Genesis Minerals Limited (ASX: GMD) has announced the intersection of significant high-grade gold mineralisation from the resource upgrade drilling from within and adjacent to Ulysses Mineral Resource at its Ulysses Gold Project in WA.
The company said that significant new results were received from the recently commenced drilling designed to upgrade the current Ulysses Mineral Resource of 7.1Mt @ 3.3g/t gold for 760,400oz.
GMD said that the drilling currently underway on the western side of the Resource at Ulysses West has intersected significant new results including 9.05m @ 9.94g/t gold from 142.15m including 5.6m @ 14.92g/t gold; and 3m @ 5.56g/t gold from 174m including 0.87m @ 13.4g/t gold. The company noted that true widths are ~90% to 100% of down-hole lengths.
GMD said that the latest drilling confirms the continuity of mineralisation within the upper levels of the Ulysses West high-grade shoot.
Genesis reported that it plans to complete a further 15,000m of drilling over the coming few months to upgrade the top 200m of the resource in preparation for mining.
Two rigs are currently operating and are expected to generate strong news-flow over the coming weeks and months. A third rig is expected to arrive on site in a few weeks to progress in-fill and extensional drilling.
Genesis reported that an updated Mineral Resource estimate is scheduled for Q4, 2019 to include current drilling.
GMD’s 100%-owned Ulysses project is centred about 30km south of Leonora and 200km north of Kalgoorlie in Western Australia. The project is located in the minerals rich and highly prospective Eastern Goldfields of Western Australia.
Important prospects of Ulysses are the Ulysses East prospect, Orient Well NW Prospect, Ulysses North, and Ulysses NW Prospects.
Ulysses has a Measured, Indicated and Inferred Mineral Resource of 7.1Mt @ 3.3 g/t gold for 760,000 ounces of contained gold.
The high-grade portion of the Mineral Resource is estimated to contain 4.1Mt @ 4.7g/t gold for 628,000 ounces, while the high-grade shoots which form part of the overall Mineral Resource are estimated to contain 1.6Mt @ 6.9g/t gold for 356,000 ounces.
Drilling at Ulysses
Genesis reported that a resource upgrade drilling program had commenced at Ulysses in August.
A total of 12 holes for 2,516m (including pre-collars) in the reported drilling were completed with an average hole depth of 210m. It may be noted that the drilling targeted areas within and adjacent to the current Resource boundary.
Initial assays received
The company reported that the initial assay results were received from the drilling at Ulysses West (western side of Resource) targeting between the 350mRL to 200mRL up to 200m below surface and some 300m down-plunge of the Ulysses West pit.
The company announced that the results were received from holes targeting the upper part of the Ulysses West high-grade gold shoot.
The company announced that high-grade gold mineralisation was encountered in diamond and Reverse Circulation (RC) drilling (19USDH079 to 085 and 19USRC374 to 19USRC378) completed as part of the drilling.
High-grade gold intersections from the recent holes include 9.05m @ 9.94g/t gold from 142.15m including 5.6m @ 14.92g/t gold; 3m @ 5.56g/t gold from 174m including 0.87m @ 13.4g/t gold; 1.73m @ 6.4g/t gold from 192.60m including 0.68m @ 14.9g/t gold; 6.24m @ 10.62g/t gold from 223.03m including 4.63m @ 14.1g/t gold; 6.14m @ 9.52g/t gold from 232.48m including 2.82m @ 19.8g/t gold; 3m @ 3.98g/t gold from 147m; 3m @ 8.6g/t gold from 216m including 2m @ 11.6g/t gold.
Genesis noted that the initial drilling on western side of 760koz Resource confirms continuity and robustness of mineralisation within upper levels of the high-grade shoot.
The company reported that a further 15,000m of drilling will be completed over the coming few months to upgrade the top 200m of the resource in preparation for mining.
A third drill rig is scheduled to arrive in September to progress in-fill and extensional drilling at Ulysses.
Genesis 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.
Genesis Managing Director, Michael Fowler, said: “Drilling has resumed and is now in full swing at Ulysses, with two rigs now operating to in-fill and extend the main Resource. A third rig should arrive over the next few weeks to speed up the program, which is essentially designed to upgrade the Resource in preparation for mining.
The initial focus will be on upgrading the upper 200m of the Resource, although we will in time further test the edges of the Resource and further investigate potential down-plunge and strike extensions and repetitions. 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.”