Genesis Minerals : Ulysses Gold Project - New High Grade Results

Genesis Minerals Limited (ASX: GMD)

ASX Announcement - 19 November 2019

OUTSTANDING NEW HIGH-GRADE GOLD RESULTS

AT ULYSSES

Drilling program returns hits of up to 18.37g/t Au, confirming continuity and

robustness of upper 200m of the current 760koz 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 new results received since the last update on 22 October 2019 including:

• 6m @ 9.28g/t gold from 121m

19USRC392

• Including 3m @ 14.36g/t gold

• 12m @ 6.39g/t gold from 210m

19USRC402

• Including 3m @ 18.37g/t gold

• 6.00m @ 5.10g/t gold from 180m

19USDH118

• Including 1.40m @ 17.77g/t gold

• 10.10m @ 2.45g/t gold from 182.2m

19USDH120

• Including 4.81m @ 4.51g/t gold

• 9.91m @ 3.67g/t gold from 129.97m

19USDH124

• Including 4.58m @ 6.83g/t gold

• 4.57m @ 4.52g/t gold from 127.13m	19USDH123
•	1m	@ 12.42g/t gold from 123m	19USRC388
•	6m	@ 2.79g/t gold from 93m	19USRC391
•	4m	@ 3.05g/t gold from 226m	19USRC401
• 3.17m @ 4.36g/t gold from 168.83m	19USDH119

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

• Genesis is on track to complete the current ~20,000m drilling program in November to upgrade and extend the top 200m of the Resource in preparation for eventual mining.
• Updated Mineral Resource estimate scheduled for Q4, 2019.

Genesis Minerals Limited (ASX: GMD) is pleased to report further outstanding high-grade assay results from the ongoing program of in-fill and extensional resource upgrade drilling at its 100%- owned 760,000oz1 Ulysses Gold Project, located 30km south of Leonora in WA.

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]

19 November 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 and continues to intersect significant high-grade gold mineralisation.

The latest batch of assays further support and reinforce the initial high-grade results reported over the last two months (see GMD ASX Announcements: 9/09/2019 and 22/10/2019).

Over 20,000m of drilling will be completed in the coming weeks to upgrade the top 200m of the Resource in preparation for mining. Drilling is targeting approximately 1km 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 latest results, Genesis Managing Director, Michael Fowler, said:

"The resource upgrade program is now entering its final two weeks and is on track to be completed by the end of November. We are continuing to see very good widths and grades in the upper 200m of the Resource, confirming the continuity, robustness and tenor of the mineralisation within the high-grade shoots.

"We expect to deliver an updated Resource before the end of the year which will provide the foundation for ongoing mining studies. Our drilling continues to demonstrate that we have a very robust and high-grade asset at Ulysses with all of the attributes, including a Tier-1 location, that will help us to advance it towards development."

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 Reverse Circulation (RC) and diamond drilling (19USRC381 to 402 and 19USDH116 to 124)) completed as part of the drilling.

A total of 22 RC holes for 3,819m and nine diamond holes for 1,661m (including pre-collars) in the reported drilling were completed with an average hole depth of 177m. The results are from holes targeting the upper parts of the Ulysses Mineral Resource (see Figure 1) with the drilling continuing to support the continuity of the higher-grade gold mineralisation.

Hole 19USRC402 returned strong gold mineralisation with a result of 12m @ 6.39g/t gold including 3m @ 18.37g/t gold. This intersection is interpreted to occur within the Ulysses West quartz dolerite, which is one of the favourable host rocks for high-grade gold mineralisation at Ulysses. It occurs on the eastern limit of the intersection of the Ulysses West quartz dolerite and the Ulysses shear, and potentially expands the zone of high-grade mineralisation associated with the Ulysses West shoot.

