Genesis Minerals Limited (ASX:GMD) has moved closer to a 2016 start-up at its Ulysses gold project in Western Australia with the initiation of a mining study.
Ulysses’ resource of 138,000 ounces of gold – as well as its estimated extensions at depth and along strike – represent significant potential for developing a mine.
Shallow high-grade drill intersections at the site have already returned 13 metres at 6 grams per tonne gold, 9 metres at 6.7 grams per tonne gold and 9.1 metres at 7.6 grams per tonne gold.
It is anticipated the mining study and negotiations over a toll agreement will be completed by year end.
Earlier this year, Genesis raised $700,000 for drilling at the project.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong.