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Gold $2,569 $AUD/ounce [details]
Share Price $1.470 ASX: GMD [details]

Leonora Gold Project

The Leonora Gold Project, consisting of Ulysses, Admiral, Orient Well and Puzzle deposits, is located ~30km south of Leonora and 200km north of Kalgoorlie, in the mineral-rich and highly prospective Eastern Goldfields of WA.

It lies 30km south of the Gwalia mine (6Moz of production and 2.1Moz of Ore Reserves) and along strike from the Orient Well and Kookynie mine camps, which have produced over 0.5Moz (see Figure 1).

Genesis acquired the Ulysses deposit in 2015 and, following initial exploration success, completed two open pit mining campaigns at the Ulysses West Pit in 2016 and 2017. Ore from Ulysses West was processed under a toll-treatment arrangement at the Paddington Mill, located 160km south of Ulysses along the Goldfields Highway.

Genesis acquired the Admiral, Orient Well and Puzzle deposits in 2020 via the strategic $13.5M acquisition of the adjoining Kookynie tenements, with the tenement package covering a 40km strike length of the Ulysses-Puzzle trend.

Thanks to a two-pronged strategy of successful exploration and regional acquisition over the past 2-3 years, Genesis is targeting the development of a much larger long-life standalone mining and processing operation at Ulysses with major Resource expansion drilling programs continuing in parallel with regional exploration programs.

The current Mineral Resource of the Leonora Gold Project stands at 39.3Mt at 1.6g/t Au for 2Moz. This provides a strong foundation for Genesis’ development as a future mid-tier Australian gold company.

Genesis is maintaining an aggressive drilling program across the Leonora Gold Project. All existing deposits remain open along strike and at depth. The average depth of drilling at the Leonora Gold Project of ~180m below surface is less than one quarter of the average of peers in the Leonora district.

Focus points in 2022 include extensional drilling at Admiral, Orient Well, Puzzle and Ulysses. Additionally, with control of more than 40km of strike of highly prospective ground immediately south of Leonora, Genesis has a full pipeline of near-mine and regional exploration targets.

There is significant opportunity for new discoveries, evidenced by the April 2021 discovery of Puzzle North.

Mineral Resource Table

Table 1 – Genesis Mineral Resources by deposit at 29 March 2022
Project Cut off grade (g/t) Measured Indicated Inferred Total
Tonnes (t) Au (g/t) Au (oz) Tonnes (t) Au (g/t) Au (oz) Tonnes (t) Au (g/t) Au (oz) Tonnes (t) Au (g/t) Au (oz)
Ulysses High Grade 0.5/2.0 658,000 6.1 129,000 908,000 6.3 184,000 188,000 8.2 50,000 1,754,000 6.4 363,000
Low Grade 0.5 137,000 1.4 6,000 3,433,000 2.3 250,000 2,418,000 2.8 219,000 5,988,000 2.5 475,000
Sub Total 4,341,000 3.1 434,000 2,607,000 3.2 269,000 7,743,000 3.4 838,000
Admiral Open Pits 0.5 5,081,000 1.5 242,000 8,741,000 1.1 318,000 13,822,000 1.3 560,000
Orient Well Open Pits 0.5 4,304,000 1.0 138,000 4,496,000 1.1 164,000 8,800,000 1.1 302,000
Puzzle Open Pits 0.5 5,765,000 1.1 204,000 2,950,000 1.1 107,000 8,715,000 1.1 310,000
Total High Grade 0.5/2.0 658,000 6.1 129,000 908,000 6.3 184,000 188,000 8.2 50,000 1,754,000 6.4 363,000
Open Pits 0.5 137,000 1.3 6,000 18,582,000 1.4 835,000 18,606,000 1.3 808,000 37,325,000 1.4 1,648,000
Stockpiles 226,000 0.8 6,000 226,000 0.8 6,000
Grand Total 795,000 5.3 135,000 19,717,000 1.6 1,025,000 18,794,000 1.4 857,000 39,306,000 1.6 2,017,000

Notes:

  • 0.5g/t cut-off above 280mRL, 2g/t Below 280mRL
  • Rounding discrepancies may occur

Full details of the Leonora Gold Project Mineral Resource estimate are provided in the Company’s ASX announcement dated 29 March 2022.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement dated 29 March 2022 and the Company confirms that all material assumptions and technical parameters underpinning the mineral resource estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not materially changed from the original market announcements.

(April 2022)