Genesis’s Ulysses project sees heroic 26pc resource upgrade
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Genesis’ successful drilling has upgraded resources at its Ulysses project near Leonora by 26 per cent to 1.6 million ounces of contained gold.
To top it off, the company has also increased the measured and indicated resource by 32 per cent to 984,000oz, which provides a strong basis for the feasibility study that is due to be completed in the second quarter.
Indicated resources have sufficient information on geology and grade continuity to support mine planning while measured resources provide even greater certainty.
Genesis Minerals (ASX:GMD) added that there is potential to grow this resource further through the extension of known resources and new discoveries.
Drilling is ongoing to evaluate these opportunities with a further resource update expected in the fourth quarter of 2021.
“This is a result that confirms the scale and quality of the Ulysses Project, reflecting the outcomes of the highly-successful drilling programs completed over the expanded project area over the past six months,” managing director Michael Fowler said.
“The updated mineral resource will now form the foundation of our ongoing feasibility study on a standalone gold project at Ulysses, which is on-track for delivery next quarter and is expected to potentially comprise both an open pit and underground mining operation.
“We were very pleased to see a strong increase in the measured and indicated components of the resource, which now total 984,000 ounces, providing a strong foundation from which to deliver our maiden ore reserve.”
Drilling had increased the combined resource for the Orient Well deposits by 305 per cent to 7.3Mt grading 1.1 grams per tonne (g/t) gold for 247,000oz of contained gold.
This follows its success in confirming historical drilling data at Orient Well along with confirming the continuity of mineralisation and upgrading parts of the inferred resources for the Orient Well deposit.
It also significantly extended the limits of the Orient Well deposit, which bodes well for future resource upgrades.
Genesis also completed initial resource estimates for the Orient Well East and Orient Well NW deposits, adding another 42,000oz to the total resource.
The ongoing drilling program will test extensions to the Orient Well, Orient Well East and Orient Well NW deposits that remain open.
Drilling in 2020 to upgrade part of the high-grade portion of the Ulysses deposit and to define the margins of the Ulysses West shoot also increased resources at Ulysses from 695,000oz of gold to 705,000oz of gold.
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.