Genesis Minerals : Ulysses Gold Project - New High Grade Results

Genesis Minerals Limited (ASX: GMD)

ASX Announcement - 22 October 2019

ULYSSES: NEW HIGH-GRADE RESULTS FURTHER

STRENGTHEN 760,000oz RESOURCE

Drilling continues to confirm the continuity and robustness of mineralisation within

the upper 200m of the Resource

Key Points:

• Significant new assay results received from ongoing drilling designed to upgrade the current Ulysses Mineral Resource (7.1Mt @ 3.3g/t gold for 760,400oz1).
• Drilling continuing over a 1km strike length to in-fill and extend the Resource, with significant new results received since the last update on 9 September 2019 including:

• 6.00m @ 10.23g/t gold from 154.0m

19USDH113

• including 2.43m @ 20.33g/t gold

• 4.52m @ 9.71g/t gold from 145m	19USDH114
• 5.46m @ 10.71g/t gold from 229m	19USDH115
• 2.00m @ 28.76g/t gold from 188m	19USDH105
• 1.00m @ 33.86g/t gold from 103m	19USDH089
• 2.36m	@ 9.41g/t gold from 142.64m	19USDH110
• 2.00m	@ 9.20g/t gold from 179m	19USDH100
• 4.25m	@ 5.29g/t gold from 240.85m	19USDH084
• 2.00m	@ 7.42g/t gold from 102m	19USDH091
• 12.09m @ 2.31g/t gold from 121.4m	19USDH091

• including 5.66m @ 3.72g/t gold

•	2.50m	@ 6.28g/t gold from 149.5m	19USDH108
•	2.00m	@ 7.24g/t gold from 192.5m	19USDH106
•	3.00m	@ 6.06g/t gold from 161m	19USDH098

True widths are ~90% to 100% of down-hole lengths

• Genesis plans to complete ~20,000m of drilling by mid-November to upgrade and extend the top 200m of the Resource in preparation for eventual mining.
• Three rigs are currently operating as part of the in-fill and extensional drilling program.
• Updated Mineral Resource estimate scheduled for Q4, 2019.

Genesis Minerals Limited (ASX: GMD) is pleased to advise that it continues to deliver outstanding results from the ongoing program of in-fill and extensional resource upgrade drilling at its 100%-ownedUlysses Gold Project, located 30km south of Leonora in WA, with latest drilling intersecting significant high-grade gold mineralisation from within the current 760,000oz Ulysses Mineral Resource1.

1 Measured, Indicated and Inferred Resource of 7.1Mt @ 3.3g/t gold for 760,000oz - refer ASX announcement, 9 October 2018 and Table 2 in this announcement.

ABN: 72 124 772 041	ASX Code: GMD
Unit 6, 1 Clive St	www.genesisminerals.com.au
West Perth, WA, Australia, 6005	T: [phone]

22 October 2019	Genesis Minerals Limited

Further assay results from the ongoing drilling program have been received from drilling along the entire strike length of the Resource targeting between the 350mRL to 200mRL, up to 200m below surface. Drilling is targeting areas both within and adjacent to the current Resource boundary.

The latest batch of assays further support and reinforce the initial high-grade results reported on 9 September 2019 (see GMD ASX Announcement: 9/09/2019).

Over 20,000m of drilling will be completed by mid-November to upgrade the top 200m of the Resource in preparation for mining. Drilling will target approximately 1,000m of strike and some 300m of down- dip extent within and adjacent to the current Resource envelope. At Ulysses West, drilling will target ~600m of down-plunge extent.

Commenting on the results, Genesis Managing Director, Michael Fowler, said:

"We continue to make very good progress with the resource upgrade drilling program, with three rigs now operating to in-fill and extend the main 760,000oz Resource at Ulysses. Our initial focus continues to be on upgrading the upper 200m of the Resource, and the initial results have confirmed the continuity, robustness and tenor of the mineralisation within the high-grade shoots

- which is an important outcome.

"All of the information from the current program will be combined with recent drilling for inclusion in a Resource upgrade planned for Q4 this year. With three rigs operating, we expect the program to be largely complete by mid-November, with a steady flow of assay results expected in the coming weeks."

