Genesis Minerals (ASX:GMD) has received firm commitments to raise $700,000 through a placement priced at $0.01 to fund resource drilling at its Ulysses Gold Project in Western Australia.
Drilling will upgrade confidence in the Ulysses Resource, extend the ore body, both at depth and along strike. Proceeds will also be used undertake a mining study on the resource.
Genesis is targeting production within a 12 to 18 month timeframe.
The Ulysses JORC 2012 Resource of 138,000 ounces of gold is located on a granted Mining Lease and there are no known impediments to mining.
It is close to mining infrastructure which may allow toll treatment of ore from Ulysses.
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