- Genesis Minerals (GMD) has intersected up to 60.7g/t gold from the Admiral Deposit at its Ulysses Gold Project in Western Australia
- Reverse circulation (RC) drilling is continuing at the project with aims of targeting extensions at the Admiral-Clark-Butterfly mine area
- Genesis also undertook extensional drilling in the Danluce to King area to gain a better understanding of the controls of the gold mineralisation
- Of the 17 RC holes drilled, up to 5.45g/t gold was returned
- Pleasingly, all the results have shown the potential to significantly expand the mineral resource base at Ulysses
- Genesis is up 9.84 per cent on the market and shares are trading at 6.7 cents
Genesis Minerals (GMD) has intersected up to 60.7g/t gold from the Admiral Deposit at its Ulysses Gold Project in Western Australia.
Ulysses lies in the highly prospective Eastern Goldfields, 200 kilometres north of Kalgoorlie and 30 kilometres south of Leonora.
Reverse circulation (RC) drilling is continuing at the project with aims of targeting extensions at the Admiral-Clark-Butterfly mine area.
Admiral
Five RC holes, for 1641 metres, were drilled at Admiral to begin testing the Butterfly dolerite (subvolcanic rock) below the Admiral shear.
A best result of five metres at 60.7g/t gold from 265 metres was intersected in hole 21USRC892.
Additionally, coarse visible gold was identified from 265 metres to 266 metres.
Butterfly
11 RC holes were drilled at Butterfly to expand the current mineral resource and gain a better understanding of the controls on the gold mineralisation.
Best results include 41 metres at 1.03g/t gold from 46 metres including 14 metres at 2.02g/t gold from 55 metres, and four metres at 2.01g/t gold from 90 metres.
Mineralisation remains open at depth and along strike which have been measured over 200 metres.
Further drilling will be undertaken to target the extensions at depth and to the west and east.
Danluce-King
Genesis also undertook extensional drilling in the Danluce to King area to gain a better understanding of the controls of the gold mineralisation.
Of the 17 RC holes drilled a best result of one metre at 5.45g/t gold from 122 metres was returned.
Other results include two metres at 2.08g/t gold from 19 metres and 18 metres at 1.18g/t gold from 64 metres including eight metres at 2.04g/t gold from 72 metres.
Pleasingly, all the results have shown the potential to significantly expand the mineral resource base at Ulysses.
“Our systematic exploration approach is paying dividends and, if the gold is there we are confident we will find it,” Managing Director Michael Fowler said.
“We look forward to reporting more results in the coming weeks and months, and we are eagerly awaiting the results from a number of holes drilled in close proximity to the high-grade intercept in hole 21USRC892,” he added.
Genesis is up 9.84 per cent on the market this morning and shares are trading at 6.7 cents at 10:40 am AEST.