Genesis Minerals Limited (ASX:GMD) announced today “outstanding results” from its Ulysses Project, confirming the presence of several high-grade intersects in the region.
Prior to Christmas, the exploration company mobilized its team to perform reverse circulation (RC) drilling operations at both the Orient Well and Butterfly-Clark deposits.
A total of nine high-grade intersects at the Orient Well deposit were reported.
Meanwhile, significant assays from Clark and Butterfly returned 11 new intersects
With the intersected mineralisation at Ulysses, Genesis Minerals plans to expand and upgrade its existing Resources even outside its envelopes, along the Hercules and Clark shears.
On the recent discovery, Genesis Managing Director Michael Fowler commented: “This is a great way to start the New Year, with another batch of impressive assay results from both the Orient Well and Butterfly-Clark areas.”
“At Orient Well, all of the new results are from outside the current 61,000oz Resource and show clear potential to grow this Resource. At Clark-Butterfly, recent drilling has focused on the potential of the Hercules and Clark shears and also intersected significant mineralisation outside the known deposits.”
“Drilling has now re-commenced across the greater Ulysses Project with one RC rig currently on the site.”
“We expect to deliver an update project-wide Mineral Resource in the first quarter of 2021,” Fowler added.
The Mineral Resources will be a pivotal cornerstone in the completion of a Feasibility Study that should then allow further development of new gold mining and processing operations at Ulysses. Results from this release will feed into the upcoming study.