Upgrade Drilling Results

Further results have been received from the Resource upgrade drilling program that commenced at Ulysses in August. High-grade gold mineralisation (see Figure 1) was encountered in diamond drilling (19USDH086 to 115) completed as part of the drilling.

A total of 30 holes for 5,357m (including pre-collars) in the reported drilling were completed with an average hole depth of 179m. The results are from holes targeting the upper parts of the Ulysses Mineral Resource (see Figure 1) with the drilling continuing to strongly support the continuity of the higher-grade gold mineralisation. High-grade gold intersections from the recent holes include:

• 6.00m @ 10.23g/t gold from 154.0m

19USDH113

• including 2.43m @ 20.33g/t gold

• 4.52m @ 9.71g/t gold from 145m	19USDH114
• 5.46m @ 10.71g/t gold from 229m	19USDH115
• 2.00m @ 28.76g/t gold from 188m	19USDH105
• 1.00m @ 33.86g/t gold from 103m	19USDH089
• 2.36m	@ 9.41g/t gold from 142.64m	19USDH110
• 2.00m	@ 9.20g/t gold from 179m	19USDH100
• 4.25m	@ 5.29g/t gold from 240.85m	19USDH084
• 2.00m	@ 7.42g/t gold from 102m	19USDH091
• 12.09m @ 2.31g/t gold from 121.4m	19USDH091

• including 5.66m @ 3.72g/t gold

•	2.50m	@ 6.28g/t gold from 149.5m	19USDH108
•	2.00m	@ 7.24g/t gold from 192.5m	19USDH106
•	3.00m	@ 6.06g/t gold from 161m	19USDH098

Only down-holelengths are reported. True widths are ~90% to 100% of down-hole lengths.

ASX Release: Ulysses: New High-Grade Results

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22 October 2019	Genesis Minerals Limited

Figure 1. Schematic long section (view looking grid south) showing new drill results. Pierce points with white outlines represent recently completed holes. True widths are ~90% to 100% of down-hole lengths. The cross symbols are holes yet to be drilled or have results pending.

A full list of results from the recent diamond holes is provided in Table 1 and the locations of the pierce points of the new holes are shown in Figure 1.

	ENDS
For further information, visit: www.genesisminerals.com.auor please contact
Investors:	Media:
Michael Fowler	Nicholas Read
Managing Director	Read Corporate
Genesis Minerals Limited
T: [phone]	T: [phone]
E: [e-mail]	E: [e-mail]

ASX Release: Ulysses: New High-Grade Results

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22 October 2019	Genesis Minerals Limited

COMPETENT PERSONS' STATEMENTS

The information in this report that relates to Exploration Results is based on information compiled by Mr. Michael Fowler who is a full-time employee of the Company, a shareholder of Genesis Minerals Limited and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Fowler has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Fowler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this report that relates to Mineral Resources is based on information compiled by Mr Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Payne Geological Services and is a shareholder of Genesis Minerals Limited. Mr Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

DRILLING RESULTS TABLE

Table 1. Ulysses Project Drilling Program Results (19USDH084, 19USDH086 to 115)

