Announcement Date: 2022-03-29
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Genesis Minerals Ltd.
Project name: Leonora
Location: Australia
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Genesis Minerals Limited (ASX: GMD) has increased the Mineral Resource at its 100%-owned Leonora Gold Project in WA by 409,000oz to 2.0Moz. The Company expects that the Resource, which comprises 39.3Mt at 1.6g/t, will grow significantly given that the mineralisation remains open in every direction, drilling is ongoing and there is a host of assays pending. Genesis Managing Director Raleigh Finlayson said the Company had now established genuine scale in the Leonora district. Post the Kookynie acquisition in June 2020, drilling has focused on Admiral, Orient Well and Puzzle, essentially “forgotten” opportunities with virtually no exploration conducted for ~20 years. As a result, there has been no drilling at Ulysses over this period, and the Ulysses Resource is unchanged at 838,000oz (including a high-grade component of 363,000oz at 6.4g/t). Ulysses remains open along strike and at depth; extensional drilling will resume in 2022.
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