Genesis Minerals Limited (ASX: GMD) Dipped Down Despite flagging 137% mineral resource increase at Ulysses

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Genesis Minerals Limited (ASX: GMD) Dipped Down Despite flagging 137% mineral resource increase at Ulysses

 Genesis Minerals Limited (ASX: GMD) Dipped Down Despite flagging 137% mineral resource increase at Ulysses

Genesis Minerals plunged 2.632% despite the company announcing 137% increase of mineral resource at Ulysses Gold Project. The stock Genesis Minerals is currently trading at $0.037. (9Th October 2018; 1:53 PM AEST).

In today’s announcement to ASX, Australian gold exploration company Genesis Minerals Limited (ASX: GMD) announced the exceptional new high-grade gold intersection hit, recording 137% increase in the Mineral Resource at 100% owned Ulysses Gold Project. The total Mineral Resources have now increased from 321,000oz to 760,000oz of contained gold.

The recent in-fill drilling program extended up to 300m below surface while the extensional drilling confirmed that mineral resources extends up to 450m below surface, thereby returning some of the highest-grade gold results from Ulysses to date. The result of these drilling program pertains to past six months drilling operation at Ulysses.

Ulysses Gold Project is a 100% company owned gold exploration system located in the minerals rich area within the highly prospective Eastern Goldfield of Western Australia. It is situated to the north of Kalgoorlie and south of Leonora in Western Australia. Ulysses possess the potential to underpin a development of future standalone underground mine. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

The updated Mineral Resources confirming high grade intersections has extended the high-grade gold zone of the miner in Ulysses. Genesis Minerals told that updated Measured, Indicated and Inferred Mineral Resource now aggregates to 7.1Mt @ 3.3 g/t gold for 760,000 ounces of contained gold. This represents an attractive increase of 137% in contained ounces and 10% rise in grade, compared to previously announced Mineral Resources by the company in February 2018.

It further informed that higher-confidence Measured and Indicated component has shown a notable increase of 162% or 290,000 ounces to 471,000 ounces. Further, the company told that the high-grade portion of the Mineral Resource which will form part of mining evaluation for the Feasibility Study is estimated to contain 4.1Mt @ 4.7g/t gold for 628,000 ounces.

The Mineral Resource now extends over a strike length of more than 2km and sits immediately below and along strike from the Ulysses Open Pits.

Genesis Managing Director, Michael Fowler, stated that since the acquisition of Ulysses Project in 2015, the company has increased the Mineral Resources by 450% from 138,000 to 760,000 ounces. He added that the addition of almost half a million ounces from this year drilling program comes after the enhancement of company’s understanding in geometry and controls on mineralization, specifically the importance of the high-grade shoots within the overall Resource.

The management informed about the recently started drilling at Orient Well NW. The purpose of this drilling program is said to test the shallow oxide potential present at the Well. Looking into future strategy, the company plans to grow their Mineral Resource inventory towards the 1Moz mark and above.

The share price of Genesis Minerals has slipped by 2.632% to $0.037 on 9th October 2018 (1:53 PM AEST). The stock has seen a performance change of +35.71% over the past one year.

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