Genesis Minerals Limited (ASX: GMD) announced that exceptional high-grade visible gold hits including 11.00m @ 16.38g/t gold from 109m including 0.35m @ 434g/t gold were intersected from the Orient Well deposit within its Ulysses Project near Leonora in Western Australia.
The company said that drilling continues to confirm the potential to upgrade and expand the Orient Well deposit, part of the 1.28Moz Ulysses Gold Project.
GMD said that a high-grade target zone was confirmed at southern end of the Orient Well pit with an outstanding intercept of 11.00m @ 16.38g/t gold from 109m in 20USDH177 including 4.35m @ 39.9g/t gold from 109m including 0.35m @ 434g/t gold from 113m.
Genesis said that significant mineralisation also continues to be intersected outside the current 61,000oz Mineral Resource at Orient Well, as well as broad zones of lower grade mineralisation. New assay results include 24m @ 1.11g/t gold from 117m 20USRC732 including 12m @ 1.55g/t gold from 127m; and 11.00m @ 1.15g/t gold from 127m in 20USDH173.
The company said that updated MRE for the Ulysses Gold Project remains on track for Q1 2021, and significant target zones, including high-grade zones, were identified for drill testing in 2021.
Drilling at Orient Well
The company had recently commenced in-fill and extensional resource drilling at the Orient Well deposit within the company’s 100%-owned Ulysses Project in WA.
The program comprises 13 RC holes for 1,767m (Orient Well holes drilled within hole sequence 20USRC730 to 759) and 11 diamond holes for 1,817m, with the recent drilling continuing to form part of a large program to test over 1.2km of strike. Diamond drilling was for a combination of resource, metallurgical and geotechnical purposes.
Genesis has now reported outstanding new results from in-fill and extensional resource drilling. The company said that the drilling completed at Orient Well is part of a large program designed to significantly expand and upgrade the existing 61,000oz Mineral Resource.
High-grade target zone confirmed
The company announced that drilling intersected a significant zone of relatively shallow, high-grade gold mineralisation south of the Orient Well pit. GMD noted that this represents an important new high-grade exploration target at Orient Well that requires systematic drill testing.
Genesis reported that hole 20USDH177 intersected 11.00m @ 16.38g/t gold from 109m including 4.35m @ 39.9g/t gold which included 0.35m @ 434g/t gold. The company noted that visible gold was observed in the core associated with quartz veining. GMD said that the mineralisation remains open and is a significant drill target.
It may be noted that this intercept is located ~75m north of hole 20USRC666, which had returned an intercept of 14m @ 6.53g/t gold from 101m including 1m @ 78.92g/t gold.
High-grade outside the current Resource
The company said that significant mineralisation also continued to be intersected outside the current 61,000oz Mineral Resource at Orient Well, as well as broad zones of lower grade mineralisation.
New assay results include 24m @ 1.11g/t gold from 117m 20USRC732 including 12m @ 1.55g/t gold from 127m; 41m @ 0.91g/t gold from 83m 20USRC750 including 9m @ 2.18g/t gold from 92m; 9m @ 1.23g/t gold from 116m 20USRC751; 10m @ 5.57g/t gold from 105m 20USRC752; 26m @ 0.50g/t gold from 116m 20USRC753; 6m @ 1.39g/t gold from 117m 20USRC754; 18m @ 1.14g/t gold from 52m 20USRC756; 5m @ 3.14g/t gold from 50m 20USRC757; 7m @ 1.15g/t gold from 107m 20USRC757; 26.00m @ 0.78g/t gold from 140m 20USDH154; 22.50m @ 0.79g/t gold from 142.5m 20USDH155 including 6.00m @ 1.98g/t gold from 150m; 41.21m @ 0.59g/t gold from 125.15m 20USDH156 including 5.91m @ 1.32g/t gold from 125.15m; and 11.00m @ 1.15g/t gold from 127m 20USDH173.
Potential for expanding resources
The company said that the ongoing drill program continues to confirm the strong potential to expand and upgrade existing Resources within the Ulysses Project, including all the deposits within the Kookynie group of tenements acquired last year.
Results to be used for MRE
Genesis said that the results will feed into updated Mineral Resource estimates that will underpin the Feasibility Study on the development of a significant standalone gold operation at Ulysses, with ore to be sourced from a combination of known underground and open pit Resources.
The company said that the updated Mineral Resource Estimate for the Ulysses Gold Project remains on track for Q1 2021.
Updates and next steps
GMD said that drilling had re-commenced at the Ulysses Project in early January 2021 with one RC rig currently on site.
The company said that the drilling in 2021 will continue to target the north-east dipping Admiral, Clark, and Butterfly Shears together with north-dipping shear zones running along key lithological contacts, particularly the Hercules Shear.
Genesis said that a major drilling program is also planned at Orient Well in 2021 aimed at expanding the current Resource both at depth and along strike and to systematically test the high-grade mineralisation recently outlined.
The company said that further work will include systematic infill and extensional drilling.
Genesis Managing Director, Michael Fowler, said: “It’s always exciting to see exceptional results like this during what is essentially a resource drill-out phase. Given the presence of visible gold in the samples, we had an idea that this was likely to be a special hole. This outstanding hit is our best-ever intercept across the Ulysses Project.
The exceptional tenor and grade of the mineralisation shows the strength of the gold system at Orient Well and has opened up a potentially important new area south of the current pit where we could add ounces very quickly if grades like this could be replicated.
This area will form an important part of our ongoing drilling campaign at the Ulysses Project. It’s also worth noting that many of the new results reported today are outside the current Resource, which bodes well for the impending resource update due next month.”
* Image source: Genesis Minerals Limited