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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Genesis Minerals Ltd    GMD   AU000000GMD9

GENESIS MINERALS LTD

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Genesis Minerals : New Aircore Results Expand Barimaia

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08/14/2019 | 09:07pm EDT

Genesis Minerals Limited (ASX: GMD)

ASX Announcement - 15 August 2019

NEW AIRCORE RESULTS FURTHER EXPAND SIZE OF

SHALLOW GOLD SYSTEM AT BARIMAIA

Wide-spaced drilling hits 2m at 14.27g/t Au and extends mineralised trend to +2km of strike

Key Points:

  • Significant extensions to the previously defined gold system highlighted from wide- spaced drilling at the Barimaia JV Gold Project, located 4km south of Mt Magnet.
  • Significant high-grade result returned:

o 2m @ 14.27g/t gold from 25m

19BAAC105

  • East-westoriented mineralised trend extended for a further 0.5km and is now drill defined over 2km of strike.
  • Shallow mineralisation remains completely open.
  • McNabs and McNabs East Prospects are interpreted to form part of a very large east- west trending bedrock gold system with over 4km of strike to be systematically drill tested.
  • Shallow open pit potential continues to emerge.
  • Further extensional and in-fill drilling planned.
  • Major new phase of in-fill, extensional and exploration drilling underway at the Ulysses Gold Project, with two rigs currently operating.

Genesis Minerals Limited (ASX: GMD) is pleased to advise that recent air-core drilling has further expanded the size and potential of the large shallow gold system identified previously at its strategically located Barimaia Joint Venture Gold Project in the Murchison District of WA.

The wide-spaced24-hole/1,260maircore (AC) drilling program, which was completed on a minimum 100m hole spacings in July, has highlighted extensions to the shallow bedrock gold mineralisation identified previously at the McNabs and McNabs East prospects (see Figures 1 and 2).

Significantly, the program returned a best result of 2m @ 14.27g/t gold from 25m in hole 19BAAC105.

Although still at an early stage of definition, the bedrock gold mineralisation identified previously at McNabs and McNabs East is considered to occur within the same east-west oriented structural trend which has previously been drill defined over 1.5km of strike. The new drilling has now extended this interpreted mineralised trend a further 0.5km east with the east-west mineralised corridor now identified over 2.0km and open to the east and west (see Figures 1 - 4).

The recent drilling program was part of a staged, systematic program targeting extensions to the known mineralisation based on a revised geological interpretation which highlighted a distinct east- west trending structural corridor.

Drilling in late 2018 comprised a series of wide-spaced (drilled on sections 100m to 500m apart) south- oriented RC holes at McNabs and McNabs East, which strongly supported the interpreted overall east- west trend of the bedrock mineralisation. It is also noted in the magnetics and supported by mapping of sub-croppingmafic-ultramafic rocks and gold anomalous rock chips of porphyries in the western arm of the Barimaia Creek system to the west of the McNabs Prospect.

ABN: 72 124 772 041

ASX Code: GMD

Unit 6, 1 Clive St

www.genesisminerals.com.au

West Perth, WA, Australia, 6005

T: +61 8 9322 6178

15 August 2019

Genesis Minerals Limited

Genesis Managing Director Michael Fowler said: "The recent limited air-core program, which was carried out as part of our broader systematic approach to exploring this project, has delivered some pleasant surprises - not least of which is a high-grade intercept of 2m at 14.27g/t Au.

"Overall, the results support our interpretation of an east-west trend to the bedrock gold mineralisation and have extended the shallow gold system further to the east. It now extends over a strike length of more than 2km and presents as an outstanding target for further drilling.

"Given the shallow nature of the mineralisation, its scale and its strategic location in a prolific gold district close to the 6Moz Mt Magnet gold mine, Barimaia continues to present as an outstanding growth opportunity for the Company which we will continue to pursue in parallel with our flagship Ulysses Gold Project.

"I am pleased to report that drilling has resumed at Ulysses, with two rigs now operating to in-fill and extend the main Resource. We also plan to test a number of near-mine exploration targets and to return to Orient Well NW to do some further drilling."

Figure 1: Barimaia Project showing prospect locations. The Barimaia Project is adjacent to Ramelius'

Mt Magnet Gold Mine. Target mineralised corridor highlighted.

AC Drill Program

Results (see Appendix 2 and Figure 3) have been received for a recently completed air-core (AC) program at Barimaia. The results from the drilling program have identified significant extensions of the east-west trending gold mineralised system to the east of McNabs East.

The recent drilling comprised a total of 24 holes, with nine holes (19BAAC085 to 19BAAC093) drilled 600m to 1,200m south of the McNabs prospects and a further 15 holes (19BAAC094 to 19BAAC108) drilled to the east of McNabs East targeting extensions to the interpreted E-W trending structural corridor that links McNabs and McNabs East.