High-grade gold intersections from the recent holes include:

• 6m @ 9.28g/t gold from 121m

19USRC392

• Including 3m @ 14.36g/t gold

• 12m @ 6.39g/t gold from 210m

19USRC402

• Including 3m @ 18.37g/t gold

•	6.00m	@ 5.10g/t gold from 180m	19USDH118
	 Including 1.40m @ 17.77g/t gold
•	3.17m	@ 4.36g/t gold from 168.83m	19USDH119
ASX Release: Outstanding New High-Grade Gold Results at Ulysses	2

19 November 2019	Genesis Minerals Limited
• 10.10m @ 2.45g/t gold from 182.2m	19USDH120

• Including 4.81m @ 4.51g/t gold

• 11.20m @ 1.01g/t gold from 168.65m	19USDH121
• 4.57m @ 4.52g/t gold from 127.13m	19USDH123
• 1m	@ 12.42g/t gold from 123m	19USRC388
• 6m	@ 2.79g/t gold from 93m	19USRC391
• 4m	@ 3.05g/t gold from 226m	19USRC401
• 9.91m @ 3.67g/t gold from 129.97m	19USDH124

• Including 4.58m @ 6.83g/t gold

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

Figure 1. Schematic long section (view looking grid south) showing new drill results in red boxes. 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 RC and 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: Outstanding New High-Grade Gold Results at Ulysses

3

19 November 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 (19USRC381 to 402, 19USDH0116 to 124)

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)
19USRC381	12,374	20,072	337,462	6,770,611	413.9	136	221.7	-58.8	115	122	7	0.70
							including	120	122	2	1.74
19USRC382	12,224	20,085	337,356	6,770,719	414.3	170	223.6	-61.5	129	132	3	2.02
									153	155	2	2.55
19USRC383	11,887	19,883	336,969	6,770,784	414.8	152	151.9	-57.6	115	116	1	2.81
19USRC384	11,883	19,937	337,001	6,770,828	414.3	173	164.8	-57.9	126	127	1	1.41
19USRC385	12,626	20,335	337,824	6,770,648	412.1	205	220.7	-59.7			0	NSA
19USRC386	12,273	19,990	337,332	6,770,614	415.2	110	220.5	-59.9	79	80	1	4.33
19USRC387	12,274	20,016	337,349	6,770,634	415.0	125	221.4	-60.5	91	93	2	3.95
									102	106	4	1.59
19USRC388	12,273	20,030	337,358	6,770,645	414.8	140	219.3	-64.6	97	99	2	1.52
									123	124	1	12.42
19USRC389	12,323	20,027	337,394	6,770,610	414.5	130	222.8	-61.8	98	99	1	1.74
									110	113	3	2.78
19USRC390	12,451	20,079	337,525	6,770,567	413.4	125	222.0	-60.0	99	106	7	0.92
19USRC391	12,125	19,946	337,191	6,770,677	416.3	120	222.7	-60.0	93	99	6	2.79
19USRC392	11,695	19,899	336,833	6,770,921	412.4	140	218.4	-60.0	121	127	6	9.28
							including	121	124	3	14.36
19USRC393	11,723	20,001	336,921	6,770,980	412.1	190	221.7	-59.9	167	169	2	1.70
19USRC394	11,750	20,010	336,947	6,770,970	412.2	210	219.9	-60.3			0	NSA
19USRC395	12,598	20,332	337,801	6,770,663	412.1	240	219.6	-59.5	172	173	1	1.05
									175	176	1	1.03
19USRC396	12,601	20,287	337,774	6,770,627	412.2	230	223.8	-60.9			0	NSA
19USRC397	12,601	20,263	337,758	6,770,610	412.2	91	221.7	-60.2		Hole abandoned
19USRC398	12,015	20,027	337,160	6,770,811	414.4	197	256.5	-54.5	168
169	1	1.67
									172	173	1	1.06
19USRC399	12,012	20,058	337,178	6,770,835	414.0	220	255.9	-61.1	170	171	1	1.22
19USRC400	12,020	20,067	337,189	6,770,837	413.9	210	235.8	-62.1	164	165	1	2.31
19USRC401	12,522	20,344	337,752	6,770,722	412.0	248	224.1	-59.6	213	214	1	2.21

