Genesis Minerals Limited (ASX: GMD) has obtained “exceptional” new results from in-fill and extensional resource drilling at the Orient Well deposit, one of the cornerstone deposits at its 100%- owned Ulysses Gold Project near Leonora in Western Australia.
Drilling has intersected a significant zone of relatively shallow, high-grade gold mineralisation south of the Orient Well pit which represents an important new high-grade exploration target at Orient Well that requires systematic drill testing.
Hole 20USDH177 hit 11.00m @ 16.38g/t gold from 109m including 4.35m @ 39.9g/t gold. This intercept is located ~75m north of hole 20USRC666, which returned an intercept of 14m @ 6.53g/t gold from 101m including 1m @ 78.92g/t gold.
Managing Director, Michael Fowler, said the ongoing drill programme continues to confirm the strong potential to expand and upgrade existing Resources within the Ulysses Project, including all the deposits within the Kookynie group of tenements acquired last year.
The drilling completed at Orient Well is part of a large programme designed to significantly expand and upgrade the existing 61,000oz Mineral Resource, with results received to date demonstrating strong potential to grow the existing Resource.
The results will feed into updated Mineral Resource estimates that will underpin the Feasibility Study on the development of a significant standalone gold operation at Ulysses, with ore to be sourced from a combination of known underground and open pit Resources.
It’s always exciting to see exceptional results like this during what is essentially a resource drill- out phase. Given the presence of visible gold in the samples, we had an idea that this was likely to be a special hole. This outstanding hit is our best-ever intercept across the Ulysses Project,” Mr Fowler said.
“The exceptional tenor and grade of the mineralisation shows the strength of the gold system at Orient Well and has opened up a potentially important new area south of the current pit where we could add ounces very quickly if grades like this could be replicated.”
“This area will form an important part of our ongoing drilling campaign at the Ulysses Project.
“It’s also worth noting that many of the new results reported today are outside the current Resource, which bodes well for the impending resource update due next month.”
Significant mineralisation remains open at depth along the entire 1.8km of the previously defined strike extent of the felsic volcanic.
Drilling re-commenced at the Ulysses Project in early January 2021 with one RC rig currently on site.
Drilling in 2021 will continue to target the north-east dipping Admiral, Clark and Butterfly Shears together with north-dipping shear zones running along key lithological contacts, particularly the Hercules Shear.
A major drilling programme is also planned at Orient Well in 2021 aimed at expanding the current Resource both at depth and along strike and to systematically test the high-grade mineralisation recently outlined.