Genesis extends drill range at Ulysses

Drills are turning, and multiplying, in and around the Leonora-Laverton-Leinster ‘golden triangle’ of Western Australia
11th September 2020
Resources Rising Stars

Drills are turning, and multiplying, in and around the Leonora-Laverton-Leinster ‘golden triangle’ of Western Australia and the arrival of a diamond rig at Genesis Minerals’ Ulysses project on the weekend is set to ramp up interest in activity there (reports MiningNews).

Genesis recently raised A$19.5 million at 4.2c to fund the $13.5 million acquisition of the Kookynie gold project, expanding its tenure around the Ulysses (JORC 8.5 million tonnes grading 3.2gpt gold for 867,000oz) production target to more than 650sq.km.

Along with another busy junior Saturn Metals, working to the east, Genesis has one of the biggest tenement holdings in a district with a number of multi-million-ounce gold deposits and big mills. The scope of a feasibility study on restarting mining at Ulysses via underground development, due for completion in the March quarter next year, has been expanded to take in potential supplementary openpit feed from the Admiral-Clark-Butterfly area (4.6Mt at 1.7gpt) added with the Kookynie deal.

Genesis said last week more than 3,000m of shallow aircore drilling in an area called Archduke immediately south-east of old opencut workings at Admiral-Clark-Butterfly "identified strong potential for shallow oxide gold resources" in a circa-1km-long zone of weathered saprolitic rocks thought to extend to 80m depth in places. The "target zone" produced RC results earlier this year from west of the new aircore activity that included 6m of 10.9gpt from 53m, 14m of 4.41gpt 24m, 9m of 4.02gpt from 57m, and 7m of 3.47gpt from 16m. Best of the latest results included 25m of 1.09gpt gold including 10m of 2.17gpt from 15m, and 15m of 1.03gpt including 5m of 2.4gpt from 40m.

Genesis said these and other results showed "potential to define initial shallow oxide gold resources at the prospect, prior to possible deeper drilling in future". It expects to start resource definition RC drilling at Archduke in the December quarter.

The company's main current focus is a 15km "corridor" from Ulysses to Orient Well (61,000oz).

Analysts from supporting Genesis broker Argonaut Securities who recently visited Ulysses said the area hosted a number of shallow north-northeast dipping shears, and steeper east-west orientated shears.

Read more at https://www.miningnews.net/leader-interviews/news/1394557/genesis-extends-drill-range-at-ulysses

 

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