Genesis Mineral and Firefinch share prices fired up after new gold finds
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Genesis unveiled a massive visible gold intercept of 5m grading 60.7 grams per tonne (g/t) from a depth of 265m at its 1.6Moz Ulysses Gold Project in Western Australia. Chunky:
Where it gets interesting is that the result stemmed from step-out drilling beyond current resources at the Admiral deposit.
This new zone is located about 120m below the Admiral shear and could represent new gold-bearing structure sub-parallel to it.
Genesis Managing Director, Michael Fowler, said that more drilling is needed to evaluate the exact size of the find.
“A standout drill intercept of 5 metres at 60.7g/t gold is always going to make investors sit up, particularly when it is located beyond the known resource envelope within a potentially entirely new mineralised position”,Fowler commented.
“This is what we appear to have at the Admiral deposit, with the caveat that more drilling is needed to evaluate the size, orientation and significance of this high-grade position”, he added.
Initially, five drilling holes for 1,641m were completed in order to commence testing of the Butterfly dolerite in the footwall (below) the Admiral shear.
Coarse visible gold was observed and returned between from 265m to 266m.
Drilling over the next two months will continue to systematically test on a wide spacing the footwall of the Admiral shear, within the Butterfly dolerite and also the Butterfly North dolerite, which so far has had very limited drilling.
“Our systematic exploration approach is paying dividends and, if the gold is there we are confident we will find it,” Fowler said.
“We look forward to reporting more results in the coming weeks and months, and we are eagerly awaiting the results from a number of holes drilled in close proximity to the high-grade intercept in hole 21USRC892,” he added.
Genesis also advised that drilling at Butterfly North was completed as an initial test to expand the current Butterfly North Mineral Resource, and gain a better understanding on gold mineralisation at the deposit.
A total of 11 holes for 1,483m were completed, with drilling defining broad zones of gold mineralisation.
The Butterfly North area is located approximately 200m north of the Clark and Butterfly Resource.
Future drilling will continue to target extensions at depth and to the west and east, with further drilling to be completed over the next three months.
Meanwhile, Firefinch announced the discovery of a new, very high-grade zone today.
The find was 250 metres south of the K3 prospect, which lies within the company’s 100% owned Finkola permit, part of the Massigui Project that adjoins the Morila Gold mine tenure in Mali.
Significant drilling results, which were the best gold intersection drilled to date by Firefinch, include 21m at 13.45g/t gold from 110m.
The intersection includes two higher grade zones: 4m at 46.5 g/t gold from 114 metres, and 3m at 16.1 g/t gold from 121 metres.
“We are only just getting started, but what a fantastic early result from our drilling campaign,” says Firefinch’s Managing Director, Dr Michael Anderson.
“Finding and delineating a new potential source of oxide mill feed, on a tenement that is already moving through the process of gaining an exploitation license, will provide additional flexibility to our mill start up,” Anderson added.