Join our daily newsletter At The Bell to receive exclusive market insights
- Genesis Minerals’ (GMD) ongoing drilling program at the WA-based Ulysses Gold Project has continued to deliver positive results
- Resource and reverse circulation drilling is aimed at expanding and upgrading Ulysses’ mineral resource which is expected to be completed this quarter
- Drilling has targeted the Orient Well and Butterfly-Clark deposits which has yielded positive results including 17.3g/t gold and 2.43g/t gold
- While a large number of assays are yet to be received, drilling has confirmed the strong potential to expand and upgrade the project’s mineral resource
- Company shares are up 1.35 per cent and are trading at 7.5 cents
Genesis Minerals’ (GMD) ongoing resource and reverse circulation (RC) drilling program at the Ulysses Gold Project has continued to deliver positive results.
The Ulysses Gold Project is located 30 kilometres south of Leonora and 200 kilometres north of Kalgoorlie in the Eastern Goldfields of Western Australia.
Pleasingly, the drilling program has continued to confirm the strong potential to expand and upgrade existing resources within the 1.28 million ounce gold project.
The latest results are from drilling that was completed before Christmas at the Orient Well and Butterfly-Clark deposits.
Drilling at Orient Well is part of a major program designed to significantly expand and upgrade the existing mineral resource, whereas drilling at Butterfly-Clark is focused on upgrading parts of the inferred resource at Butterfly.
A total of 14 RC holes have been drilled at Orient Well. Best results include two metres at 24.09g/t gold from 71 metres, 10 metres at 5.85g/t gold from 101 metres including three metres at 17.3g/t gold from 107 metres, 29 metres at 1.63g/t gold from 120 metres including 16 metres at 2.74g/t gold from 120 metres.
“At Orient Well, all of the new results are from outside the current 61,000 ounces resource and show clear potential to grow this resource,” Managing Director Michael Fowler said.
At Butterfly-Clark, 30 RC holes, for 3674 metres, have been drilled to target
the Hercules and Clark shears.
Best results include nine metres at 1.38g/t gold from 97 metres, 24 metres at 1.01g/t gold from 87 metres including 10 metres at 1.41g/t gold from 95 metres, and 25 metres at 1.12g/t gold from 125 metres including five metres at 2.43g/t gold from 140 metres.
A significant amount of assays remain outstanding from drilling completed before
Christmas.
The drilling results will be included in Ulysses’ updated mineral resource estimate which is expected to be completed by the end of this quarter.
The updated mineral resource will support a feasibility study. The study will evaluate the development of Ulysses as a significant standalone gold operation.
Company shares are up 1.35 per cent and are trading at 7.5 cents at 11:58 am AEDT.
