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Contained gold up 55%, grade up 31% at Genesis Minerals' Ulysses project

Genesis Minerals Ltd. on Feb. 21 announced a 55% jump in contained gold at its Ulysses deposit in Western Australia, with the average grade increasing 31% as compared to the previous estimate completed May 2017.

Ulysses now hosts measured, indicated and inferred resources totaling 3.3 million tonnes at an average 3.0 g/t of gold for 320,700 ounces. The analysis uses a cutoff of 0.75 g/t of gold and incorporates data from drilling completed in the second half of 2017.

The recent drilling confirmed and extended three high-grade gold shoots underlying the open pits at Ulysses. The shoots were separately modeled for the first time in the updated resource estimate, comprising 215,000 ounces at an average 5.5 g/t of gold, and remain open at depth.

Genesis Minerals is planning to resume drilling shortly, with a 4,000-meter program designed to expand the gold shoots. Drilling will also test a series of potential shoots along strike to the east of the current pit on the property.

In September 2017, the company outlined plans to complete a feasibility study on a stand-alone underground mine at Ulysses.