ASX Release: Outstanding New High-Grade Gold Results at Ulysses

4

	19 November 2019								Genesis Minerals Limited
										226	230	4	3.05
19USRC402	12,010	20,100	337,203	6,770,869	413.4	257	258.8	-65.1	210	222	12	6.39
								including	213	216	3	18.37
19USDH116	12,070	20,072	337,231	6,770,808	414.0	183	218.7	-58.9	170.00	171.00	1.00	1.10
19USDH117	12,126	20,040	337,252	6,770,748	414.9	129	223.9	-50.2		To be completed
19USDH118	12,451	20,248	337,635	6,770,695	412.8	216	221.7	-59.9	180.00	186.00	6.00	5.10
								including	180.60	182.00	1.40	17.77
19USDH119	12,475	20,219	337,635	6,770,658	412.7	198	225.1	-55.3	168.83	172.00	3.17	4.36
19USDH120	12,500	20,274	337,689	6,770,683	412.2	213	220.0	-60.6	182.20	192.30	10.10	2.45
								including	182.88	187.69	4.81	4.51
19USDH121	12,523	20,259	337,697	6,770,657	412.3	204	220.98	-60.3	168.65	179.85	11.20	1.01
19USDH122	12,548	20,264	337,719	6,770,644	412.3	204	216.75	-59.7	159.48	165.28	5.80	0.44
								including	195.26	196.87	1.61	3.90
19USDH123	12,499	20,147	337,605	6,770,587	412.8	156	226.81	-59.2	127.13	131.70	4.57	4.52
19USDH124	12,450	20,143	337,565	6,770,616	413.2	156	217.76	-60.6	129.97	139.88	9.91	3.67
								including	129.97	134.55	4.58	6.83

ASX Release: Outstanding New High-Grade Gold Results at Ulysses

5

19 November 2019

Genesis Minerals Limited

MINERAL RESOURCE TABLE

A summary of the October 2018 Ulysses Mineral Resource is provided in Table 2 below:

Table 2. October 2018 Mineral Resource Estimate 0.75g/t Cut-off above 200mRL, 2.0g/t Below 200mRL

	Measured	Indicated		Inferred			Total
Type	Tonnes	Au	Tonnes	Au	Tonnes	Au	Tonnes	Au	Au
	t	g/t	t	g/t	t	g/t	t	g/t	Ounces
Oxide	6,000	2.1	143,000	1.6	146,000	1.6	295,000	1.6	15,200
Transition	6,000	3.1	364,000	1.9	234,000	1.6	604,000	1.8	34,700
Fresh	21,000	5.0	3,647,000	3.7	2,551,000	3.3	6,220,000	3.6	710,500
Total	33,000	4.1	4,154,000	3.5	2,932,000	3.0	7,119,000	3.3	760,400

October 2018 Mineral Resource Estimate 2.0g/t Global Cut-off

	Measured	Indicated		Inferred			Total
Type	Tonnes	Au	Tonnes	Au	Tonnes	Au	Tonnes	Au	Au
	t	g/t	t	g/t	t	g/t	t	g/t	Ounces
Oxide	4,000	2.5	26,000	2.8	22,000	2.2	51,000	2.5	4,200
Transition	5,000	3.3	114,000	3.1	20,000	2.2	138,000	3.0	13,400
Fresh	21,000	5.0	2,323,000	5.2	1,605,000	4.3	3,949,000	4.8	610,800
Total	29,000	4.4	2,463,000	5.0	1,647,000	4.3	4,139,000	4.7	628,400

October 2018 Mineral Resource Estimate High Grade Shoots

	Measured	Indicated		Inferred			Total
Type	Tonnes	Au	Tonnes	Au	Tonnes	Au	Tonnes	Au	Au
	t	g/t	t	g/t	t	g/t	t	g/t	Ounces
HG Shoots	21,000	5.2	1,398,000	6.4	187,000	10.8	1,606,000	6.9	356,100

NB. Rounding errors may occur

Full details of the Mineral Resource estimate are provided in the Company's ASX announcement dated 9 October 2018.

