Genesis Minerals Limited (ASX: GMD)
ASX Announcement - 22 October 2019
ULYSSES: NEW HIGH-GRADE RESULTS FURTHER
STRENGTHEN 760,000oz RESOURCE
Drilling continues to confirm the continuity and robustness of mineralisation within
the upper 200m of the Resource
Key Points:
- Significant new assay results received from ongoing drilling designed to upgrade the current Ulysses Mineral Resource (7.1Mt @ 3.3g/t gold for 760,400oz1).
- Drilling continuing over a 1km strike length to in-fill and extend the Resource, with significant new results received since the last update on 9 September 2019 including:
• 6.00m @ 10.23g/t gold from 154.0m | 19USDH113 |
- including 2.43m @ 20.33g/t gold
• 4.52m @ 9.71g/t gold from 145m | 19USDH114 | |
• 5.46m @ 10.71g/t gold from 229m | 19USDH115 | |
• 2.00m @ 28.76g/t gold from 188m | 19USDH105 | |
• 1.00m @ 33.86g/t gold from 103m | 19USDH089 | |
• 2.36m | @ 9.41g/t gold from 142.64m | 19USDH110 |
• 2.00m | @ 9.20g/t gold from 179m | 19USDH100 |
• 4.25m | @ 5.29g/t gold from 240.85m | 19USDH084 |
• 2.00m | @ 7.42g/t gold from 102m | 19USDH091 |
• 12.09m @ 2.31g/t gold from 121.4m | 19USDH091 |
- including 5.66m @ 3.72g/t gold
• | 2.50m | @ 6.28g/t gold from 149.5m | 19USDH108 |
• | 2.00m | @ 7.24g/t gold from 192.5m | 19USDH106 |
• | 3.00m | @ 6.06g/t gold from 161m | 19USDH098 |
True widths are ~90% to 100% of down-hole lengths
- Genesis 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.
- Three rigs are currently operating as part of the in-fill and extensional drilling program.
- Updated Mineral Resource estimate scheduled for Q4, 2019.
Genesis Minerals Limited (ASX: GMD) is pleased to advise that it continues to deliver outstanding results from the ongoing program of in-fill and extensional resource upgrade drilling at its 100%-ownedUlysses Gold Project, located 30km south of Leonora in WA, with latest drilling intersecting significant high-grade gold mineralisation from within the current 760,000oz Ulysses Mineral Resource1.
1 Measured, Indicated and Inferred Resource of 7.1Mt @ 3.3g/t gold for 760,000oz - refer ASX announcement, 9 October 2018 and Table 2 in this announcement.
ABN: 72 124 772 041 | ASX Code: GMD |
Unit 6, 1 Clive St | www.genesisminerals.com.au |
West Perth, WA, Australia, 6005 | T: +61 8 9322 6178 |
22 October 2019 | Genesis Minerals Limited |
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. Drilling is targeting areas both within and adjacent to the current Resource boundary.
The latest batch of assays further support and reinforce the initial high-grade results reported on 9 September 2019 (see GMD ASX Announcement: 9/09/2019).
Over 20,000m of drilling will be completed by mid-November to upgrade the top 200m of the Resource in preparation for mining. 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.
Commenting on the results, 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."
Upgrade Drilling Results
Further results have been received from the Resource upgrade drilling program that commenced at Ulysses in August. High-grade gold mineralisation (see Figure 1) was encountered in diamond drilling (19USDH086 to 115) completed as part of the drilling.
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 are from holes targeting the upper parts of the Ulysses Mineral Resource (see Figure 1) with the drilling continuing to strongly support the continuity of the higher-grade gold mineralisation. High-grade gold intersections from the recent holes include:
• 6.00m @ 10.23g/t gold from 154.0m | 19USDH113 |
- including 2.43m @ 20.33g/t gold
• 4.52m @ 9.71g/t gold from 145m | 19USDH114 | |
• 5.46m @ 10.71g/t gold from 229m | 19USDH115 | |
• 2.00m @ 28.76g/t gold from 188m | 19USDH105 | |
• 1.00m @ 33.86g/t gold from 103m | 19USDH089 | |
• 2.36m | @ 9.41g/t gold from 142.64m | 19USDH110 |
• 2.00m | @ 9.20g/t gold from 179m | 19USDH100 |
• 4.25m | @ 5.29g/t gold from 240.85m | 19USDH084 |
• 2.00m | @ 7.42g/t gold from 102m | 19USDH091 |
• 12.09m @ 2.31g/t gold from 121.4m | 19USDH091 |
- including 5.66m @ 3.72g/t gold
• | 2.50m | @ 6.28g/t gold from 149.5m | 19USDH108 |
• | 2.00m | @ 7.24g/t gold from 192.5m | 19USDH106 |
• | 3.00m | @ 6.06g/t gold from 161m | 19USDH098 |
Only down-holelengths are reported. True widths are ~90% to 100% of down-hole lengths.
