Genesis' Ulysses on big growth path

GENESIS Minerals is aiming to more than double resources at its UIysses project to around 750,000 ounces over the next six months as it looks to develop a standalone operation near Leonora in Western Australia.
Genesis' Ulysses on big growth path Genesis' Ulysses on big growth path Genesis' Ulysses on big growth path Genesis' Ulysses on big growth path Genesis' Ulysses on big growth path

Michael Quinn

As of this week the project had 321,000oz to 200m vertical depth, with a 4000m RC drill program now underway to test the next 200m.

Gold endowment for the current resource of more than 1750oz per vertical metre underpins the new target of 750,000oz.

Speaking at the RIU Explorers Conference in Fremantle, Genesis MD Michael Fowler also suggested investors should keep an eye on the company’s Barimaia exploration project near Mt Magnet.

Genesis has found shallow mineralisation “across a significant area” at Barimaia, with the prospect on ground historically considered not prospective for gold – up until a local prospector called McNabs noted the rocks from a water bore drilled were contrary to expectations.

“We expect some big things for Barimaia,” Fowler said.

Drill results from Barimaia are awaited.

Genesis had cash at the start of 2018 of about $2.8 million.

Shares in the company were up 2% to 4.8c in early trade, capitalising the company at $36 million.

The stock has risen from levels around 1.5c six months ago.

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