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    Genesis reports further high-grade results from Ulysses

    Genesis Minerals Limited (ASX: GMD) has announced further outstanding results from the ongoing drill program at its Ulysses Gold Project, WA.

    The company reported that drilling is continuing over a 1km strike length to in-fill and extend the Resource and upgrade the current Ulysses Mineral Resource.

    Top results from the drill program include 6.00m @ 10.23g/t gold from 154.0m including 2.43m @ 20.33g/t gold;  4.52m @ 9.71g/t gold from 145m; and 5.46m @ 10.71g/t gold from 229m. True widths are ~90% to 100% of down-hole lengths.

    Genesis reported that it plans to complete ~20,000m of drilling by mid-November to upgrade and extend the top 200m of the Resource in preparation for eventual mining.

    The company said that three rigs are currently operating as part of the in-fill and extensional drilling program.

    GMD reported that the updated Mineral Resource estimate is scheduled for Q4, 2019.

    Ulysses project

    The Ulysses Project is centred about 30km south of Leonora and 200km north of Kalgoorlie in Western Australia. It is located in the minerals rich and highly prospective Eastern Goldfields of Western Australia.

    Ulysses currently has a total Mineral Resource of 7.1Mt @ 3.3g/t gold for 760,000oz.

    Regional exploration potential at Ulysses includes Ulysses East, Ulysses North, Ulysses NW, Orient Well NW, and Coronation.

    Resource upgrade drilling program

    Genesis had commenced Resource upgrade drilling program at Ulysses in August. Drilling is targeting areas both within and adjacent to the current Resource boundary.

    The company said that over 20,000m of drilling will be completed by mid-November to upgrade the top 200m of the Resource in preparation for mining.

    GMD said that the drilling will target approximately 1,000m of strike and some 300m of down-dip extent within and adjacent to the current Resource envelope. At Ulysses West, drilling will target ~600m of down-plunge extent.

    Further assays received

    Genesis said that further assay results from the ongoing drilling program have been received from drilling along the entire strike length of the Resource targeting between the 350mRL to 200mRL, up to 200m below surface.

    The company said that a total of 30 holes for 5,357m (including pre-collars) in the reported drilling were completed with an average hole depth of 179m. The results were reported from holes targeting the upper parts of the Ulysses Mineral Resource with the drilling continuing to strongly support the continuity of the higher-grade gold mineralisation.

    The company said that the latest batch of assays further support and reinforce the initial high-grade results reported in September 2019.

    High-grade results

    The company reported that high-grade gold mineralisation was encountered in diamond drilling (holes 19USDH086 to 115) completed as part of the drilling.

    Significant intersections from recent holes include 6.00m @ 10.23g/t gold from 154.0m including 2.43m @ 20.33g/t gold;  4.52m @ 9.71g/t gold from 145m; 5.46m @ 10.71g/t gold from 229m; 2.00m @ 28.76g/t gold from 188m; 1.00m @ 33.86g/t gold from 103m; 2.36m @ 9.41g/t gold from 142.64m; 2.00m @ 9.20g/t gold from 179m; 4.25m @ 5.29g/t gold from 240.85m; 2.00m @ 7.42g/t gold from 102m; 12.09m @ 2.31g/t gold from 121.4m including 5.66m @ 3.72g/t gold; 2.50m @ 6.28g/t gold from 149.5m; 2.00m @ 7.24g/t gold from 192.5m; and 3.00m @ 6.06g/t gold from 161m.

    It may be noted that only down-hole lengths are reported. True widths are ~90% to 100% of down-hole lengths.

    What’s next?

    The company said that further work will include systematic infill and extensional drilling.

    Management comments

    Genesis Managing Director, Michael Fowler, said: “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 760,000oz Resource at Ulysses.

    Our initial focus continues to be on upgrading the upper 200m of the Resource, and the initial results have confirmed the continuity, robustness and tenor of the mineralisation within the high-grade shoots – which is an important outcome.

    All of the information from the current program will be combined with recent drilling for inclusion in a Resource upgrade planned for Q4 this year. With three rigs operating, we expect the program to be largely complete by mid-November, with a steady flow of assay results expected in the coming weeks.”

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    • Delayed Prices (USD) - Last Updated 27-06-2022
    • Gold $1,826.40
    • Silver $21.14
    • Platinum $908.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $113.98
    • Aluminium $2,456.00
    • Cobalt $72,400.00
    • Copper $8,381.00
    • Lead $1,915.00
    • Nickel $22,400.00
    • Tin $24,590.00
    • Zinc $3,350.00