THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported new results from ongoing infill and extensional resource drilling at the Orient Well deposit, one of the cornerstone deposits at the company’s 100 per cent-owned Ulysses gold project near Leonora in Western Australia.
The drilling Genesis Minerals has completed at Orient Well to date is part of a large program designed to expand and upgrade the existing 61,000 ounces Mineral Resource.
Results to date have demonstrated strong potential to grow the existing Resource with a number of recent results from areas outside the current Resource.
New assay results include:
27 metres at 0.78 grams per tonne gold from 41m, including 10m at 1.44g/t gold from 41m;
20m at 0.73g/t gold from 25m;
22m at 0.73g/t gold from 49m, including 5m at 1.17g/t gold from 64m; and
7m at 4.02g/t gold from 68m, and
14m at 6.53g/t gold from 101m, including 1m at 78.92g/t gold from 101m.
The company indicated these results will feed into updated Mineral Resource estimates that will underpin a Feasibility Study on the development of a standalone gold operation at Ulysses, with ore to be sourced from a combination of known underground and open pit Resources.
“The hits just keep coming at Orient Well and the other deposits within the newly acquired Kookynie Group of tenements,” Genesis Minerals managing director Michael Fowler said in the company’s ASX announcement.
“The latest batch of assays from Orient Well include some excellent results – including both high-grade hits and many broader zones of strong gold mineralisation.
“Importantly, many of the new results are outside the existing 61,000 ounces Resource, and this shows that we have plenty of room to grow this deposit, both as a bulk mining proposition and with strong potential for high-grade zones.
“Drilling continues across the greater Ulysses project, with one RC rig currently on site focusing on extensional drilling.
“We remain on track to deliver an updated project-wide JORC Mineral Resource in the first quarter of 2021, which will underpin the completion of a Feasibility Study and provide a solid platform from which to progress the development of a significant new standalone gold mining and processing operation at Ulysses.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE