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Genesis Minerals Hits Wide Zones of Shallow Gold Mineralisation

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported on results from ongoing Reverse Circulation (RC) drilling underway at the Orient Well deposit, part of the company’s recently expanded 100 per cent-owned Ulysses gold project in Western Australia.

Genesis Minerals said the RC drilling has confirmed the presence of extensive gold mineralisation at the Orient Well deposit, on the recently acquired Kookynie tenements over a 1.2 kilometres strike length, with results including:

20USRC538
9 metres at 2.18 grams per tonne gold from 16m;

20USRC539
5m at 8.24g/t gold from 35m; and

20USRC540
22m at 0.74g/t gold from 15m, including 5m at 2.03g/t gold from 32m.

The drilling results include 27 holes recently drilled of 53 holes drilled to date with results encountering mineralisation outside the current Orient Well 1.5 million tonnes at 1.3g/t gold for 61,000 ounces Mineral Resource envelope.

The company made note of a further wide intercept:

20USRC543
22m at 1.63g/t gold from 155m;

Saying this highlights the potential for substantial mineralisation at depth.

“Orient Well is the third deposit within the recently acquired Kookynie tenements that we have started to systematically drill test,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“As we found at the Admiral and Clark deposits from the results released in recent weeks, the drilling supports the historical data and validated the information that was used to produce the JORC compliant Mineral Resources.

“As with the other two deposits, we are also seeing considerable upside from potential extensions of the known mineralisation.

“In the case of Orient Well, 19 of the 27 holes reported in this announcement are outside of the known Resource envelope – a very exciting development!

“The wide zone of strong gold mineralisation returned from 20USRC543 at depth clearly supports our interpretation that gold mineralisation will extend at depth.

“Given the shallow depth of the historical drilling there is substantial exploration upside along the entire 1.8 kilometres of strike.

“Drilling immediately south of the Orient Well open pit has also intersected shallow gold mineralisation over 300 metres of strike in the area drilled to date – which represents a great opportunity to define immediate oxide open pittable Resources.

“The outstanding success of the program to date more than justifies our decision to expand the program by 40 per cent, or 10,000 metres to plus-35,000 metres.

“We will soon have four rigs working – two RC rigs, a diamond rig and an air-core rig, which will keep us extremely busy right up until Christmas!”

 

Email: info@genesisminerals.com.au

 

Web: www.genesisminerals.com.au

 

 

Genesis Minerals Encounters Continuous High-Grade Gold

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported results from an ongoing Reverse Circulation (RC) drilling program underway at the Clark deposit, part of the company’s recently expanded 100 per cent-owned Ulysses gold project in Western Australia.

Reverse Circulation drilling by Genesis has confirmed the presence of extensive gold mineralisation at surface at the Clark deposit with results including:

20USRC487
26 metres at 2.41 grams per tonne gold from 24m;

20USRC488
23m at 0.72g/t gold from 37m, including 6m at 1.32g/t gold from 50m;

20USRC495
30m at 0.55g/t gold from 0m, including 5m at 1.06g/t gold from 0m;

20USRC496
5m at 2.55g/t gold from 0m;

20USRC496
8m at 3.47g/t gold from 21m; and

20USRC524
11m at 2.94g/t gold from 112m, including 2m at 14g/t gold.

The high-grade intercept in 20USRC524 is located approximately 50m down-dip of the current Resource boundary at Clark.

Genesis has now completed approximately 95 holes of Resource confirmation drilling at the Admiral, Clark and Butterfly deposits, which have a combined Mineral Resource of 4.6 million tonnes at 1.7g/t gold for 246,000 ounces.

“Our maiden drilling program across the Kookynie tenements is continuing to hit the mark, with a series of impressive shallow gold intercepts in the initial drilling at the 31,000 ounces Clark deposit supporting and validating the historical drilling data which was used to underpin the current Mineral Resource Estimate,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“As with the Admiral results that we reported earlier this month, the first results from the Clark drilling have clearly established the presence of a consistent zone of shallow and continuous gold mineralisation within the current Mineral Resource envelope.

“It is not often that you see such broad widths of strong gold mineralisation so close to surface in WA, and this gives us additional confidence in the value proposition of the recently acquired Kookynie tenements – particularly given how close they sit to our existing Ulysses Resource base.

“The high-grade intercept returned in hole 20USRC524 strongly supports our interpretation that mineralisation will extend at depth in the Admiral-Clark-Butterfly area.

“This intercept is about 50 metres down-dip from the limits of the June 2020 Mineral Resource and still only about 100 metres below surface, pointing to the substantial exploration upside at these deposits as we begin to step away from the known Mineral Resources.

“Drilling is continuing at Ulysses with two RC rigs, a diamond rig and an air-core rig, while Feasibility work is progressing on schedule.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@altometals.com.au

 

Web: www.genesisminerals.com.au

 

Genesis Minerals Confirms Admiral Mineralisation Continuity

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) has been encouraged by initial results from a maiden Reverse Circulation (RC) drilling program at the company’s 100 per cent-owned Ulysses gold project in Western Australia.

Genesis Minerals carried out drilling on the Admiral deposit, which was part of the recent acquisition of the Kookynie tenements the company announced in June 2020.

Admiral is one of a number of deposits that will be systematically drilled out over the coming months within the Ulysses project.

Genesis said the drilling confirmed shallow and continuous mineralisation, from results including:

20USRC444
7 metres at 1.8 grams per tonne gold from 23m;

20USRC450
7m at 2.12g/t gold from 46m;

20USRC454
10m at 3.6g/t gold from 25m; and

20USRC455
3m at 5.45g/t Au from 35m.

Genesis has now completed approximately 95 holes of Resource confirmation drilling at the Admiral, Clark and Butterfly deposits, which have a combined Mineral Resource of 4.6 million tonnes at 1.7g/t gold for 246,000 ounces.

“Our maiden drilling program across the newly-acquired Kookynie tenements is off to a great start,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“The initial phase of RC drilling has validated the historic drilling data on which the current Admiral resource is based – which is a huge tick for the project, confirming the presence of consistent and continuous gold mineralisation within the Mineral Resource envelope.

“Importantly, the currently defined Mineral Resource at Admiral is open down-dip on the Admiral shear and along the north-dipping shear running along the northern limit of the current Admiral deposit.

“We believe there is significant potential to grow the Resource and, with resource confirmation drilling already nearly completed, the next phase of drilling will focus on this exciting potential over the next couple of months.

“Drilling is progressing smoothly, which is a real credit to the exploration team in the field, with well over 120 holes completed over the past two months.

“With so many samples going into the laboratory, the only brake on news-flow will be assaying of samples and processing of results.
“That said, we expect to receive a steady stream of results from both in-fill and extensional drilling across the deposits which should ensure regular news-flow through to the end of the year.

“Drilling is continuing at Ulysses with two RC rigs and a diamond rig operating and an air-core rig scheduled to commence drilling this week.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Web: www.genesisminerals.com.au

 

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:

20USAC959
25 metres at 1.09 grams per tonne gold from 15m, including 10m at 2.17g/t gold;

20USAC956
15m at 1.03g/t gold from 40m, including 5m at 2.40g/t gold;

20USAC934
3m at 2.05g/t gold from 68m (EOH);

20USAC933
19m at 0.76g/t gold from 51m, including 5m at 1.88g/t Au from 51m;

20USAC904
19m at 0.50g/t gold from 39m;

20USAC918
15m at 0.52g/t gold from 62m; and

20USAC930
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.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au

 

Genesis Minerals to Acquire the Kookynie Gold Project

THE BOURSE WHISPERER: Genesis Minerals Limited (ASX: GMD) has entered into a binding agreement to acquire 100 per cent of the Kookynie gold project, located immediately south-east of the company’s 100 per cent-owned Ulysses gold project in Western Australia.

Genesis Minerals will part with $13.5 million to pick up the project, comprising a $3 million upfront cash and share payment with the full balance of $10.5 million due in six months, plus a one per cent net smelter royalty (NSR) capped at $5 million.

The tenement package includes a JORC 2012 Indicated and Inferred Mineral Resource of 8.53 million tonnes at 1.5 grams per tonne gold for 414,000 ounces.

