Genesis Resources (ASX: GES) has returned initial results from drilling at the 1.65 million gold ounce Plavica Project located in the Republic of Macedonia that indicate potential for a bulk-tonnage mineral resource containing gold, silver, copper, molybdenum, lead and zinc.
Results from the first four diamond holes of its Phase One drilling program support earlier Yugoslav drill data and highlights include: 72 metres at 0.61 grams per tonne (g/t) gold plus 10 g/t silver and 45.1m at 0.7% copper, 0.52 g/t gold, 11.5 g/t silver + 0.1% molybdenum.
Results are still awaited on the remaining holes of the program along zones of vughy silica alteration and the current regional exploration program will be concluded in the fourth quarter of 2011.
Eddie Pang, chairman, said “these results demonstrate that the earlier Yugoslav data, upon which our initial resource model was based, are broadly reliable for the identification of mineralised zones within the deposit."
Plavica has a JORC-inferred resource of; 1.65 million troy ounce of gold at 0.9 g/t, 28.2 million ounces of silver at 15.3 g/t and 32.6 million pounds of copper at 0.282%.
The company said it is working on better defining the geological model used for resource estimation and will re-assess its earlier resource estimate, which was based entirely on historical data.
Genesis signed a joint venture agreement with Sileks AD Kratovo in December 2007 over the Plavica and Crn Vrv concession areas, which were officially granted by the Macedonian Ministry of Economics in April 2010.
The company holds the right to acquire a 62% participating interest in the Plavica Project under the joint venture agreement by sole funding exploration on the project to completion of a final feasibility study.
Genesis is manager of the joint venture with overall responsibility for operations and is planning to undertake a further drilling program in 2012.
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News - Genesis Resources drill results point to bulk-tonnage gold silver resource at Plavica
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