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Genesis Minerals raises $5 million for Ulysses Gold Project

Investors can look forward to strong news-flow in the weeks and months ahead.
Australian dollar notes
Genesis is targeting significant increases to the Ulysses resource

Genesis Minerals Ltd (ASX:GMD) has received binding commitments to raise $5 million via a heavily oversubscribed share placement at 3.2 cents each to institutional and sophisticated investors.

The proceeds will be used to fund an aggressive 30,000-metre, staged drilling program and feasibility studies at Genesis’ rapidly emerging Ulysses Gold Project.

It is worth noting that the company recently revealed an upgraded resource of 3.3 million tonnes at 3.0 g/t gold for 321,000 ounces of contained gold.

Aiming to expand the gold resource

Genesis is targeting significant increases to the Ulysses resource, with the aim of developing a standalone gold project.

Genesis managing director Michael Fowler said: “Investors can look forward to strong news-flow in the weeks and months ahead.

“A diamond rig arrived on site this week, joining the RC rig which has been working since early March.

“We also anticipate adding another drilling rig at the end of the month, and we expect all three rigs to be operating for a significant period of time as we work hard to grow the existing resource and lay the foundations for a significant new Australian gold project.”

Expanded feasibility study planned

Drilling is focused on four high-grade mineralised shoots that sit below the current Ulysses Resource area and other potential high-grade shoots along strike to the east.

Impressive results of up to 5 metres at 20.9 g/t gold have been returned from the current phase of drilling, confirming mineralised extensions and demonstrating significant plunge extents.

In parallel with the drilling program, funds from the capital raising will also underpin the completion of an expanded feasibility study for the Ulysses Project.

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