Genesis Minerals Limited (ASX: GMD) announced that the ongoing Resource drilling has uncovered high-grade assays of up to 3m @ 17.30g/t gold at northern end of Orient Well pit outside the current Resource, and significant new results at Butterfly-Clark deposits at its Ulysses Gold Project in Western Australia.
The company said that the RC drilling continues to confirm the potential to upgrade and expand all key deposits which form part of the 1.28Moz Ulysses gold project.
GMD said that mineralisation was intersected outside of the current Resource envelopes along the Hercules and Clark shears, and remains open down-dip and down-plunge.
Genesis reported that a large number of assay results are still outstanding from the drilling completed prior to Christmas, with samples from ~100 holes in the laboratory.
The company said that the updated Mineral Resource Estimate for the Ulysses Gold Project is on track for Q1 2021.
Drilling at Ulysses
The company had recently commenced resource drilling at its Ulysses gold project near Leonora in WA.
The drilling at Clark-Butterfly area focused on an area covering ~600m x 300m, while the drilling completed at Orient Well was part of a large program designed to significantly expand and upgrade the existing 61,000oz Mineral Resource. The drilling also targeted the Hercules and Clark shears and focused on upgrading parts of the Inferred Resource at Butterfly.
The company said that further highly-encouraging results were received from Reverse Circulation drilling completed prior to Christmas at both the Orient Well and Butterfly-Clark deposits. GMD said that a number of significant results were returned along the Hercules and Clark shears outside of the current resources.
High-grade gold hits at Ulysses
GMD said that further high-grade mineralisation was intersected outside the current 61,000oz Mineral Resource (1.5Mt at 1.3g/t for 61,000oz) at the Orient Well deposit, while significant assay results were returned from the drilling at Clark and Butterfly deposits. GMD said that the drilling targeting the Hercules shear over 600m of strike returned a number of significant results outside of the current Butterfly and Clark resources.
Significant results included:
- 5m @ 1.25g/t Au from 95m 20USRC619;
- 2m @ 0.98g/t Au from 22m 20USRC620;
- 5m @ 1.37g/t Au from 60m 20USRC620;
- 10m @ 5.85g/t Au from 101m 20USRC620 Inc. 3m @ 17.30g/t Au from 107m;
- 29m @ 1.63g/t gold from 120m 20USRC652 Inc. 16m @ 2.74g/t gold from 120m;
- 4m @ 0.49g/t Au from 0m 20USRC653;
- 5m @ 0.68g/t Au from 40m 20USRC653;
- 17m @ 0.72g/t Au from 91m 20USRC653;
- 10m @ 2.16g/t Au from 123m 20USRC653;
- 5m @ 1.30g/t Au from 0m 20USRC655;
- 20m @ 0.77g/t Au from 30m 20USRC656;
- 5m @ 1.60g/t Au from 45m 20USRC656;
- 14m @ 0.71g/t Au from 45m 20USRC657;
- 2m @ 24.09g/t Au from 71m 20USRC657;
- 14m @ 2.15g/t Au from 26m 20USRC659;
- 5m @ 2.02g/t Au from 25m 20USRC660;
- 3m @ 5.24g/t Au from 35m 20USRC660; and
- 5m @ 1.26g/t Au from 45m 20USRC660
Clark and Butterfly
Significant results included:
- 9m @ 1.38g/t Au from 97m 20USRC621;
- 10m @ 1.21g/t Au from 25m 20USRC624;
- 15m @ 0.75g/t Au from 62m 20USRC628;
- 23m @ 0.40g/t Au from 79m 20USRC629;
- 24m @ 1.01g/t Au from 87m 20USRC630 Inc.10m @ 1.41g/t Au from 95m;
- 32m @ 0.85g/t Au from 32m 20USRC631 Inc. 13m @ 1.60g/t Au from 34m;
- 8m @ 1.04g/t Au from 56m 20USRC633;
- 2m @ 2.56g/t Au from 134m 20USRC635;
- 4m @ 1.59g/t Au from 158m 20USRC635;
- 9m @ 2.59g/t Au from 90m 20USRC636;
- 2m @ 1.23g/t Au from 169m 20USRC637;
- 15m @ 1.15g/t Au from 50m 20USRC638;
- 10m @ 2.19g/t Au from 110m 20USRC639;
- 25m @ 1.12g/t Au from 125m 20USRC640 Inc 5m @ 2.43g/t Au from 140m;
- 11m @ 1.91g/t Au from 112m 20USRC641;
- 3m @ 4.46g/t Au from 116m 20USRC642;
- 5m @ 1.90g/t Au from 33m 20USRC643;
- 2m @ 1.15g/t Au from 47m 20USRC643;
- 10m @ 1.84g/t Au from 90m 20USRC643;
- 6m @ 0.78g/t Au from 105m 20USRC643;
- 6m @ 1.02g/t Au from 69m 20USRC645;
- 10m @ 1.55g/t Au from 121m 20USRC645;
- 5m @ 1.10g/t Au from 80m 20USRC646;
- 18m @ 0.59g/t Au from 152m 20USRC646;
- 35m @ 0.45g/t Au from 25m 20USRC647; and
- 7m @ 1.25g/t Au from 21m 20USRC650
The company announced 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.
GMD said that the drilling was recently re-commenced at the Ulysses Gold 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.
The company 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.
Genesis Managing Director Michael Fowler said: “This is a great way to start the New Year, with another batch of impressive assay results from both the Orient Well and Butterfly-Clark areas. At Orient Well, all of the new results are from outside the current 61,000oz Resource and show clear potential to grow this Resource. At Clark-Butterfly, recent drilling has focused on the potential of the Hercules and Clark shears and also intersected significant mineralisation outside the known deposits.
Drilling has now re-commenced across the greater Ulysses Project with one RC rig currently on site. We expect to deliver an updated project-wide Mineral Resource in the first quarter of 2021, which will underpin the completion of a Feasibility Study and provide a solid platform from which to progress the development of a significant new standalone gold mining and processing operation at Ulysses.”