Genesis Minerals commences mining operations at the Ulysses Gold Project

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Mining of top soil at Ulysses West Image credit: Genesis Minerals

Genesis Minerals Limited announced that it has commenced mining operations at the Ulysses West open pit, part of the company’s 100%-owned Ulysses Gold Project near Leonora in Western Australia.

Mining of top soil at Ulysses West Image credit: Genesis Minerals
Mining of top soil at Ulysses West
Image credit: Genesis Minerals

According to the company, ore from the Ulysses West open pit will be processed under a Toll Milling Agreement with Paddington Gold, with first ore expected to be delivered to the 3.5Mtpa Paddington gold plant by mid-October.

Genesis said the project is expected to generate total estimated free cash-flow in the excess of $6 million from the initial Ulysses West operation.

The company also provided an update on its ongoing drilling and exploration programs at the Ulysses project, saying recent results from both sterilisation drilling and deeper resource extension drilling highlighted the growth and expansion potential beyond the initial 3-month mining operation.

Adertisement

“Sterilisation drilling immediately west of the Ulysses West open pit has returned positive results for gold mineralisation including high-grade intersections of 10m @ 3.20g/t from 30m in 16USRC064; 5m @ 1.74g/t from 15m in 16USRC061; and 10m @ 0.42g/t from 20m in 16USRC067,” the company said, adding that follow-up drilling of this target will commence shortly.

“It appears that the mineralisation intersected in the sterilisation drilling may be associated with an east-west splay off the main Ulysses shear zone, with the mineralisation associated with a weathered mafic schist with goethite after sulphide mineralisation, which is similar to the min zone.”

“Whilst still at a very early stage, the results are highly encouraging, suggesting there may be potential to extend the current pit at Ulysses West to mine the newly identified zone of gold mineralisation.”

Genesis Managing Director Michael Fowler said the company was delighted to have commenced mining at the Ulysses Project.

“Planning is now well advanced for our two key exploration drilling campaigns which will commence at the Ulysses and Viking Projects in October,” he stated.

“Thanks to the support of our Mining Alliance partner, SMS, we have been able to commence mining operations less than two months after the completion of our Feasibility Study and only 7 days after mobilisation to site. I would like to congratulate all our staff and contractors for their hard work to achieve this significant milestone.”