Genesis Minerals Ltd’s (ASX:GMD) shares were last trading 9.5% higher intra-day after confirming the potential to develop a long-term underground mine at its Ulysses Gold Project in Western Australia.
The latest phase of drilling, comprising eight reverse circulation (RC) holes for 1,505 metres, has reinforced and extended the high grade mineralisation previously intersected in the deeper drilling.
Highlights of the drilling program include:
- 7 metres at 4.69 g/t gold from 152 metres;
- 10 metres at 6.42 g/t gold from 128 metres; and
- 10 metres at 1.70 g/t gold from 129 metres.
The drilling has now confirmed that the Ulysses West shoot has a plunge extent of more than 400 metres and remains open at depth.
The new results are located outside the 206,400 ounces gold resource and open up a significant untested area to be targeted by further drilling.
Meanwhile, a single RC drill-hole completed to test a zone of anomalism at the Orient Well NW prospect has returned an outstanding intercept of 5 metres at 22 g/t gold.
This is located 10 kilometres to the east of Ulysses along strike and highlights the potential to define a new large mineralised gold system. Immediate follow up drilling at this prospect is being planned.
The recently commenced underground scoping study at Ulysses will now be expanded to include all recent drilling.
The company’s next step includes aggressive extensional and in-fill drilling to extend the Ulysses resource to more than 200 metres below surface.