Genesis Minerals (ASX:GMD) Raises Leonora Gold Resource Estimate to Two Million Ounces – The Market Herald

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  • Genesis Minerals (GMD) extends the Mineral Resource Estimate (MRE) for its multi-deposit Leonora gold project in WA from 409,000 ounces to just over two million ounces
  • The measured, indicated and inferred MRE now stands at 39.3 million tonnes at 1.6 g/t gold for 2.01 million ounces of contained gold and represents a 25% increase over contained ounces of the previous MRE.
  • Resource growth came from the key Puzzle, Admiral and Orient Well deposits and an early contribution from the recent Puzzle North discovery
  • The company says drilling on the project is continuing and hopes the “aggressive” campaign will unlock additional upside potential at Leonora this year
  • GMD shares up 2.37% at $1.51

Genesis Minerals (GMD) has expanded the Mineral Resource Estimate (MRE) for its multi-deposit Leonora gold project in Western Australia from 409,000 ounces to just over two million ounces.

The Measured, Indicated and Inferred MRE now stands at 39.3 million tonnes grading 1.6 grams of gold per tonne for 2.01 million ounces of contained gold and represents an increase of 25 % over contained ounces of previous MRE.

Resource growth came from the key Puzzle deposits, up 251,000 ounces to 310,000 ounces, Admiral, up 103,000 ounces to 562,000 ounces, and Orient Well, up 55,000 ounces to 302,000 ounces.

A recent shallow discovery at the Puzzle North deposit contributed 232,000 ounces for the first time, with further growth expected.

According to Genesis, the Leonora resource remains open in all directions.

General Manager Raleigh Finlayson says the company has established real scale in the Leonora District.

“Genesis has arrived as a central player in the top-tier Leonora district,” he said.

“We have a two million ounce resource with strong growth potential in all directions. We are awaiting several batches of assays and drilling is underway.

“At the same time, Genesis is financially strong and we are building a top-tier team with extensive technical and business experience. This combination gives us an enviable platform for both organic and inorganic growth.

The company says there is a host of pending analysis as drilling on the project continues and it hopes the “aggressive” campaign will unlock additional upside potential at Leonora this year.

GMD shares rose 2.37% to $1.51 at 2:55 p.m. AEDT.

Tana T. Thorsen