ASX Release: Outstanding New High-Grade Gold Results at Ulysses

6

19 November 2019Genesis Minerals Limited

JORC Table 1 Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Certified Person Commentary

Nature and quality of sampling (eg cut

All diamond drill holes (DDH) were selectively sampled based on

channels, random chips, or specific

geological logging. The diamond core is oriented, logged geologically

specialised

industry

standard

and marked up at a maximum sample interval of 1.0m constrained by

measurement tools appropriate to the

geological boundaries.

minerals under investigation, such as

down hole gamma sondes, or handheld

XRF instruments, etc). These examples

should not be taken as limiting the broad

meaning of sampling.

Include reference to measures taken to

Holes were generally angled to optimally intersect the mineralised

ensure sample representivity and the

zones.

appropriate

calibration

of

any

All drilling was angled -60 towards

grid south except when targeting

measurement tools or systems used.

beneath the Goldfields Highway.

Sampling

techniques

Aspects

of

the

determination

of

Diamond drilling was completed using a HQ or NQ drilling bit for all

mineralisation that are Material to the

diamond holes. Core selected from geological observation was cut in

Public Report. In cases where 'industry

half for sampling, with a half core sample sent for assay at measured

standard' work has been done this

geological intervals.

would be relatively simple (eg 'reverse

All RC and DDH samples were fully pulverized at the lab to -75 microns,

circulation drilling was used to obtain 1

to produce a 50g charge for Fire Assay with ICP-MS finish for Au.

m samples from which 3 kg was

pulverised to produce a 30 g charge for

fire assay'). In other

cases

more

explanation may be required, such as

where there is coarse gold that has

inherent

sampling

problems.

Unusual

commodities or mineralisation types (eg

submarine

nodules)

may

warrant

disclosure of detailed information.

Drill type (eg core, reverse circulation,

RC face sampling drilling was completed using a 5.75" drill bit.

open-hole hammer,

rotary

air

blast,

RC Drilling including pre collars was undertaken by Challenge Drilling

auger, Bangka, sonic, etc) and details

Drilling

using a custom-built truck mounted rig.

(eg

core

diameter,

triple

or

standard

techniques

tube,

depth

of

diamond

tails,

face-

Diamond Drilling was undertaken by Terra Drilling using HQ2 or NQ3

sampling bit or other type, whether core

size for drilling sampling and assay.

is oriented and if so, by what method,

etc).

Method of recording and assessing core

RC sample recoveries were visually estimated to be of an industry

and chip sample recoveries and results

acceptable standard. Moisture content and sample recovery is recorded

assessed.

for each RC sample.

Drill sample

Measures taken to maximise sample

The RC samples were dry and very limited ground water was

recovery

and

ensure

representative

encountered.

recovery

nature of the samples.

Core recovery was consistently above 99%.

Whether a relationship exists between

No bias was noted between sample recovery and grade.

sample recovery and grade and whether

sample bias may have occurred due to

preferential

loss/gain

of

fine/coarse

material.

Whether core and chip samples have

The detail of logging is considered suitable to support a Mineral

been

geologically

and

geotechnically

Resource estimation for the RC and Diamond drilling.

logged to a level of detail to support

appropriate

Mineral

Resource

estimation,

mining

studies

and

metallurgical studies.

Logging

Whether

logging

is

qualitative

or

Logging of lithology, structure, alteration, mineralisation, regolith and

quantitative in nature. Core (or costean,

veining was undertaken for RC drilling and diamond drilling

channel, etc) photography.

Photography of RC chip trays and diamond core is undertaken during

the logging process.

The total length and percentage of the

All drill holes were logged in full.

relevant intersections logged.

Sub-sampling

If

core,

whether

cut

or

sawn

and

Half core was sampled except for duplicate samples where quarter core

whether quarter, half or all core taken.

was taken.

techniques and

sample

If

non-core,

whether riffled, tube

Reverse circulation holes were sampled at 1m intervals collected via a

preparation

sampled, rotary split, etc and whether

cyclone, dust collection system and cone splitter.

ASX Release: Outstanding New High-Grade Gold Results at Ulysses

7

19 November 2019

Genesis Minerals Limited

sampled wet or dry.

Core samples were cut in half using core saw in Leonora. Half core

samples were collected for assay, and the remaining half core samples

stored in the core trays.

