Genesis Minerals (ASX: GMD) has boosted the total Mineral Resource Estimate at its Leonora Gold Project by 409,000oz following ‘aggressive’ drilling across the Puzzle, Admiral, and Orient Well prospects.
The updated Resource, which delivers 39.3Mt at 1.6g/t for 2.0Moz of contained gold, comes at a cost of $27 per Resource ounce.
Genesis expressed confidence that the resource will grow ‘significantly’ given that the existing deposits remain open along strike and at depth, with drilling ongoing and further assays pending due to laboratory delays in Western Australia.
Addressing the news, Genesis Minerals Managing Director Raleigh Finlayson said: “Genesis has arrived as a central player in the tier-one district of Leonora. We have a 2Moz Resource with strong potential to grow it in every direction. We are waiting on several batches of assays and drilling is ongoing.
“Genesis has arrived as a central player in the tier-one district of Leonora”
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 MRE growth was generated in three key areas:
- Puzzle: +251,000oz to 310,000oz
- Admiral: +103,000oz to 562,000oz
- Orient Well: +55,000oz to 302,000oz
In particular, the recent shallow Puzzle North discovery contributed a maiden 232,000oz, with a ‘significant’ backlog of assays pending.
Genesis notes that the average depth of drilling at the project of around 180m below surface is less than one quarter of the average of its peers in the surrounding Leonora district.
Location of Mineral Resources at Genesis’ Leonora Gold ProjectLooking forward, the company’s focus for 2022 includes extensional drilling at the Admiral, Orient Well, Puzzle, and Ulysses deposits.
With control of more than 40km of strike of ‘highly prospective’ ground immediately south of Leonora, Genesis also has a full pipeline of near-mine and regional exploration targets.
Images: Genesis Minerals Limited
