Ulysses has more in store for Genesis
PERTH (miningweekly.com) – ASX-listed Genesis Minerals is evaluating increased output at its Ulysses mine, in Western Australia, following a 36% increase in contained ounces.
The company on Monday told shareholders that following recent drilling at the project, the mine’s total mineral resource had increased to 2.8-million tonnes, grading 2.3 g/t gold for 206 400 oz of contained gold.
This was a 32% increase in tonnage and a 36% increase in contained ounces compared with the previous resource estimate.
“Achieving a 36% increase in contained gold, net of depletion from two successful openpit mining campaigns is a very good result, which confirms our approach of unlocking value from the project using low-cost, toll treatment methods is viable,” MD Michael Fowler said.
Fowler said that Genesis was evaluating the potential to undertake a further cutback at the Ulysses West openpit, to extract a further 10 000 t of high-grade material, starting in June, with mining to take between four and six weeks. The most recent mining campaign at Ulysses West extracted of 7 500 t of high-grade material.
A decision on a further cutback at Ulysses West would be made by the end of May.
In the meantime, the company is also evaluating the potential for a small-scale underground mining operation, to extract some of the deeper high-grade ore below the openpits.
“If we can identify a suitable pathway to progress this opportunity, we would envisage it would be undertaken using a similar partnership arrangement with an experienced underground mining contractor,” said Fowler.
If a suitable development pathway is identified, a feasibility study will be undertaken in the second half of 2017.
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