Genesis Minerals Increases Ulysses to 1.6 Million Ounces

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) delivered an updated Mineral Resource Estimate for the company’s 100 per cent-owned Ulysses gold project near Leonora in Western Australia.

Genesis Minerals reported the updated Mineral Resource Estimate dispenses a 26 per cent increase in contained ounces to approximately 1.6 million ounces of gold.

The updated incorporates results of drilling programs completed at the Ulysses project over the second half of 2020 following the acquisition of the Kookynie tenements.

The updated Measured, Indicated and Inferred Mineral Resource now totals 27.3 million tonnes at 1.8 grams per tonne gold for 1,608,000 ounces of contained gold, which represents an increase of 327,000 ounces over the previous June 2020 Mineral Resource.

Contributions to the new estimate, include:

Admiral-Butterfly-Clark Group Deposits:

Total combined Mineral Resource for Admiral Group deposits increased by 87 per cent (213,000 ounces) to 459,000 ounces; and

Orient Well Group Deposits:

Total combined Mineral Resource for Orient Well Group deposits increased by 305 per cent (186,000 ounces) to 247,000 ounces.

“This is a result that confirms the scale and quality of the Ulysses project, reflecting the outcomes of the highly-successful drilling programs completed over the expanded project area over the past six months,” Genesis Minerals managing director Michael Fowler said in the company’s ASX announcement.

“It’s been a fantastic effort and I would like to thank and commend everyone involved on delivering this result.

“The updated Mineral Resource will now form the foundation of our ongoing Feasibility Study on a standalone gold project at Ulysses, which is on-track for delivery next Quarter and is expected to potentially comprise both an open pit and underground mining operation.

“We were very pleased to see a strong increase in the Measured and Indicated components of the Resource, which now total 984,000 ounces, providing a strong foundation from which to deliver our maiden Ore Reserve.

“This Resource will continue to be updated, with strong growth potential.

“Drilling is continuing and a further update is expected late this year.

“This puts Genesis firmly on track to become a substantial player in the mid-tier gold space, and we are looking forward to adding further significant value to the Ulysses project over the coming months and ultimately advancing it towards development and production.”