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Genesis Minerals reports resource drilling results for Ulysses Gold Project in Australia

Genesis Minerals has made a strong start to the current resource upgrade and extensional drilling program at its 100%-owned Ulysses Gold Project, located 30km south of Leonora in WA, with initial results confirming the continuity of the deeper mineralisation and supporting the potential for a significant long-term underground mine at Ulysses.

The current +6,000m RC and diamond drill program, which commenced on 22 September, is being undertaken as part of the Feasibility Study on the Ulysses Underground Project.

Results have been received for the first 12 RC holes, including a number of high-grade intercepts which have confirmed the continuity of the gold mineralisation within the existing resource.

Strong assay results have been received from the first 12 RC holes, including:

  • 12m @ 4.42g/t gold from 135m 17USRC130
  • 8m @ 5.16g/t gold from 109m 17USRC133
  • 4m @ 6.38g/t gold from 142m 17USRC134
  • 4m @ 4.09g/t gold from 154m 17USRC135
  • 2m @ 7.07g/t gold from 138m 17USRC136
  • 4m @ 6.82g/t gold from 110m 17USRC139

A full list of results from the current drill campaign is provided in Appendix 1.

Logging of additional holes completed to date indicates that the mineralisation extends at depth and supports the objective of expanding the existing 206,400oz Resource.

Ulysses Feasibility Study Drilling Program

Resource upgrade and extensional drilling commenced at Ulysses on 22 September as part of the recently commenced Underground Feasibility Study. This follows the positive Scoping Study and positive drilling programs completed earlier this year.

A total of 40 holes for 6,624m have been completed to date, comprising 29 RC holes for 6,005m and 11 diamond holes for 619m.

Feasibility Study Update

Ongoing Feasibility Study work currently being undertaken in addition to the resource upgrade and extensional drilling has included:

  • Geotechnical drilling and logging to support the Feasibility Study and provide data for modelling to estimate potential dilution, to determine crown pillar requirements and appropriate ground support standards;
  • Metallurgical sampling and test work planning;
  • Commencement of ground water and surface water study;
  • The commencement of an updated Mining Proposal and Mine Closure Plan for submission to the DMIRS;
  • Toll-treatment and ore purchase negotiations; and
  • Compilation of supporting data for the commencement of a tender process to select a suitable underground mining contractor.

Management Comment

Genesis Managing Director Michael Fowler said the Company’s plans to develop a significant new long-term underground mine at Ulysses were off to a strong start.

“The early results from the drilling have confirmed the consistency and grade of the deeper mineralisation within the resource, while more recent logged holes have indicated that our plan to extend the mineralisation down-plunge is very much on track.

“Further results are expected in the next few weeks, but based on the results we have seen to date we have decided to extend the drilling with a further Phase 2 program comprising an additional 2,500m of drilling.

“If this drilling is successful as planned, it is quite likely that we will be looking at a much larger drilling program next year aimed at establishing a large standalone mining and processing operation at Ulysses. In the meantime, all the elements of the Ulysses Underground Feasibility Study are in full swing.”