Genesis Minerals Increases Leonora Gold Resources Over 2Moz

THE DRILL SERGEANT: Genesis Minerals announced an increase to the Mineral Resource at the company’s 100 per cent-owned Leonora gold project in Western Australia.

Genesis Minerals has increased the Leonora Resource by 409,000 ounces, taking it over the 2 million ounce mark.

The company expects the Resource, which comprises 39.3 million tonnes at 1.6 grams per tonne gold, will grow substantially given that the mineralisation remains open in every direction, plus drilling is ongoing and there is a host of assays pending from previous drilling.

The key changes to the Leonora Mineral Resources statement (compared to 31 March 2021) are:

• Total Mineral Resources – Increased by 409,000 ounces (+25%) to 2 million ounces;
• Puzzle Mineral Resources – Increased by 251,000 ounces (+396%) to 315,000 ounces;
• Admiral Mineral Resources – Increased by 103,000 ounces (+22%) to 562,000 ounces; and
• Orient Well Mineral Resources – Increased by 55,000 ounces (+22%) to 302,000 ounces.

After acquiring the Kookynie gold project in June 2020, Genesis has focused its activities on drilling the Admiral, Orient Well and Puzzle deposits, which it considered being ‘forgotten’ opportunities with virtually no exploration conducted for approx. 20 years.

As a result, there has been no drilling at the company’s Ulysses project over this period, where Resource remains unchanged at 838,000oz, (including a high-grade component of 363,000oz at 6.4g/t).

Extensional drilling at Ulysses is set to resume in 2022.

“Genesis has arrived as a central player in the tier-one district of Leonora,” Genesis Minerals managing director Raleigh Finlayson said.

“Genesis is financially robust, and we are building a leading team with extensive technical and corporate experience.

“This combination gives us an enviable platform for both organic and inorganic growth.”