For all sample types, the nature, quality

RC and diamond samples were analysed at Intertek Genalysis in Perth

and appropriateness of the sample

following preparation in Kalgoorlie. Samples were dried at approximately

preparation technique.

120°C with the sample then being presented to a robotic circuit. In the

robotic circuit, a modified and automated Boyd crusher crushes the

samples to -2mm. The resulting material is then passed to a series of

modified LM5 pulverisers and ground to a nominal 85% passing of

75μm. The milled pulps were weighed out (50g) and underwent analysis

by fire assay (method FA50/OE04).

Quality control procedures adopted for

Genesis submitted standards and blanks into both the RC and diamond

all sub-sampling stages to maximise

sample sequence as part of the QAQC process. CRM's were inserted

representivity of samples.

at a ratio of approximately 1-in-40 samples. Duplicate samples were

submitted at a ratio of approximately 1-in-20 samples

Measures taken to ensure that the

Sampling was carried out using Genesis' protocols and QAQC

sampling is representative of the in situ

procedures as per industry best practice. Duplicate samples were

material collected, including for instance

routinely submitted and checked against originals for both drilling

results for field duplicate/second-half

methods.

sampling.

Whether sample sizes are appropriate to

Sample sizes are considered to be appropriate to correctly represent the

the grain size of the material being

style of mineralisation, the thickness and consistency of the

sampled.

intersections.

The nature, quality and appropriateness

Analytical samples were analysed through Intertek Genalysis in Perth.

of the assaying and laboratory

All RC and diamond samples were analysed by 50g Fire Assay.

procedures used and whether the

technique is considered partial or total.

For geophysical

tools, spectrometers,

No geophysical tools were used to estimate mineral or element

handheld XRF instruments, etc, the

percentages.

parameters used in determining the

analysis including instrument make and

Quality of

model,

reading

times,

calibrations

assay data and

factors applied and their derivation, etc.

laboratory

Nature

of

quality

control

procedures

In addition to

Genesis' standards, duplicates

and blanks, Intertek

tests

adopted

(eg

standards,

blanks,

Genalysis incorporated laboratory QAQC including standards, blanks

duplicates,

external

laboratory

checks)

and repeats as a standard procedure. Certified reference materials that

and whether acceptable levels of

are relevant to the type and style of mineralisation targeted were

accuracy (ie lack of bias) and precision

inserted at regular intervals.

have been established.

Results from certified reference material highlight that sample assay

values are accurate.

Duplicate analysis of samples showed the precision of samples is within

acceptable limits.

The

verification

of

significant

The Managing Director of Genesis and an independent consultant

intersections by either independent or

verified significant intercepts.

alternative company personnel.

Verification of

The use of twinned holes.

No twinned holes were completed.

sampling and

Documentation of primary data, data

Logging of data was completed in the field with logging data entered

assaying

entry procedures, data verification, data

using a Toughbook with a standardised excel template with drop down

storage

(physical

and

electronic)

fields. Data is stored in a custom designed database maintained by an

protocols.

external DB consultant.

Discuss any adjustment to assay data.

No adjustments have been made to assay data.

Accuracy and quality of surveys used to

All maps and sample locations are in MGA Zone51 GDA grid and have

locate drill holes (collar and down-hole

been measured by hand-held GPS with an accuracy of ±2 metres. The

surveys), trenches, mine workings and

Ulysses local grid is used for drill hole planning.

other

locations

used

in

Mineral

Collar locations

were pegged using a handheld Garmin GPS with

Resource estimation.

Location of

reference to known collar positions in the field. At the completion of the

RC program the collar locations are surveyed with Rover pole shots

data points

using a Leica Captivate RTK GPS (+/-0.1m).

Specification of the grid system used.

MGA Zone51 GDA grid used and Ulysses local grid (GN 40.5 magnetic)

Quality and adequacy of topographic

Drill hole collar

RL's are +/- 0.2m accuracy.

Topographic control is

control.

considered adequate for the stage of development.

