Genesis Minerals (GMD.AX) has confirmed the presence of relatively thick gold-bearing zones on the Archduke prospect of its Ulysses gold project in Western Australia. This means the acquisition of additional land earlier this year was a good move from Genesis as it continues to consolidate the region in the close vicinity to the Admiral-Clark-Butterfly deposits which already contain about a quarter of a million ounces of gold and within trucking distance from the 870,000 ounce Ulysses gold zone.

As you can see on the summary below, the gold grades appear to be relatively thick and pretty consistent over a strike length of about a kilometer. Sure, some of the average gold grades are pretty low (the 0.5 g/t results, for instance) but it does indicate there’s more gold to be found in the immediate vicinity.

Genesis is working towards a feasibility study in Q1 2021 (which will include an underground mining scenario for the main Ulysses deposit) and aims to start producing gold in the first half of 2022, very likely by using a toll milling scenario to reduce the upfront capex and cut the time line to first revenue.

Disclosure: The author has no position in Genesis Minerals.

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