ASX Release: Ulysses: New High-Grade Results | 2 |
22 October 2019 | Genesis Minerals Limited |
Figure 1. Schematic long section (view looking grid south) showing new drill results. Pierce points with white outlines represent recently completed holes. True widths are ~90% to 100% of down-hole lengths. The cross symbols are holes yet to be drilled or have results pending.
A full list of results from the recent diamond holes is provided in Table 1 and the locations of the pierce points of the new holes are shown in Figure 1.
ENDS | |
For further information, visit: www.genesisminerals.com.auor please contact | |
Investors: | Media: |
Michael Fowler | Nicholas Read |
Managing Director | Read Corporate |
Genesis Minerals Limited | |
T: +61 8 9322 6178 | T: +61 8 9388 1474 |
E: mfowler@genesisminerals.com.au | E: nicholas@readcorporate.com.au |
ASX Release: Ulysses: New High-Grade Results | 3 |
22 October 2019 | Genesis Minerals Limited |
COMPETENT PERSONS' STATEMENTS
The information in this report that relates to Exploration Results is based on information compiled by Mr. Michael Fowler who is a full-time employee of the Company, a shareholder of Genesis Minerals Limited and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Fowler has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Fowler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The Information in this report that relates to Mineral Resources is based on information compiled by Mr Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Payne Geological Services and is a shareholder of Genesis Minerals Limited. Mr Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
DRILLING RESULTS TABLE
Table 1. Ulysses Project Drilling Program Results (19USDH084, 19USDH086 to 115)
Hole ID | Local | Local | MGA East | MGA North | MGA | Depth | MGA | Dip | From | To (m) | Int (m) | Gold |
East | North | RL | Azi | (m) | (g/t) | |||||||
19USDH084 | 11,855 | 20,166 | 337,128 | 6,771,020 | 415.0 | 258 | 213.9 | -56.5 | 240.85 | 245.1 | 4.25 | 5.29 |
19USDH086 | 11,825 | 20,020 | 337,011 | 6,770,928 | 413.0 | 198 | 223.2 | -59.0 | NSA | |||
19USDH087 | 11,825 | 20,056 | 337,035 | 6,770,956 | 412.6 | 216 | 224.8 | -58.4 | 194.85 | 195.9 | 1.00 | 1.21 |
19USDH088 | 11,825 | 20,088 | 337,054 | 6,770,980 | 412.2 | 222 | 217.5 | -58.9 | 210.00 | 213.0 | 3.00 | 1.19 |
19USDH089 | 12,203 | 19,979 | 337,271 | 6,770,652 | 415.8 | 129 | 218.4 | -70.6 | 88.00 | 90.0 | 2.00 | 2.41 |
103.00 | 104.0 | 1.00 | 33.86 | |||||||||
19USDH090 | 12,224 | 20,001 | 337,302 | 6,770,655 | 415.5 | 123 | 222.7 | -72.8 | 92.62 | 93.5 | 0.88 | 1.87 |
112.74 | 114.4 | 1.63 | 3.92 | |||||||||
19USDH091 | 12,272 | 20,040 | 337,363 | 6,770,653 | 414.7 | 144 | 218.5 | -72.2 | 102 | 104 | 2 | 7.42 |
112.76 | 114.50 | 1.74 | 2.52 | |||||||||
121.40 | 133.49 | 12.09 | 2.31 | |||||||||
including | 127.83 | 133.49 | 5.66 | 3.72 | ||||||||
19USDH092 | 12,324 | 20,083 | 337,431 | 6,770,653 | 414.0 | 153 | 222.0 | -66.8 | 125 | 127 | 2 | 7.42 |
143.25 | 144.25 | 1.00 | 7.63 | |||||||||
19USDH093 | 12,322 | 20,053 | 337,410 | 6,770,631 | 414.4 | 138 | 222.6 | -59.9 | 111.75 | 112.75 | 1.00 | 4.19 |
124.00 | 130.62 | 6.62 | 2.12 | |||||||||
19USDH094 | 12,348 | 20,036 | 337,419 | 6,770,601 | 414.3 | 120 | 221.3 | -60.4 | 95.10 | 95.60 | 0.50 | 10.53 |
100.55 | 103.50 | 2.95 | 1.50 | |||||||||
109.90 | 110.55 | 0.65 | 8.45 | |||||||||
19USDH095 | 12,397 | 20,079 | 337,484 | 6,770,602 | 413.6 | 129 | 221.2 | -58.9 | 96.00 | 97.00 | 1.00 | 1.72 |
113.00 | 113.66 | 0.66 | 3.55 | |||||||||
19USDH096 | 12,398 | 20,122 | 337,512 | 6,770,634 | 413.7 | 159 | 219.8 | -61.7 | 140.00 | 140.50 | 0.50 | 1.03 |
19USDH097 | 12,423 | 20,131 | 337,538 | 6,770,624 | 413.3 | 159 | 220.9 | -59.8 | 136.50 | 137.35 | 0.85 | 11.17 |
144.65 | 146.70 | 2.05 | 3.87 | |||||||||
19USDH098 | 12,273 | 20,104 | 337,406 | 6,770,701 | 414.0 | 180 | 218.4 | -70.6 | 151.00 | 153.00 | 2.00 | 1.18 |
161.00 | 164.00 | 3.00 | 6.06 | |||||||||
19USDH099 | 12,324 | 20,163 | 337,483 | 6,770,713 | 414.0 | 198 | 217.0 | -60.1 | 161.34 | 162.00 | 0.66 | 8.54 |
19USDH100 | 12,373 | 20,185 | 337,535 | 6,770,698 | 413.8 | 198 | 220.6 | -59.5 | 155.00 | 159.00 | 4.00 | 1.06 |
179.00 | 181.00 | 2.00 | 9.20 | |||||||||
ASX Release: Ulysses: New High-Grade Results | 4 |
22 October 2019 | Genesis Minerals Limited | |||||||||||||
19USDH101 | 12,374 | 20,207 | 337,549 | 6,770,714 | 413.6 | 204 | 223.4 | -58.9 | 155.00 | 168.00 | 13.00 | 1.60 | ||
189.00 | 191.00 | 2.00 | 3.83 | |||||||||||
19USDH102 | 12,422 | 20,211 | 337,589 | 6,770,686 | 413.3 | 192 | 224.4 | -59.6 | 168.00 | 168.45 | 0.45 | 16.10 | ||
178.43 | 179.00 | 0.57 | 6.03 | |||||||||||
184.00 | 184.53 | 0.53 | 12.87 | |||||||||||
19USDH103 | 12,213 | 20,118 | 337,369 | 6,770,751 | 414.0 | 189 | 214.4 | -58.7 | 165.00 | 169.00 | 4.00 | 1.13 | ||
19USDH104 | 12,249 | 20,165 | 337,427 | 6,770,763 | 413.5 | 210 | 222.9 | -60.1 | 196.40 | 198.50 | 2.10 | 6.13 | ||
19USDH105 | 12,223 | 20,150 | 337,398 | 6,770,768 | 413.7 | 198 | 220.1 | -59.7 | 188.00 | 190.00 | 2.00 | 28.76 | ||
19USDH106 | 12,274 | 20,171 | 337,450 | 6,770,752 | 413.6 | 204 | 220.9 | -60.2 | 192.50 | 194.50 | 2.00 | 7.24 | ||
19USDH107 | 12,297 | 20,192 | 337,481 | 6,770,752 | 413.8 | 207 | 220.0 | -57.3 | 175.00 | 180.00 | 5.00 | 1.31 | ||
196.10 | 196.60 | 0.50 | 2.82 | |||||||||||
19USDH108 | 12,373 | 20,127 | 337,497 | 6,770,654 | 414.0 | 162 | 219.4 | -67.9 | 131.00 | 133.00 | 2.00 | 5.20 | ||
149.50 | 152.00 | 2.50 | 6.28 | |||||||||||
19USDH109 | 12,373 | 20,105 | 337,483 | 6,770,637 | 413.9 | 150 | 223.8 | -59.0 | 128.00 | 129.30 | 1.30 | 6.70 | ||
19USDH110 | 12,424 | 20,141 | 337,545 | 6,770,632 | 413.3 | 159 | 216.4 | -70.6 | 142.64 | 145.00 | 2.36 | 9.41 | ||
19USDH111 | 12,325 | 20,145 | 337,472 | 6,770,699 | 414.1 | 180 | 219.9 | -55.6 | 172.00 | 173.00 | 1.00 | 1.28 | ||
19USDH113 | 11,869 | 19,999 | 337,031 | 6,770,884 | 413.5 | 167 | 221.0 | -59.6 | 154.00 | 160.00 | 6.00 | 10.23 | ||
including | 155.92 | 158.35 | 2.43 | 20.33 | ||||||||||
19USDH114 | 11,797 | 19,960 | 336,951 | 6,770,901 | 413.0 | 161 | 209.7 | -57.9 | 145.00 | 149.52 | 4.52 | 9.71 | ||
19USDH115 | 11,836 | 20,135 | 337,094 | 6,771,009 | 411.8 | 243 | 215.7 | -57.1 | 229.00 | 234.46 | 5.46 | 10.71 | ||
ASX Release: Ulysses: New High-Grade Results | 5 |
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Genesis Minerals Limited published this content on 22 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2019 00:24:17 UTC