Genesis Minerals (ASX:GMD) increases gold resource estimate for Leonora to two million ounces

• Genesis Minerals (GMD) expands the mineral resource estimate (MRE) for its multi-deposit Leonora gold project in WA by 409,000 ounces to just over two million ounces
• The measured, indicated and inferred MRE now stands at 39.3 million tonnes at 1.6 g/t gold for 2.01 million ounces of contained gold and represents a 25 per cent increase on the previous MRE’s contained ounces
• Resource growth came from key deposits Puzzle, Admiral and Orient Well and a maiden contribution from the recent Puzzle North discovery
• The company says drilling at the project continues and it hopes the “aggressive” campaign will unlock further upside potential at Leonora this year
• GMD shares up 2.37 per cent to $1.51

Genesis Minerals (GMD) has expanded the mineral resource estimate (MRE) for its multi-deposit Leonora gold project in Western Australia by 409,000 ounces to just over two million ounces.

The measured, indicated and inferred MRE now stands at 39.3 million tonnes grading 1.6 grams per tonne gold for 2.01 million ounces of contained gold and represents a 25 per cent increase on the previous MRE’s contained ounces.

Resource growth came from key deposits Puzzle, up 251,000 ounces to 310,000 ounces, Admiral, up 103,000 ounces to 562,000 ounces, and Orient Well, up 55,000 ounces to 302,000 ounces.

A recent shallow discovery at the Puzzle North deposit contributed a maiden 232,000 ounces, with further growth anticipated.

According to Genesis, the Leonora resource remains open in all directions.

Managing Director Raleigh Finlayson says the company has established genuine scale in the Leonora district.

“Genesis has arrived as a central player in the tier-one district of Leonora,” he said.

“We have a two-million-ounce resource with strong potential to grow it in every direction. We are waiting on several batches of assays and drilling is ongoing.

“At the same time, Genesis is financially robust and we are building a leading team with extensive technical and corporate experience. This combination gives us an enviable platform for both organic and inorganic growth.”

The company says there are a host of assays pending while drilling at the project continues and it hopes the “aggressive” campaign will unlock further upside potential at Leonora this year.

GMD shares were up 2.37 per cent to $1.51 at 2:55 pm AEDT.