- Genesis Minerals (GMD) has announced a newly increased mineral resource for its Ulysses Gold Project near Leonora, WA
- The new mineral resource for the project is 27.3 million tonnes at 1.8g/t gold for 1.6 million ounces of contained gold
- This represents a 26 per cent increase from the last resource released for Ulysses back in June 2020
- It also provides the company with a strong foundation for the ongoing feasibility study for the gold project, which is due to be completed this quarter
- Shares in GMD are down 1.47 per cent at 6.7 cents per share
Genesis Minerals (GMD) has announced a newly increased mineral resource for its Ulysses Gold Project near Leonora, Western Australia.
The updated mineral resource for the gold project now sits at 27.3 million tonnes at 1.8g/t gold for 1.6 million ounces of contained gold.
That represents a 26 per cent increase from the last mineral resource released for Ulysses back in June 2020.
Additionally, the gold project’s total measured and indicated mineral resource increased by 32 per cent to 984,000 ounces.
As a result of this upgrade, around 61 per cent of all of the total contained ounces at Ulysses are now in the measured and indicated categories.
“This is a result that confirms the scale and quality of the Ulysses Project, reflecting the outcomes of the highly-successful drilling programs completed over the expanded project area over the past six months,” Managing Director Michael Fowler said.
“We were very pleased to see a strong increase in the measured and indicated components of the resource, which now total 984,000 ounces, providing a strong foundation from which to deliver our maiden ore reserve,” he added.
Genesis also stated the updated mineral resources provides a strong foundation for the ongoing feasibility study for the gold project, which is due to be completed this quarter.
“The updated mineral resource will now form the foundation of our ongoing feasibility Study on a standalone gold project at Ulysses, which is on-track for delivery next quarter and is expected to potentially comprise both an open pit and underground mining operation,” the MD said.
Additionally, the company is continuing to carry out drilling at Ulysses, with a further resource update targeted for the end of the year.
Shares in GMD are trading down 1.47 per cent at 6.7 cents per share at 2:46 pm AEDT.