GMD - Genesis Minerals

[springhill]

MC - $8.5m
SP - 7c
Shares - 121m
Options - 53m
Cash - ???

Top 20 - 52%

HIGH‐GRADE GOLD HIT AT PONCHA PROJECT
● Drilling at Poncha Project in Argentina returns 12.15m @ 4.87g/t gold, 15.9 g/t silver and 0.49% zinc
● Highlights potential for significant discovery
● Results confirm intermediate sulphidation epithermal highgrade gold mineralisation (eg. Kelian‐type) at Poncha
● Geological controls on location of high‐grade mineralisation now much better understood
● Seven holes (1,498m) of a planned 20‐hole (4,000m) drill program completed before the onset of winter weather
● Drilling set to start at Las Opeñas Project (25km away) to test high‐grade gold targets
● Remaining 2,500m of drilling at Poncha to be completed as soon as weather allows
● Drilling to continue across the two projects until Christmas, underpinning many months of strong news flow
Genesis Minerals Limited (ASX:GMD) is pleased to announce that drilling at its Poncha Project in San Juan Province, Argentina has returned high‐grade results of up to 4.87g/t.
The results support Genesis’ belief that Poncha has the potential to host a multi‐million‐ounce gold deposit in a high‐grade epithermal system.

High‐grade gold mineralisation was intersected in drill‐hole 12 PODH 003, with analytical results including:
● 12.15m @ 4.87 g/t gold, 15.9 g/t silver and 0.49% zinc; and
● 5.25m @ 0.62 g/t gold, 12 g/t silver, 0.46% lead and 0.77% zinc
Hole 12 PODH 003 was drilled perpendicular to a previous drill hole PC13 (see Genesis ASX release dated April 6, 2011) that intersected:
● 266m @ 1.21 g/t gold including:
• 22m @ 3.01 g/t gold, 5.4 g/t silver, 0.3% zinc; and
• 61m @ 3.04 g/t gold containing 4m @ 10.84 g/t gold and 7.9 g/t silver, and 8m @ 10.91 g/t gold and 24 g/t silver.

Recent results indicate that the previous drill hole was probably oriented down‐dip of, rather than perpendicular to, the mineralisation. As such the geological controls on the location of this high‐grade mineralisation are now much better understood and further drilling can be optimally directed to evaluate the extensions of this mineralisation, which remains open in all directions.

Las Opeñas
• Extensive high grade epithermal system identified at surface over 4.5km
• No drilling
• Rock chip sampling and mapping
• Values up to 49g/t Au, 183g/t Au and 6,800g/t Ag
• Agreement with Teck
• Exploration expenditure of US$0.5m by March 2013 (RTE100%)
• Minimum commitment by June 2012


Exploration Programs
• Poncha Drilling commenced – first results mid June
• Las Opeñas Targeting Drilling late June 2012
• Dinamarquesa Further drilling planned for July 2012
• Cerro Verde Mapping and Sampling Ongoing + Geophysical Survey

 

[greggles]

Genesis Minerals slowly creeping up over the last six weeks, advancing from 3.2c to 4.3c on increasing volume.

The company is developing its 100%-owned Ulysses Gold Project, located 30km south of Leonora in WA and has been having drilling success recently. Some of the more recent intercepts released today are:

Extensional drilling will continue with three rigs in the September quarter and will focus on expanding the Ulysses Resource to a vertical depth of well over 400m while also in-filling the recently drilled areas identified outside of the existing resource.

 

[greggles]

Genesis Minerals announced today that the total Mineral Resource of their 100%-owned Ulysses Gold Project near Leonora in WA is now 7.1Mt @ 3.3g/t gold for 760,000 ounces of contained gold, an increase of 137% (439,000 ounces) in total contained ounces and 10% increase in average grade from the previously announced February 2018 Mineral Resource.

GMD broke through resistance at 4c on high volume today (the highest daily volume of 2018) and is looking bullish. I feel confident that short term momentum will see it hit 5c in the next week or so.

 

[Miner]

Noticed the GMD thread was not visited for three years! A gold site near Leonora, the place of my cherished memory when seen and worked first gold mine Sons of Gwalia back 1993.
So let me populate some latest information to keep the thread alive
There was a recent SPP that did not spike the price and still covering almost near the SPP price.
Probably for the last few years, not enough action shown to the market.

https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02370991-0FC2PHIAMUHFKDSS35LI9D5EA9/pdf?access_token=0007wN0RxRNxwFf70vFLD1twumsf

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02375069-6A1033129?access_token=83ff96335c2d45a094df02a206a39ff4

Even this news did not excite the market
https://cdn-api.markitdigital.com/a...access_token=83ff96335c2d45a094df02a206a39ff4
so one substantial holder dumped the holding prior to the announcement

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02371298-6A1031710?access_token=83ff96335c2d45a094df02a206a39ff4

 

[Miner]

Genesis Minerals announced today that the total Mineral Resource of their 100%-owned Ulysses Gold Project near Leonora in WA is now 7.1Mt @ 3.3g/t gold for 760,000 ounces of contained gold, an increase of 137% (439,000 ounces) in total contained ounces and 10% increase in average grade from the previously announced February 2018 Mineral Resource.

GMD broke through resistance at 4c on high volume today (the highest daily volume of 2018) and is looking bullish. I feel confident that short term momentum will see it hit 5c in the next week or so.

