Genesis Minerals Limited (ASX:GMD) has moved closer to a 2016 start-up at its Ulysses gold project in Western Australia with the initiation of a mining study.
Ulysses’ resource of 138,000 ounces of gold – as well as its estimated extensions at depth and along strike – represent significant potential for developing a mine.
Shallow high-grade drill intersections at the site have already returned 13 metres at 6 grams per tonne gold, 9 metres at 6.7 grams per tonne gold and 9.1 metres at 7.6 grams per tonne gold.
It is anticipated the mining study and negotiations over a toll agreement will be completed by year end.
Earlier this year, Genesis raised $700,000 for drilling at the project.
News: Genesis Minerals study to prep gold mine in 2016
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