Market Herald logo


Be the first with the news that moves the market
  • Genesis Minerals is continuing to deliver significant assay results from its Ulysses Gold Project in Western Australia
  • Drilling over a 1-kilometre strike length, gold results peaking more than 30 grammes per tonne were identified
  • An updated mineral resource for the project is scheduled for Q4 2019
  • Genesis’ share price is down 8.57 per cent, with shares trading for 3.2 cents apiece

Genesis Minerals is continuing to deliver outstanding results from the ongoing infill and extensional resource upgrade drilling at its Ulysses Gold Project.

Located 30 kilometres south of Leonora in Western Australia, Ulysses is located in the minerals rich and highly prospective Eastern Goldfields region.

In 2002, it was mined by Sons of Gwalia and produced 266,358 tonnes at 2.92g/t gold for 24,985 ounces of gold.

Genesis obtained Ulysses in 2015 and completed two open-pit mining campaigns at the West Pit in 2016 and 2017.

Further results have been received from the resource upgrade drilling program that began at Ulysses in August.

High-grade gold mineralisation was encountered by diamond drilling that was completed as part of this program.

A total of 30 holes, for 5357 metres, were completed with an average hole depth of 179 metres.

Some high-grade results include 1 metre at 33.86g/t gold from 103 metres, 2 metres at 28.76g/t gold from 188 metres, and 2.43 metres at 20.33g/t gold.

The latest drilling program intersected significant high-grade gold mineralisation from within the 760,000-ounce mineral resource.

Further assays from the program have been received from drilling along the entire strike length and up to 200 metres below the surface.

Drilling will be targeting areas both within and next to the current resource boundary.

Over 20,000 metres of drilling will be completed by mid-November to upgrade the top 200 metres of the resource in preparation for mining.

The drilling will target approximately 1000 metres of strike and some 300 metres of the down-dip extent within and adjacent to the current resource envelope.

At Ulysses West, drilling will target approximately 600 metres of down-plunge extent.

“We continue to make very good progress with the resource upgrade drilling program, with three rigs now operating to in-fill and extend the main 760,000-ounce resource at Ulysses,” Managing Director Michael Fowler said.

“Out initial focus continues to be on upgrading the upper 200 metres of the resource and the initial results have confirmed the continuity, robustness and tenor of the mineralisation within the high-grade shoots,” he added.

All of the data from this current program will now be combined with the recently completed drilling.

This program is expected to be completed by mid-November with assay results expected in the following weeks.

Genesis’ share price is down 8.57 per cent, with shares trading for 3.2 cents a share in a $46.53 million market cap.

GMD by the numbers
More From The Market Herald

" Jervois Global (ASX:JRV) sees higher costs to bring its Idaho cobalt operation to production

Jervois Global (ASX:JRV) will experience higher costs to bring its Idaho cobalt operation (ICO) in the…
The Market Herald Video

" Aeris Resources’ (ASX:AIS) Round Oak buy gets “overwhelming” shareholder approval

Aeris Resources (ASX:AIS) has received "strong support" from its shareholders at the Extraordinary General Meeting over…
The Market Herald Video

" Parkway Corporate (ASX:PWN) boosts stake in Karinga Lakes project to 40pc

Parkway Corporate (ASX:PWN) has increased its ownership of the Karinga Lakes potash project (KLPP) in the…
The Market Herald Video

" Horizon Minerals (ASX:HRZ) eyes $6m for WA projects

Emerging mid-tier gold producer Horizon Minerals (ASX:HRZ) has received firm commitments to raise $4 million via…