60m at 3g/t gold intercept highlights growth potential at Genesis’ Ulysses project
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Impressive results of up to 60m at 3.03g/t gold continue to highlight potential to grow all key deposits that make up Genesis Minerals’ (ASX:GMD) 1.6Moz Ulysses gold project in WA.
Drilling has now confirmed mineralisation over 400m of strike at the Puzzle North discovery, about 700m north of the shallow 59,000oz Puzzle resource.
Besides the top hit — which includes a high-grade zone of 8m at 12.9 grams per tonne (g/t) gold — new intercepts also include 84m at 1.98g/t gold from 84m (including 10m at 6.31g/t gold from 116m) and 40m at 2.52g/t gold from 44m.
And there’s still room to grow. Mineralisation at Puzzle North remains open along strike and at depth along the granite-greenstone contact, meaning that further drilling could uncover more gold.
It also highlights the need for systematic drill testing along the extensive mineralised corridor that extends over a 6km strike along the Puzzle granite-greenstone contact.
“The Puzzle North discovery is developing into a significant zone of shallow gold mineralisation that clearly has the makings of a new open pit mine,” managing director Michael Fowler said.
“The width, tenor, grade and shallow nature of the mineralisation suggests that we can quickly build ounces at Puzzle North, which could have an important impact on our overall development plans.”
Fowler added that the some of the best results the company has seen to date at Ulysses have come in the last three months as it starts the search for significant extensions to known resources and hunt for new discoveries.
“The recent drilling may have a significant impact on our development plan – particularly the exciting shallow results at Puzzle North and the high-grade zone at Admiral deeps – and we are considering the possibility of including these new elements in our Feasibility Study,” he added.
The company will re-commence drilling Puzzle North and Puzzle next week, targeting extensions at depth and to the north and south of the Puzzle North prospect.
Infill drilling will also allow a resource estimate to be completed as soon as possible.
A total of 3,000m of drilling is currently planned with a significant expansion of the program expected as results come to hand.
Genesis plans to carry out reverse circulation and diamond drilling of the potential Admiral Deeps high-grade lodes, test strike and depth extensions to the Orient Well resources, and search for potential new discoveries at Orient Well by targeting repetitions of the felsic volcanic host rock.
It will also test extensions to the Admiral, Clark, Butterfly, King and Butterfly North resources as well as new discoveries within the Admiral-Clark-Butterfly mine environment.
This article was developed in collaboration with Genesis Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.