Genesis Minerals Results Enhance Ulysses Underground Potential

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported further results from the current resource upgrade and extensional drilling program underway at the company’s 100 per cent-owned Ulysses gold project, south of Leonora in Western Australia.

Genesis Minerals said the latest batch of assays had provided further evidence of the potential for a standalone underground mining and processing operation.

The company has now received assay results for the RC holes (17USRC141 to 151), following the initial batch of 13 RC holes reported on 10 November.

Genesis declared the drilling results have confirmed the continuity of the deeper mineralisation below the open pit and current Mineral Resource.

The current RC and diamond drill program, has now been expanded to 59 holes.

The drilling forms part of the Feasibility Study on the Ulysses underground project.

Latest assay results include:

4 metres at 4.55grams per tonne gold from 188m;

2m at 12.15g/t gold from 145m;

14m at 5.93g/t gold from 120m;

6m at 5.08g/t gold from 157m;

5m at 3.95g/t gold from 142m;

2m at 5.17g/t gold from 156m;

2m at 5.03g/t gold from 126m; and

2m at 5.98g/t gold from 150m.

“We continue to add significant value to the Ulysses Project with each successive drilling program we undertake,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“The latest assays clearly demonstrate that high-grade mineralisation continues over significant widths below the open pit and well beyond the current resource boundaries, supporting the potential for a standalone mining and processing operation.

“In light of the excellent early results being achieved, we expanded the Phase 2 program to some 10,000 metres, allowing us to continue to test the mineralisation down-plunge.

‘This drilling, which was completed on the weekend, will lay the foundations for our next resource upgrade, which we are targeting for February next year.

“At the same time, we are continuing to progress the Underground Feasibility Study with multiple work streams advancing in parallel.

“We are also working towards a major new drilling program that will be undertaken in the first quarter of 2018 to define the broader potential of the Ulysses underground project.”