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Genesis Minerals' Ulysses gold resource rises 14% to 867,000 ounces

Genesis Minerals Ltd.'s contained resource at its wholly owned Ulysses gold deposit in Western Australia increased 14% from the October 2018 estimate to 867,000 ounces.

The resource is hosted in 8.5 million tonnes of ore grading 3.2 g/t gold, according to a Dec. 19 news release.

A high-grade portion of the resource, which will be part of the evaluation for the project's feasibility study, was estimated at 4.8 Mt grading 4.5 g/t gold containing 695,000 ounces, at a 2 g/t gold cutoff.

The measured and indicated portion of the mineral resource increased 22% to 574,000 ounces.

The update follows four months of drilling at Ulysses that returned intersections that confirmed and extended a number of high-grade gold zones.

The resource remains open at depth and along strike, and drilling will continue in 2020 to test new areas for further resource expansion, the company said.