Hole ID	Local	Local	MGA East	MGA North	MGA	Depth	MGA	Dip	From	To (m)	Int (m)	Gold
East	North	RL	Azi	(m)	(g/t)
19USDH084	11,855	20,166	337,128	6,771,020	415.0	258	213.9	-56.5	240.85	245.1	4.25	5.29
19USDH086	11,825	20,020	337,011	6,770,928	413.0	198	223.2	-59.0				NSA
19USDH087	11,825	20,056	337,035	6,770,956	412.6	216	224.8	-58.4	194.85	195.9	1.00	1.21
19USDH088	11,825	20,088	337,054	6,770,980	412.2	222	217.5	-58.9	210.00	213.0	3.00	1.19
19USDH089	12,203	19,979	337,271	6,770,652	415.8	129	218.4	-70.6	88.00	90.0	2.00	2.41
									103.00	104.0	1.00	33.86
19USDH090	12,224	20,001	337,302	6,770,655	415.5	123	222.7	-72.8	92.62	93.5	0.88	1.87
									112.74	114.4	1.63	3.92
19USDH091	12,272	20,040	337,363	6,770,653	414.7	144	218.5	-72.2	102	104	2	7.42
									112.76	114.50	1.74	2.52
									121.40	133.49	12.09	2.31
							including	127.83	133.49	5.66	3.72
19USDH092	12,324	20,083	337,431	6,770,653	414.0	153	222.0	-66.8	125	127	2	7.42
									143.25	144.25	1.00	7.63
19USDH093	12,322	20,053	337,410	6,770,631	414.4	138	222.6	-59.9	111.75	112.75	1.00	4.19
									124.00	130.62	6.62	2.12
19USDH094	12,348	20,036	337,419	6,770,601	414.3	120	221.3	-60.4	95.10	95.60	0.50	10.53
									100.55	103.50	2.95	1.50
									109.90	110.55	0.65	8.45
19USDH095	12,397	20,079	337,484	6,770,602	413.6	129	221.2	-58.9	96.00	97.00	1.00	1.72
									113.00	113.66	0.66	3.55
19USDH096	12,398	20,122	337,512	6,770,634	413.7	159	219.8	-61.7	140.00	140.50	0.50	1.03
19USDH097	12,423	20,131	337,538	6,770,624	413.3	159	220.9	-59.8	136.50	137.35	0.85	11.17
									144.65	146.70	2.05	3.87
19USDH098	12,273	20,104	337,406	6,770,701	414.0	180	218.4	-70.6	151.00	153.00	2.00	1.18
									161.00	164.00	3.00	6.06
19USDH099	12,324	20,163	337,483	6,770,713	414.0	198	217.0	-60.1	161.34	162.00	0.66	8.54
19USDH100	12,373	20,185	337,535	6,770,698	413.8	198	220.6	-59.5	155.00	159.00	4.00	1.06
									179.00	181.00	2.00	9.20

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	22 October 2019								Genesis Minerals Limited
19USDH101	12,374	20,207	337,549	6,770,714	413.6	204	223.4	-58.9	155.00	168.00	13.00	1.60
										189.00	191.00	2.00	3.83
19USDH102	12,422	20,211	337,589	6,770,686	413.3	192	224.4	-59.6	168.00	168.45	0.45	16.10
										178.43	179.00	0.57	6.03
										184.00	184.53	0.53	12.87
19USDH103	12,213	20,118	337,369	6,770,751	414.0	189	214.4	-58.7	165.00	169.00	4.00	1.13
19USDH104	12,249	20,165	337,427	6,770,763	413.5	210	222.9	-60.1	196.40	198.50	2.10	6.13
19USDH105	12,223	20,150	337,398	6,770,768	413.7	198	220.1	-59.7	188.00	190.00	2.00	28.76
19USDH106	12,274	20,171	337,450	6,770,752	413.6	204	220.9	-60.2	192.50	194.50	2.00	7.24
19USDH107	12,297	20,192	337,481	6,770,752	413.8	207	220.0	-57.3	175.00	180.00	5.00	1.31
										196.10	196.60	0.50	2.82
19USDH108	12,373	20,127	337,497	6,770,654	414.0	162	219.4	-67.9	131.00	133.00	2.00	5.20
										149.50	152.00	2.50	6.28
19USDH109	12,373	20,105	337,483	6,770,637	413.9	150	223.8	-59.0	128.00	129.30	1.30	6.70
19USDH110	12,424	20,141	337,545	6,770,632	413.3	159	216.4	-70.6	142.64	145.00	2.36	9.41
19USDH111	12,325	20,145	337,472	6,770,699	414.1	180	219.9	-55.6	172.00	173.00	1.00	1.28
19USDH113	11,869	19,999	337,031	6,770,884	413.5	167	221.0	-59.6	154.00	160.00	6.00	10.23
								including	155.92	158.35	2.43	20.33
19USDH114	11,797	19,960	336,951	6,770,901	413.0	161	209.7	-57.9	145.00	149.52	4.52	9.71
19USDH115	11,836	20,135	337,094	6,771,009	411.8	243	215.7	-57.1	229.00	234.46	5.46	10.71

ASX Release: Ulysses: New High-Grade Results

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