operating and a diamond rig commencing this week. We expect to see a steady flow of results over the coming weeks and months.”