The encouraging results are from a follow-up aircore drill program at Genesis’ Ulysses Gold Project near Leonora in Western Australia.
The company’s shares were last trading 10% higher intra-day on Wednesday, at $0.022.
The program comprised 81 holes for 5,377 metres of drilling, with the best results including;
- 10 metres at 1.22 g/t gold including 5 metres at 2.32 g/t gold; and
- 15 metres at 1.49 g/t gold including 5 metres at 3.41 g/t gold.
The drilling was designed to follow-up on the company’s previous drilling programs which have outlined a large, coherent gold anomaly at Ulysses East extending over a strike length of 1.3 kilometres.
The aircore results from Ulysses East have exceeded Genesis’ expectations, further reinforcing the potential for new discoveries and additions to the existing resource inventory.
Meanwhile, the toll treatment campaign at the original Ulysses mining operation is continuing to progress well.
Genesis completed a successful initial open pit mining campaign at the Ulysses West open pit in the end of last year, with ore being processed at the Paddington mill.
A limited mining campaign is currently being planned and is expected to commence before the end of February to extract an additional 10,000 - 20,000 tonnes of high-grade material remaining at the base of the open pit.
Furthermore, Genesis is planning to carry out follow-up drilling at its Viking Gold Project, located near Norseman in Western Australia, with drilling to commence in February.