Genesis Minerals Ltd (ASX:GMD) has intersected high-grade gold mineralisation 80 metres down-plunge at the Ulysses Gold Project, located 35 kilometres south of Leonora in the Eastern Goldfields of Western Australia.
The best assay from Ulysses West returned 2 metres at 9.0 g/t gold from 153 metres.
Importantly, the location of this intersection opens a large prospective area for future resource expansion at Ulysses.
The finding also enhances the potential to develop a future underground operation at Ulysses West following the completion of open pit mining.
Other significant results include 3 metres at 2.74 g/t gold from 155 metres and 2 metres at 1.85 g/t gold from 142 metres.
The 4,500 metre aircore drill program has been completed last month with more results pending.
Further reverse circulation drilling will continue in May to define and extend the Ulysses West high-grade gold shoot and to test the immediate depth extensions of the 1.5 kilometres long Ulysses project.
Genesis had announced a JORC 2012 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 Ulysses Deposit was mined by Sons of Gwalia in 2002 producing 266,358 tonnes at 2.92 g/t gold for 24,985 ounces of gold.
The share price of Genesis has increased by more than 50% during the last 3 months.
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