Genesis Minerals Limited (ASX: GMD) has received significant new results from ongoing drilling aimed at growing the resource base at its 100%-owned 1.6Moz Ulysses Gold Project in Western Australia.
The new results, including from the emerging Puzzle North discovery and the Orient Well area, will feed into a Mineral Resource update scheduled to be completed later this quarter.
RC drilling continued in the December quarter at Puzzle and the emerging Puzzle North targeting extensions to the 59,000oz Puzzle Mineral Resource and in-fill and extensional drilling of the Puzzle North discovery.
Drilling at Puzzle North has now defined an extensive zone of gold mineralisation, with consistent shallow, high-grade mineralisation intersected over a strike length of 600m.
Further drilling is currently being planned in this area, with the granite-greenstone contact that controls the location of the Puzzle North discovery and the Puzzle deposit considered to be a significant exploration target extending over 2km of strike.
Meanwhile, results from drilling in the Orient Well area have highlighted the potential for extensions to the current 247,000oz Mineral Resource at Orient Well.
RC drilling completed south of the existing open pit and outside of the current Mineral Resource has intersected a number of broad zones of gold mineralisation. In addition, drilling at the Orient Well east area has returned encouraging results outside of the known resource area.
Also of potential significance is a wide zone of mineralisation hosted within a felsic volcanic unit in the hanging wall to the main Orient Well rhyolite host rock.
Managing Director, Michael Fowler, said drilling at the King deposit, which forms part of the cornerstone Admiral-Clark Butterfly mine area, also returned encouraging results, demonstrating the potential to extend the existing resources. Drilling is continuing to test the area immediately below the King open pit, outside of the current Mineral Resource.
Results from the ongoing drilling programs at the Ulysses Project are anticipated to be reported as they are received and interpreted over the coming months.
“These drilling results provide clear evidence of the potential to expand the current 1.6Moz Mineral Resource at Ulysses and show that we are well on track to take this Project to the next level,” Mr Fowler said.
“At Puzzle North, we have now defined mineralisation over a 600m strike length, with numerous wide intersections of strong mineralisation encountered from shallow depths – including standout hits such as 27m at 8.18g/t Au from 30m, 30m at 15.07g/t Au including 1m at 382g/t and 29m at 2.91g/t Au.
“These results clearly demonstrate the potential to quickly add new ounces to our inventory in this emerging area.
“At Puzzle itself, we have successfully extended the mineralisation to the south of the historic open pit and current Resource, opening up a new exploration opportunity along the granite-greenstone contact which remains completely open.
“Meanwhile, at the Orient Well area, drilling is consistently hitting significant mineralisation well outside the current 247,000oz Mineral Resource, demonstrating clear potential to upgrade our resources in this area.
“The resource growth opportunity across the Greater Ulysses Project is continuing to surprise us on the upside, and we are excited about what the year ahead can deliver for Genesis shareholders.”
For further information please visit: https://genesisminerals.com.au/
