Measured, indicated and inferred resources stand at 39.3 million tonnes at 1.6 grams per tonne gold for 2.01 million ounces of gold.
The company added 250,000oz at Puzzle, including an initial 232,000oz at the emerging Puzzle North discovery, 103,000oz at Admiral and 55,000oz at Orient Well at a discovery cost of A$27 per resource ounce.
Recent drilling has focused on underexplored opportunities since the acquisition of the Kookynie tenements in mid-2020.
The 838,000oz Ulysses deposit remains unchanged but is open along strike and at depth with drilling to resume this year.
New Genesis managing director Raleigh Finlayson said all deposits were open in every direction and significant further growth in resources was expected.
“Genesis has arrived as a central player in the tier-one district of Leonora,” he said.
“We have a 2Moz resource with strong potential to grow it in every direction. We are waiting on several batches of assays and drilling is ongoing.
“At the same time, Genesis is financially robust and we are building a leading team with extensive technical and corporate experience.
“This combination gives us an enviable platform for both organic and inorganic growth.”
The newly renamed Leonora project was formerly known as Ulysses, where about $28 million has been spent on drilling and feasibility work to date.
Genesis said the average depth of drilling at the project was less than 180m – mineralisation at St Barbara’s Gwalia mine, less than 30km away, extends to 2690m below surface.
The company’s 2022 drilling will focus on extensional drilling at Admiral, Orient Well, Puzzle and Ulysses, as well as new targets.
Genesis recently picked up another 4km of the Puzzle granite-greenstone contact, extending its holding to 10km.
“We maintain that this project contains some of the most prospective gold exploration ground in the Goldfields,” Argonaut analyst Royce Haese said.
“The consistent incremental growth to estimated contained ounces is testament to this.”
Finlayson, the former MD of Saracen Mineral Holdings and Northern Star Resources, took over the top job at Genesis from Michael Fowler last month.
He holds about 12 million shares after investing A$7 million in the company as part of a $20.8 million fundraising.
Former Saracen head of corporate development Troy Irvin is also now at Genesis, while former Saracen/Northern Star chief financial officer Morgan Ball is also understood to have joined the company.