Data spacing

Data spacing for reporting of Exploration

For RC and diamond drilling the hole spacing is variable but generally

Results.

less than 50m spacings.

and

distribution

Whether the data spacing and

The RC and diamond drilling has demonstrated sufficient continuity in

distribution is sufficient to establish the

both geological and grade continuity to support the definition of Mineral

ASX Release: Outstanding New High-Grade Gold Results at Ulysses

8

	19 November 2019	Genesis Minerals Limited
		degree of geological and grade	Resource, and the classifications applied under the 2012 JORC Code.
		continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications applied.
		Whether sample compositing has been	No compositing has been applied.
		applied.
		Whether the orientation of sampling	Holes were generally angled to Ulysses local grid south (220.5
		achieves unbiased sampling of possible	magnetic). Some hole azimuths were adjusted to allow drilling under the
		structures and the extent to which this is	highway.
Orientation of	known, considering the deposit type.
data in relation
If the relationship between the drilling	No orientation based sampling bias is known at this time.
to geological
orientation and the orientation of key
structure
mineralised structures is considered to
		have introduced a sampling bias, this
		should be assessed and reported if
		material.
Sample	The measures taken to ensure sample	Chain of custody was managed by Genesis. No issues were reported.
security	security.
Audits or	The results of any audits or reviews of	No audits or reviews of sampling techniques and data were completed.
reviews	sampling techniques and data.

JORC Table 1 Section 2 Reporting of Exploration Results

	Criteria	JORC Code explanation	Certified Person Commentary
		Type, reference name/number, location	The Ulysses deposit is located within Mining Lease M40/166 which is
		and ownership including agreements or	owned by Ulysses Mining Pty Ltd a 100% owned subsidiary of Genesis
		material issues with third parties such as	Minerals Limited.
Mineral	joint ventures, partnerships, overriding	The Mining Lease was granted for a term of 21 years and expires 28
royalties, native title interests, historical
tenement and	sites, wilderness or national park and	January 2022.
land tenure	environmental settings.
status
		The security of the tenure held at the	The tenement is in good standing.
		time of reporting along with any known
		impediments to obtaining a licence to
		operate in the area.
Exploration	Acknowledgment and appraisal of	The tenement was previously held in a joint venture between Sons of
exploration by other parties.	Gwalia Limited ("SWG") and Dalrymple Resources NL. The majority of
done by other		drilling was completed by SWG between 1999 and 2001.
parties		The project was acquired by St Barbara Limited ("SMB") in 2004. SBM
			work was limited to resource modelling and geological review.
		Deposit type, geological setting and	The Ulysses gold deposit is developed within a WNW-striking, 35° NNE-
		style of mineralisation.	dipping shear zone (Ulysses Shear), which has sinistral strike-slip
			kinematics. The Ulysses Shear cuts at low angle through the entirely
			mafic stratigraphy, which is slightly more NW-striking, and dips 30° to
			the NE. The most distinctive features of the stratigraphy are a pair of
			titano-magnetite-rich quartz dolerite sills.
			The Ulysses Shear has a highly predictable geometry and is mineralised
			throughout the deposit area. Typical mineralised intervals consist of
			biotite-silica-albite-carbonate-pyrite-pyrrhotitelode-style alteration, with
			1-20%quartz-sulphide veining. Highest-grade intervals are associated
			with intense silica-albite-sulphide replacement of the shear fabric.
			Though mineralised throughout, the Ulysses Shear hosts three currently
Geology		known high-grade shoots, the controls on which have been established
	through mapping, structural analysis, and 3D geological modelling.
			The Ulysses West shoot, mined in the Ulysses West open pit, is
			controlled by the intersection of the Ulysses Shear with the Western
			Quartz Dolerite. This intersectional shoot has a strike length of ~150 m,
			plunges 35° to the NE, and has currently been intercepted to +400m
			down-plunge (250 metres below surface).
			The Ulysses East shoot, mined in the eastern end of the main Ulysses
			open pit, is controlled by the intersection of the Ulysses Shear with the
			Eastern Quartz Dolerite. The intersectional geometries here are
			complicated by the Ulysses Shear splitting into a series of sub-parallel
			structures. This has the effect of creating a series of stacked
			intersectional ore-shoots, each of which plunge 30° to the NE. The main
			part of the Ulysses East shoot has a strike length of ~200m and has
			currently been intercepted to +380 m down-plunge (240 metres below
			surface).
	ASX Release: Outstanding New High-Grade Gold Results at Ulysses	9

19 November 2019

Genesis Minerals Limited

The Ulysses Central shoot, mined in the western end of the main

Ulysses open pit, is hosted in ordinary dolerite and pillow basalt (not

quartz dolerite). Its location is controlled by the intersection of the

Ulysses Shear with a hangingwall splay shear, which creates a grade-

tonnage blowout plunging 30° to the north, parallel to the merge-point of

the two structures. This shoot has a strike length of ~100 m and has

currently been intercepted to +290 m down plunge (180 metres below

surface).

A summary of all information material to

Appropriate tabulations for drill results have been included in this

the understanding of the exploration

release as Table 1.

results including a tabulation of the

following information for all Material drill

holes:

o

easting and northing of the drill

hole collar

o elevation or RL (Reduced Level

- elevation above sea level in

Drill hole

metres) of the drill hole collar

Information

o dip and azimuth of the hole

o

down

hole

length

and

o

interception depth

hole length.

If the exclusion of this information is

Appropriate tabulations for drill results have been included in this

justified on the basis that the information

release.

is not Material and this exclusion does

not detract from the understanding of

the report, the Competent Person

should clearly explain why this is the

case.

In

reporting

Exploration

Results,

No top cuts were applied. Intercepts results were formed from weighted

weighting

averaging

techniques,

averages.

maximum and/or

minimum

grade

truncations (eg cutting of high grades)

and cut-off grades are usually Material

and should be stated

Data

Where aggregate intercepts incorporate

No internal dilution was included.

short lengths of high grade results and

aggregation

longer lengths of low grade results, the

methods

procedure used for such aggregation

should be stated and some typical

examples of such aggregations should

be shown in detail.

The assumptions used for any reporting

No metal equivalent values are currently used for reporting of

of metal equivalent values should be

exploration results

clearly stated.

These

relationships

are

particularly

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

important in the reporting of Exploration

downhole lengths.

Relationship

Results.

All drill holes are angled to be approximately perpendicular

to the

If the geometry of the mineralisation with

orientation of the mineralised trend.

between

respect to the drill hole angle is known,

mineralisation

its nature should be reported.

widths and

intercept

If it is not known and only the down hole

lengths

lengths are reported, there should be a

clear statement to this effect (eg 'down

hole length, true width not known').

Appropriate maps and sections (with

Appropriate plans are included in this release.

scales) and tabulations of intercepts

Diagrams

should be included for any significant

discovery being reported These should

include, but not be limited to a plan view

of drill hole collar locations and

appropriate sectional views.

Where comprehensive reporting of all

All exploration results are reported.

Balanced

Exploration Results is not practicable,

reporting

representative reporting of both low and

high grades and/or widths should be

practiced to avoid misleading reporting

ASX Release: Outstanding New High-Grade Gold Results at Ulysses

10

	19 November 2019						Genesis Minerals Limited
		of Exploration Results.
		Other	exploration data,	if meaningful	A mining operation has been completed at Ulysses West
		and material, should be reported
		including (but not limited to): geological
Other	observations;		geophysical	survey
results; geochemical survey results; bulk
substantive
samples - size and method of
exploration
treatment; metallurgical test results; bulk
data
density, groundwater, geotechnical and
		rock	characteristics;		potential
		deleterious		or	contaminating
		substances.
		The nature and scale of planned further	Further work will include systematic infill and extensional drilling.
		work (eg tests for lateral extensions or
		depth extensions or large-scalestep-out
		drilling).
Further work
Diagrams clearly highlighting the areas	Appropriate plans are included in this release.
		of possible extensions, including the
		main	geological	interpretations and
		future drilling areas, provided this
		information	is	not	commercially
		sensitive.

ASX Release: Outstanding New High-Grade Gold Results at Ulysses

11