This will take the total Mineral Resource of the Greater Ulysses project to 17 million tonnes at 2.34g/t gold for 1.28 million ounces, providing a strong foundation for the next stage of Genesis’ development as a future mid-tier Australian gold company.

“This is an acquisition which ticks every box for us from a strategic, corporate, geological and tactical perspective,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“It provides the springboard for a significant re-boot of the Genesis story and puts us on a firm growth trajectory towards the establishment of a significant new standalone gold mining and processing operation at Ulysses.

“The acquisition consists of two distinct parts.

“The northern tenement package represents the immediate south-eastern extension of the Ulysses project, consolidating our ownership of this highly prospective gold corridor.

“It gives us an immediate opportunity to in-fill and extend the current Resources at the Admiral, Butterfly and Clark deposits – drawing on the geological IP we have developed on our neighbouring ground at Ulysses.

“We see enormous potential to extend the existing Resources down-dip, to find new high-grade lodes just as we did at Ulysses, and to make potential new discoveries and find parallel structures along strike.

“The package being acquired also offers vast regional exploration upside, including along the under-explored southern tenement package, providing us with a pipeline of both near-mine and regional exploration targets.”

Genesis Minerals indicated that for the remainder of CY2020, the company will be focusing on a combination of resource definition and expansion drilling to feed into 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.

Genesis is targeting completion of this Feasibility Study in the first quarter of CY2021.

 

 

Web: www.genesisminerals.com.au

 

Genesis Minerals Drills High-Grade Results at Ulysses

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) announced the intersection of high-grade gold mineralisation during resource upgrade drilling at the company’s 100 per cent-owned Ulysses gold project, located south of Leonora in Western Australia.

Genesis Minerals is conducting the drilling within and adjacent to the 760,000-ounce Ulysses Mineral Resource at the Ulysses project.

The company said the initial assay results have been received from drilling at Ulysses West (western side of Resource) targeting areas within and adjacent to the current Resource boundary.

A further 15,000 metres of drilling is expected to be completed over the coming few months to upgrade the top 200m of the resource in preparation for mining.

Drilling will target approximately 1,000m of strike and some 300m of down-dip extent within and adjacent to the current Resource envelope.

“Drilling has resumed and is now in full swing at Ulysses, with two rigs now operating to in-fill and extend the main Resource,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“A third rig should arrive over the next few weeks to speed up the program, which is essentially designed to upgrade the Resource in preparation for mining.

“The initial focus will be on upgrading the upper 200 metres of the Resource, although we will in time further test the edges of the Resource and further investigate potential down-plunge and strike extensions and repetitions.

“All of the information from the current program will be combined with recent drilling for inclusion in a Resource upgrade planned for Q4 this year.”

The company explained that the drilling results it has received came from the first batch of holes from the Resource upgrade drilling program that commenced at Ulysses in August.

High-grade gold mineralisation was encountered in diamond and Reverse Circulation (RC) drilling (19USDH079 to 085 and 19USRC374 to 19USRC378) completed as part of the drilling.

Results are from holes targeting the upper part of the Ulysses West high-grade gold shoot with the drilling supporting the continuity of the higher-grade gold mineralisation.

High-grade gold intersections from the recent holes include:

19USDH079
9.05 metres at 9.94 grams per tonne gold from 142.15m, including 5.6m at 14.92g/t gold;

19USDH080
3m at 5.56g/t gold from 174m, including 0.87m at 13.4g/t gold;

19USDH081
1.73m at 6.4g/t gold from 192.6m, including 0.68m at 14.9g/t gold;

19USDH083
6.24m at 10.62g/t gold from 223.03m, including 4.63m at 14.1g/t gold;

19USDH085
6.14m at 9.52g/t gold from 232.48m, including 2.82m at 19.8g/t gold;

19USRC375
3m at 3.98g/t gold from 147m; and

19USRC378
3m at 8.6g/t gold from 216m, including 2m at 11.6g/t gold.

 

Web: www.genesisminerals.com.au

 

Genesis Minerals Welcomes Cornerstone Investment from Alkane Resources

THE BOURSE WHISPERER: Genesis Minerals (ASX: GMD) secured a $6 million cornerstone investment by Australian gold producer Alkane Resources (ASX: ALK).

