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- Genesis Minerals (GMD) has received new results from drilling at its Ulysses Gold Project in Western Australia
- The latest batch of assays come from the Puzzle, Puzzle North and Orient Well prospects, which have confirmed the upside potential for a resource upgrade
- Genesis recently upgraded the Ulysses Project’s mineral resource by 26 per cent but, as it seems, the ASX-lister plans to increase this once more
- Recent drilling returned moderately high grades and extended mineralisation at depth and along strike
- Genesis will continue drilling across several prospects to deliver a new mineral resource later this year
- Company shares are up 9.52 per cent and are trading at 6.9 cents
Genesis Minerals (GMD) has received new results from drilling at its Ulysses Gold Project in Western Australia.
The latest batch of assays come from the Puzzle North, Puzzle and Orient Well prospects which continue to highlight the upside potential across the Ulysses project area.
Drilling at Puzzle and Puzzle North aimed to build on Ulysses’ recent mineral resource upgrade which increased 26 per cent from June 2020.
Whereas drilling at Orient Well is aimed at expanding its own resource with significant mineralisation returned from holes targeting the edge of the March 2021 resource.
Results from Puzzle North include 16 metres at 1.61g/t gold from 101 metres to end of hole and 41 metres at 1.2g/t gold from 38 metres including 10 metres at 2.77g/t gold from 62 metres.
Mineralisation has been defined over 200 metres but remains open at depth and along strike. Genesis will continue to target extensions ahead of resource definition drilling.
“Recent drilling has identified an exciting new area at Puzzle North, where our initial shallow drilling has already defined a significant zone of shallow mineralisation that already looks like it has the makings of a new deposit,” Managing Director Michael Fowler said.
While drilling was limited at the Puzzle deposit itself, the company is pleased with the results. These include 32 metres at 1.2g/t gold from 12 metres, five metres at 2.92g/t gold from 50 metres and 19 metres at 1.52g/t gold from 68 metres.
Over the next few months, the company will conduct further drilling at this deposit to upgrade and extend the resource.
Pleasingly, the Orient Well prospect continues to return significant results as part of Genesis’ quest to extend the Orient Well Resource.
Best results include 37 metres at 1.07g/t gold from 60 metres including eight metres at 2.02g/t gold from 70 metres, one metre at 67.8g/t gold from 67 metres, and three metres at 7.42g/t gold from 109 metres including one metre at 20.5g/t gold from 109 metres.
“Drilling will continue to systematically unlock the broader potential at Ulysses over the coming months, laying the foundations for a further resource upgrade later this year,” Michael concluded.
Company shares are up 9.52 per cent and are trading at 6.9 cents at 10:11 am AEDT.
