PERTH (miningweekly.com) – Gold developer Genesis Minerals has reported a 137% increase in the total mineral resource at its Ulysses gold project, in Western Australia.
The project is now estimated to host some 760 000 oz of gold, up from the previous estimate of 321 000 oz.
The project’s measured and indicated mineral resource has also increased by 162%, from 290 000 oz to 471 000 oz.
“This is a tremendous result for our shareholders and a major milestone for Genesis. Since acquiring the Ulysses project three years ago, we have increased the mineral resource by 450% from 138 000 oz to 760 000 oz, and we believe we have a lot further to go,” said Genesis MD Michael Fowler.
“Drilling this year alone has added almost half-a-million ounces as we have greatly improved our understanding of the geometry and controls on the mineralisation, particularly the significance of the high-grade shoots within the overall resource. This is typical of many West Australian gold systems and shows the enormous value that can be created through a focused and well thought-out exploration programme.”
Fowler said that the company’s strategy was to continue drilling to grow the resource inventory at Ulysses over the coming months, in parallel with feasibility work, which is already under way.
“There is an obvious potential to grow the mineral resource along strike to the east and west as well as down plunge, plus we have recently started drilling to test the shallow oxide potential at Orient Well, which has excellent potential to generate shallow ounces that could be included within our overall mineral resource inventory.
“Outside of that, there is enormous potential within our broader land-holding which we will systematically evaluate.”