ASX Release: New Aircore Results Expand Barimaia

2

15 August 2019

Genesis Minerals Limited

One north-south orientated line of air-core drilling was completed on 586,600E about 500m east of McNabs East (see Figure 3). Drilling on this section was completed at 100m hole spacings on the northern part of the line, increasing to 200m for the southern holes.

Hole 19BAAC105 returned a significant intercept of 2m @ 14.27g/t gold from 25m and is interpreted to be associated with an east-north-east trending arm of the main mineralised corridor (see Figures 2 to 4), associated with a granodiorite. Hole 19BAAC097 returned 5m @ 0.11g/t gold from 40m some 500m east of McNabs East and is associated with weather and foliated mafic rocks. This zone is interpreted to be open to the east and south-east.

Hole 19BAAC100 (5m @ 0.14g/t gold) and 19BAAC102 (5m @ 0.17g/t gold) are located to the south-east of the McNabs Prospects. These holes, together with 17BAAC013 (5m @ 0.26g/t gold), have outlined a saprolite-hosted zone of persistent anomalism over 600m of strike spatially associated with the interpreted position of the granite-greenstone contact.

Further work is required in this area to understand the significance of the anomalism.

Figure 2: Plan view of the McNabs Prospects and with recently completed Genesis AC holes shown as colour coded circles with white outlines. The east-west trending gold mineralised structural corridor and porphyry-ultramafic rocks is highlighted.

ASX Release: New Aircore Results Expand Barimaia

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15 August 2019

Genesis Minerals Limited

Figure 3: Plan view of the McNabs Prospects and with recently completed Genesis AC holes shown as colour coded circles with white outlines. The east-west trending gold mineralised structural corridor is highlighted. 2018 drilling intercepts (red text) from wide spaced RC drilling with collar locations shown by white circles.

McNabs and McNabs East Drilling Background

The gold mineralisation at McNabs and McNabs East is considered to occur within the same east- west oriented structural trend drill defined over 1.5km of strike. This drilling was a combination of RC and AC. A series of south-oriented wide spaced RC holes drilled in late 2018 at McNabs and McNabs East strongly supported the interpreted overall east-west trend of the bedrock mineralisation.

Significant results (see Figure 3) from this drilling in late 2018 at McNabs and McNabs East are summarised below and include:

o 74m @ 0.66g/t Au from 59m 18BARC028

  1. including 8m @ 1.44g/t Au from 59m o including 7m @ 1.79g/t Au from 77m o including 5m @ 2.18g/t Au from 106m

o 26m @ 1.15g/t Au from 17m 18BARC029

  1. including 11m @ 2.21g/t Au from 18m

o 6m @ 2.56g/t Au from 103m 18BARC029

  1. including 1m @ 12.6 from 107m

o

14m @ 0.60g/t Au from 30m

18BARC030

o

29m @ 0.84g/t Au from 43m

18BARC031

  1. including 8m @ 2.08g/t Au from 63m

o 28m @ 0.71g/t Au from 90m 18BARC031

  1. including 6m @ 1.44g/t Au from 102m

o 13m @ 0.52g/t Au from 94m

18BARC032

ASX Release: New Aircore Results Expand Barimaia

4

15 August 2019

Genesis Minerals Limited

o 14m @ 0.87g/t Au from 77m

18BARC037

o 12m @ 1.61g/t Au from 93m

18BARC041

o 11m @ 1.08g/t Au from 82m

18BARC042

  1. including 2m @ 1.38g/t Au from 82m o including 2m @ 4.23g/t Au from 90m

o

3m @ 1.64g/t Au from 104m

18BARC042

o

17m @ 0.94g/t Au from 51m

18BARC046

  1. including 9m @ 1.38g/t Au from 57m

Figure 3 above shows the location of the 2018 RC holes, the drill-defined porphyry bodies at 50m below surface and the bedrock gold mineralised corridor drill target zones, which extend for over 1.5km on Figure 2 and are open and untested along strike.

The current interpretation indicates that the currently drilled porphyries link up at depth to form one body.

Previous drilling at McNabs by Genesis was all orientated to the west with the aim of intersecting mineralised trends/structures striking in a more north-south orientation.

Drilling by Genesis in 2017 at McNabs returned intercepts including 9m at 18.8g/t Au from 75m at the McNabs prospect and 17m at 3.36g/t Au from 49m at the McNabs East prospect1.

Figure 4: RTP magnetics showing interpreted porphyry - ultramafic corridor and interpreted east-west gold target zone. Magnetic lows show a reasonable correlation to the mapped porphyries from drilling and also highlights the east-west structural corridor.

1 Refer to the GMD ASX Announcement dated 21 August 2017 for full details of the exploration results.

ASX Release: New Aircore Results Expand Barimaia

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This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Genesis Minerals Limited published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2019 01:06:09 UTC

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Managers
NameTitle
Michael John Fowler Chief Executive Officer, MD & Director
Tommy David McKeith Non-Executive Chairman
Craig Bradshaw Non-Executive Director
Gerard F. Kaczmarek Non-Executive Director
Geoff James Secretary
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