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Gold $2,384 $AUD/ounce [details]
Share Price $0.076 ASX: GMD [details]

Ulysses Gold Project

The Ulysses Gold Project 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 Project 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.

Thanks to a two-pronged strategy of successful exploration and regional acquisition over the past 2-3 years, Genesis is now 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 Ulysses Gold Project stands at 17Mt at 2.34g/t Au for 1.28Moz. This provides a strong foundation for Genesis’ development as a future mid-tier Australian gold company.

The Project has recently been expanded via the strategic $13.5M acquisition of the adjoining Kookynie tenements, a 248km² tenement package covering a 15km strike length of the Ulysses-Orient Well trend (refer to the ASX announcement dated 24 June 2020 for full details of the acquisition of the Kookynie Gold Project).

Genesis is currently undertaking a 35,000m drill program across the Ulysses Project. This program has delivered outstanding drilling results within the known resources at the Admiral, Clark, Butterfly and Orient Well deposits that make up the Kookynie tenements. This drilling has provided a high degree of confidence in the existing JORC Resources and in the potential to grow these resources.

Genesis expects to deliver an updated project-wide Mineral Resource in 2021, which will underpin the completion of a Feasibility Study and provide a solid platform from which to progress the development of a significant new standalone gold mining and processing operation at Ulysses, with ore to be sourced from a combination of known underground and open pit Resources.

Mineral Resource Tables

A summary of the December 2019 Ulysses Mineral Resource is provided in Table 1 and the June 2020 Kookynie tenements Mineral Resource in Table 2.

Table 1 – December 2019 Mineral Resource Estimate
0.75g/t Cut-off above 200mRL, 2.0g/t Below 200mRL
Domain Measured Indicated Inferred Total
Tonnes (Mt) Au (g/t) Tonnes (Mt) Au (g/t) Tonnes (Mt) Au (g/t) Tonnes (Mt) Au (g/t) Au (ounces)
HG Shoots 0.66 6.0 0.89 6.5 0.19 8.2 1.73 6.5 360,600
Shear Zone 0.14 1.3 3.20 2.2 1.88 3.2 5.21 2.5 426,100
Ulysses East 0.53 1.8 1.00 1.6 1.53 1.6 80,500
Total 0.80 5.2 4.61 3.0 3.07 3.0 8.48 3.2 867,200
2.0g/t Global Cut-off
Type Measured Indicated Inferred Total
Tonnes (Mt) Au (g/t) Tonnes (Mt) Au (g/t) Tonnes (Mt) Au (g/t) Tonnes (Mt) Au (g/t) Au (ounces)
Total 0.66 6.0 2.42 4.4 1.70 4.1 4.78 4.5 695,900
Table 2 – June 2020 Mineral Resource Estimate Kookynie
0.5g/t Au Cut-off, Depleted for Historical Mining
Deposit Indicated Inferred Total
Tonnes (Mt) Au (g/t) Au (ounces) Tonnes (Mt) Au (g/t) Au (ounces) Tonnes (Mt) Au (g/t) Au (ounces)
Butterfly 0.54 1.7 30,000 0.52 1.7 29,000 1.06 1.7 59,000
Admiral 1.40 2.0 89,000 1.38 1.5 66,000 2.78 1.7 155,000
Clark 0.40 1.4 18,000 0.35 1.2 13,000 0.75 1.3 31,000
Orion/Sapphire  - - - 0.69 2.2 48,000 0.69 2.2 48,000
Puzzle 1.00 1.1 36000 0.72 1.0 23,000 1.73 1.1 59,000
Orient Well  - - - 1.51 1.3 61,000 1.51 1.3 61,000
Total 3.35 1.6 174,000 5.18 1.4 240,000 8.53 1.5 414,000

NB. Rounding errors may occur

Full details of the Ulysses Mineral Resource estimate are provided in the Company’s ASX announcement dated 19 December 2019 titled “Ulysses Mineral Resource Update”. Full details of the Kookynie Mineral Resource estimate are provided in the Company’s ASX announcement dated 24 June 2020 titled “Transformational Acquisition of the Kookynie Gold Project”.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements dated 19 December 2019 and 24 June 2020 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.

(December 2020)