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Gold $1,711 $AUD/ounce [details]
Share Price $0.038 ASX: GMD [details]

Ulysses Gold Project

The Ulysses Project (“the Project” or “Ulysses”) is centred about 30km south of Leonora and 200km north of Kalgoorlie in Western Australia.

Ulysses is located in the minerals rich and highly prospective Eastern Goldfields of Western Australia. It is located 30km south of the Sons of Gwalia (6Moz of Production and 1.8Moz Reserve) mine and along strike of Orient Well and Kookynie mine camps which have produced over 0.7Moz (see Figure 1). It is close to world leading mining infrastructure which will potentially allow toll treatment of ore from Ulysses.

The Ulysses Deposit was mined by Sons of Gwalia in 2002 producing 266,358 t @ 2.92 g/t Au for 24,985 Oz Au. Ore was treated at the Gwalia Treatment plant.

Genesis acquired Ulysses in 2015 and following exploration success, the Company 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.

Ulysses Resource Depth Extensions – Targeting Long Term Underground Gold Mine

Drilling below the existing Ulysses and Ulysses West open pits has been very successful in identifying a number of high-grade gold zones (shoots). These high-grade gold shoots have significant plunge extents and, importantly, are all open at depth. Extensional drilling has shown that mineralisation extends to over 450m from surface, some 900m down-dip of the Ulysses pit (see Figure 2).

The Mineral Resource extends for over 2km of strike and sits immediately below and along strike of the Ulysses Open Pits (see Figures 3 and 4). The Resource envelope currently extends to ~500m below surface at its deepest point and is estimated to an average depth of ~320m below surface, with a gold endowment of +2,400 ounces per vertical metre (ovm) for the 260m interval from the 360mRL (base of the open pits) to the 100mRL (interval of highest drill density).

Drilling programs are ongoing at Ulysses with the objective to grow the Mineral Resource along strike to the east and west as well as down-plunge. Work on a Feasibility Study is underway on the Mineral Resource with a view to making a decision on developing a long-term underground gold mine at Ulysses in the first half of calendar year 2019.

Mineral Resource Estimate

Ulysses has a Measured, Indicated and Inferred Mineral Resource of 7.1Mt @ 3.3 g/t gold for 760,000 ounces of contained gold. The high-grade portion of the Mineral Resource, reported at a cut off of 2g/t gold which will form part of the mining evaluation for the Feasibility Study is estimated to contain 4.1Mt @ 4.7g/t gold for 628,000 ounces. The high-grade shoots which form part of the overall Mineral Resource are estimated to contain 1.6Mt @ 6.9g/t gold for 356,000 ounces.

A summary of the 2018 Ulysses Mineral Resource is shown in Table 1.

Table 1. Ulysses Gold Deposit
October 2018 Mineral Resource Estimate (0.75g/t Cut-off above 200mRL, 2.0g/t Below 200mRL)
Measured Indicated Inferred Total
Type Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Au Ounces
Oxide 6,000 2.1 143,000 1.6 146,000 1.6 295,000 1.6 15,200
Transition 6,000 3.1 364,000 1.9 234,000 1.6 604,000 1.8 34,700
Fresh 21,000 5.0 3,647,000 3.7 2,551,000 3.3 6,220,000 3.6 710,500
Total 33,000 4.1 4,154,000 3.5 2,932,000 3.0 7,119,000 3.3 760,400
October 2018 Mineral Resource Estimate (2.0g/t Global Cut-off)
Measured Indicated Inferred Total
Type Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Au Ounces
Oxide 4,000 2.5 26,000 2.8 22,000 2.2 51,000 2.5 4,200
Transition 5,000 3.3 114,000 3.1 20,000 2.2 138,000 3.0 13,400
Fresh 21,000 5.0 2,323,000 5.2 1,605,000 4.3 3,949,000 4.8 610,800
Total 29,000 4.4 2,463,000 5.0 1,647,000 4.3 4,139,000 4.7 628,400
October 2018 Mineral Resource Estimate (High Grade Shoots)
Measured Indicated Inferred Total
Type Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Au Ounces
HG Shoots 21,000 5.2 1,398,000 6.4 187,000 10.8 1,606,000 6.9 356,100

Note: Rounding differences may occur. Full details of the Mineral Resource estimate are provided in the Company’s ASX Announcement dated 9 October, 2018.

Ulysses East

Drilling by Genesis has been successful in confirming the presence of an extensive, coherent gold anomaly at Ulysses East, immediately to the east of the existing Ulysses Gold Resource (see Figure 5).

Orient Well NW Prospect

Drilling has been completed at the Orient Well NW prospect, located ~10km east of the Ulysses Resource, targeting a similar structural position to Ulysses but on the eastern side of the Ulysses-Orient Well mineralised corridor, in the zone where the east-west trending stratigraphy changes orientation to ESE/SE (as opposed to the Ulysses area where it changes to a WNW/NW trend).

The intersections highlight the significant potential to define a large, gold mineralised system at Orient Well NW. Mineralisation is hosted within a highly weathered and foliated felsic unit with quartz veining and iron oxide after sulphide.

The style of mineralisation has similarities to the Orient Well deposit located about 2km to the south-east. The orientation and geometry of the mineralisation is unclear but a NW trend to the overall strike of the mineralisation is interpreted. The Orient Well NW prospect sits in a similar structural position to Ulysses (see Figure 5).

Ulysses North and NW Prospects

Genesis has completed wide-spaced aircore drilling at several new areas including Ulysses North, located immediately north of the Ulysses Resource, and Ulysses NW, located ~4km north-west of the Ulysses Resource. Drilling has successfully intersected mineralised zones (see Figure 5).