Genesis minerals said the Alkane investment was part of a $7.5 million capital raising initiative aimed at fast-tracking the next phase of resource and exploration drilling at the company’s 100 per cent-owned Ulysses gold project in Western Australia.

Genesis said the proceeds of the capital raising would strengthen its balance sheet and allow it to progress a multi-pronged exploration and development strategy at Ulysses including resource in-fill work, resource extension drilling and ongoing Feasibility Study work, while also pursuing other strategic acquisition and growth opportunities in the Leonora region.

“We are pleased to have secured a strategic partnership with a prominent and well-regarded Australian gold miner in Alkane to become our cornerstone shareholder through this landmark capital raising initiative,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“The proceeds of this placement will de-risk our balance sheet and give us the flexibility to pursue an aggressive exploration, development and growth strategy in the Leonora region, underpinned by our existing high-grade Resource at the Ulysses gold project.

“We will pursue a multi-pronged strategy which includes in-fill drilling to de-risk the Resource and underpin ongoing Feasibility studies, extensional drilling to grow the Resource base and regional exploration to expand our overall Resource base.

“At the same time, we will have the capacity to pursue acquisition opportunities where these make sense, to expand our sphere of influence as an emerging gold company.

“We welcome Alkane as a new major shareholder and partner, with a wealth of knowledge and skills that is now available to Genesis.”

 

Website: www.genesisminerals.com.au

 

Genesis Minerals Highlights Orient Well Open Pit Potential

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported drilling results from the company’s 100 per cent-owned Ulysses gold project, located south of Leonora in Western Australia.

Genesis Minerals is progressing an exploration program targeting extensions of the main Ulysses 760,000-ounce Mineral Resource in parallel with an expanding regional exploration campaign.

Recent Reverse Circulation (RC) drilling intersected further mineralisation at Orient Well NW 10 kilometres east of the above-mentioned Ulysses Mineral Resource, which the company deems to highlight potential to delineate shallow Resources in the area that could potentially be amenable to extraction via open pit methods.

The latest results confirm a strong zone of shallow gold mineralisation with assays including:

19USRC369
37 metres at 2.27 grams per tonne gold from 83m, including 11m at 6.16g/t gold from 91m;

19USRC368
32m at 1.8g/t gold from 50m, including 5m at 8.04g/t gold from 50m;

19USRC364
20m at 1.18g/t gold from 53m, including 7m at 2.66g/t gold from 59m; and

19USRC362
6m at 1.85g/t gold from 72m.

“Our recent drilling success at Orient Well shows just how prospective our broader tenement package is,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“We have only completed relatively limited regional drill programs outside of the Ulysses deposit and we have already generated sufficient data to underpin a potential open pit Resource at this emerging prospect.

“The upcoming aircore program will target further open pittable resources along a five-kilometre long prospective target zone which has had very limited exploration and is under transported cover.

“We are particularly encouraged by the fact that the high-grade mineralisation discovered in the Orient Well NW corridor to date is associated with felsic rocks which differ to the mafic-dominated host rocks of the Ulysses Resource.

“This reinforces the potential to define significant mineralisation throughout the Ulysses project.”

 

Website: www.genesisminerals.com.au

 

Genesis Minerals Confirms Orient Well Open Pit Potential

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) has been encouraged by new drilling results achieved at the company’s 100 per cent-owned Ulysses gold project, south of Leonora in Western Australia.

Genesis Minerals is currently progressing a multi-pronged exploration program at Ulysses targeting depth extensions of the main 760,000-ounce Mineral Resource in parallel with an expanding regional exploration campaign.

The company expects to incorporate results from recent and upcoming drilling in a 2019 Mineral Resource later this year.

Recent reverse circulation (RC) drilling intersected new mineralisation at Orient Well NW, 10 kilometres east of the current Ulysses Mineral Resource, highlighting the potential to delineate shallow Resources in this area which are potentially amenable to extraction via open pit methods.

Follow-up drilling at Orient Well NW confirmed a zone of shallow gold mineralisation with new assays including:

19USRC345
45 metres at 1.77 grams per tonne gold from 60m, including 20m at 3.37g/t gold from 85m;

19USRC346
15m at 0.74g/t gold from 120m, including 5m at 1.1g/t gold from 125m; and

19USRC348
5m at 1.5g/t gold from 50m.

