Genesis Minerals Ltd (ASX:GMD) has commenced a 15,000 metre drill program at its 100% owned Ulysses Gold Project, located 35 kilometres south of Leonora in the Eastern Goldfields of Western Australia.
The majority of the drill program will be on the granted Ulysses Mining Lease. The aim of the drill program is to test multiple high priority targets which have the potential to lead to additional discoveries.
GMD’s announced a JORC indicated and inferred mineral resource of 2.13 million tonnes at 2.2 g/t gold for 151,500 ounces of gold in February 2016.
The new 15,000 metre drill program will be carried out using a combination of reverse circulation and air core drilling and will test the immediate depth extensions of the known Ulysses resource.
The drill program will also test immediate strike extensions to the Ulysses mineral resource together with the anomalous geochemical and structural targets at the Ulysses mineralisation corridor. The Ulysses mineralised corridor is over 5 kilometres of strike and 2 kilometres wide.
Drilling is planned to be completed over the next 3 months. GMD is looking to develop a low cost, open pit gold mining operation at Ulysses in 2016 and an early cash flow stream.
Investors that ponied up in the recent placement that raised $1.5 million at $0.014 each would be pleased with their investment.
GMD’s share price has increased by 157% during the last 6 months.
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