An updated estimate for Genesis Minerals Ltd.'s Ulysses gold property in Western Australia increased contained gold by 137% to 760,400 ounces as compared to the previous estimate.
The project hosts measured, indicated and inferred resources totaling 7.1 million tonnes of ore grading 3.3 g/t gold, using cutoffs of 0.75 g/t for open pit ore and 2.0 g/t for underground ore.
Genesis Minerals said Oct. 9 that the update incorporates new data from drilling completed in the past six months, noting that the resource remains open along strike and at depth.
The increase includes a 162% increase in measured and indicated gold to 471,000 ounces, with high-grade resources estimated to contain 628,000 ounces within 4.1 Mt grading 4.7 g/t gold, using a 2.0 g/t cutoff.
Genesis Minerals will use the high-grade portion of resources in a mining evaluation for a feasibility study which is expected to be completed by mid-2019.
Upcoming work plans include infill drilling and continued exploration targeting upgrades and expansions to resources, and an initial reserves estimate in the first half of 2019.