New results received from pre-collar RC drilling completed ahead of diamond drilling targeting depth extensions of the main Ulysses Resource highlight potential for a new gold mineralised structure north of the Ulysses shear, including:

19USDH068
1m at 12.4g/t gold from 42m; and

19USDH071
4m at 6.92g/t gold from 53m, including 1m at 25.1g/t gold.

“The Orient Well area is shaping up as a potentially important source of shallow oxide ore within the broader project area,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“The drilling completed to date has so far tested just a 250-metre strike length of a four-kilometre-long target zone – highlighting the exciting opportunity that continues to emerge in this area.

“The results generated to date will be incorporated in a maiden Mineral Resource estimate later this year.

“We are also seeing the potential for a plunging high-grade shoot position at Orient Well which will be further evaluated with diamond drilling this month to help us understand the structural controls on the mineralisation.

“An extensive air-core program will also commence this month to evaluate the potential along the broader four-kilometre long corridor.

“In the meantime, our extensional diamond drilling program continues to forward this month, with drilling targeting down-plunge positions well beyond the 760,000-ounce Resource envelope.

“First assays for this program should be available later this month.

“We have also commenced the process of applying for a Mining Lease for Orient Well NW, which reflects our growing confidence in the potential of the project to move quickly towards development.”

 

Website: www.genesisminerals.com.au

Genesis Minerals Encounters Thick Shallow Gold Zones

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported recent drilling from the company’s Barimaia Joint Venture gold project in the Murchison District of Western Australia.

Genesis Minerals said the drilling had continued to confirm and define a shallow gold mineralisation system with strong open pit potential at the Barimaia JV.

The company has received results from a 21-hole/2,140m Reverse Circulation (RC) drilling program it completed late last year, which it considers has further enhanced the prospectivity of the project.

Thick zones of mineralisation were intersected with results including:

18BARC028
74 metres at 0.66 grams per tonne gold from 59m, including 8m at 1.44g/t gold from 59m, including 7m at 1.79g/t gold from 77m, including 5m at 2.18g/t gold from 106m;

18BARC029
26m at 1.15g/t gold from 17m, including 11m at 2.21g/t gold from 18m and 6m at 2.56g/t gold from 103m, including 1m at 12.6 gold from 107m;

18BARC031
29m at 0.84g/t gold from 43m, including 8m at 2.08g/t gold from 63m and 28m at 0.71g/t gold from 90m, including 6m at 1.44g/t gold from 102m;

18BARC037
14m at 0.87g/t gold from 77m;

18BARC041
12m at 1.61g/t gold from 93m;

18BARC042
11m at 1.08g/t gold from 82m, including 2m at 1.38g/t gold from 82m, including 2m at 4.23g/t gold from 90m and 3m at 1.64g/t gold from 104m; and

18BARC046
17m at 0.94g/t gold from 51m o including 9m at 1.38g/t gold from 57m.

“We are very encouraged by the potential we now see at Barimaia to define a very large shallow gold system,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“The application of a new geological interpretation based on an east-west orientation of the controlling structures has allowed us to turn the rig around and deliver some broad zones of gold mineralisation over a very extensive area.

“We now see clear potential to define shallow gold resources with strong open pit potential within a one-kilometre long corridor that has been tested with wide-spaced drilling to date.

“What is particularly exciting is the fact that there is over four kilometres of strike of the same controlling structure to be systematically drill tested.

“Given its strategic location in a region with proven gold endowment, as highlighted by the nearby Mt Magnet gold mine, Barimaia remains a great growth opportunity for the company, and we are looking forward to getting back with more drilling this year to allow us to define an initial JORC Mineral Resource while also continuing to test the broader gold trend.

“Our focus remains squarely on advancing our flagship Ulysses gold project near Leonora as quickly as we can, but this is not a bad second string to have to our bow, and we’ll be doing as much as we possibly can to unlock its value for our shareholders.”

 

Email: info@genesisminerals.com.au

Website: www.genesisminerals.com.au