View attachment 89676

3 YEARS and GMD still playing ping pong

 

[Dona Ferentes]

Raised $10million in a placement in April, with SPP, which closed early and was heavily over subscribed, pulling in another $1M. Alkane (ALK) was a participant in the placement and has lifted its holding to 19.84%.

• Ulysses Mineral Resource increased to 27Mt at 1.8g/t Au for 1.6Moz .
• Feasibility Study on track for Q2 2021
• Drilling underway targeting next leg of growth

Genesis controls an area of +650km2 of the Ulysses-Orient Well shear corridor

 

[Sean K]

Started following this as ALK now own almost 20% and I own ALK.

Last ann out regarding the North Puzzle discovery just north of Puzzle. Looks like they're going to try and rapidly drill it out for an MRE to add to the rest of their ounces. If it expands a little bit could push them closer to the 2m oz Au mark.

Feasibility study under way on a standalone operation for Q2 - now. Investment decision by EOY.

Not sure who previously owned and mined the open pits that are part of their package. Nor why they stopped mining them. Perhaps the depths were getting troublesome or they hadn't done much deeper drilling to see the grades under the pits. Dunno.

Not sure what Alkanes plans are with this investment or how and why they started getting into it.

 

[frugal.rock]

Have dipped my toe in on this one this morning for a half position.

Started following this as ALK now own almost 20% and I own ALK.

Interesting. I didn't know that, purely a chart spec buy.
Decent spike in volume today off decent looking results.
3 year chart.

 

[Sean K]

They were supposed to have a feasibility study out in Q2, but it is now 'well advanced', which is a bit of a disappointment.

Otherwise they keep on coming out with some pretty good results for development of Ulysses. I don't think the drilling results at Puzzle and Puzzle North are fully factored into the sp and future MRE upgrade as yet.

Potential break up looming. 8c will be the major hurdle though I think.

 

[Sean K]

Jumping 150% seems a bit absurd on this ann. huh?? These people must be important. I'm curious as to how this actually effects ALK. Looks like they're diluted and get nothing. Confused.

 

[bk1]

LRT are in this for 5.8% of their gross investment fund..quite high for them.

 

[Sean K]

LRT are in this for 5.8% of their gross investment fund..quite high for them.

That must be in their top 3 or so.

Might have to buy some LRT, they seem to pick some winners. Their sp moves at snail pace though. As you'd expect for a trust type vehicle I suppose. No move for them today.

 

[finicky]

Likely to amount to nothing I guess but from my point of view as Kingwest Resources holder it does put KWR's Menzies tenements in range of possibly another mill one day. From the map that @Miner posted earlier, Menzies is about 70kms SW of Ulyssses along the Goldfields Hwy. Or .. Finlayson is a magnet for subscription money and the release does say, "Pursue other strategies opportunities as they emerge". Just my fantasy.

 

[finicky]

Very good alert bk1 which I might well have acted on if I were not clinging to cash.
Even if GMD settles to 100% gain LRT'S investment will double from 5.8 to 11.6% of their gross investment p/f - probably now their biggest holding. Plus I assume LRT will get in on the 6c equity raising for GMD and the free options (already heavily in the money). Also I note LRT has shown keen discernment, ahem, in their selection of MGV ?

 

[Sean K]

I wonder when this gap will get filled?

 

[greggles]

I wonder when this gap will get filled?

View attachment 130913

Probably not anytime soon. The drilling results from the Ulysses Gold Project continue to impress. GMD really appear to be onto something here.

 

[Haxorus]

I wonder when this gap will get filled?

View attachment 130913

it's getting there

 

[Dona Ferentes]

► Location – prime tenement holding in Eastern Goldfields of WA
► Rapid growth – Resource has grown from 0.32Mozto1.6Moz1 in3years
► Dollars in the ground – we have invested $26m in exploration and feasibility study work since 2018
► Strategic M&A – last year’s acquisition of the Kookynie tenements has proven to be a game-changer
► Exceptional results – new shallow discovery at Puzzle North and high-grade gold at Admiral
► Strategic funding and Board restructure – positions the Company for growth
► Development potential high – Feasibility Study deferred to allow scope of the study to be reassessed and optimised, having regard to recent exploration results, ongoing resource growth and recent Board and management changes
► Significant growth opportunities remain – +70,000m of RC and diamond drilling will be completed in 2021 to feed into next resource update



► $20.8m strategic funding package led by former Saracen and Northern Star MD Raleigh Finlayson
► Consisting of a $16m share Placement at 6c per share and a non-renounceable 1-for-30 entitlement offer at 6c per share raising up to an additional $4.8m
► Raleigh Finlayson to become Genesis MD, former FMG MD and CEO Neville Power and respected corporate lawyer Michael Bowen also joining the GMD board
► Gives GMD the financial and management strength to take our next significant growth steps
► Important access to People and Capital
► Funding proceeds will be used to: Advance the Ulysses gold project through exploration (prioritising the Ulysses, Puzzle and Admiral deposits) and ongoing mining and processing studies;

 

[Ann]

This recently did a 1 for 10 consolidation I believe. I hate consolidations, I call them legalized theft. Let's see how it travels using price spike horizontals...

 

[Sean K]

Looks like they will easily extend their current resource of 1.6m oz with some of these extension results ann 3 Feb. It's just hard to tell how much of it is extension or infill. Is it all extension drilling? If it is, maybe they're looking at 2.5m oz au at a pluck. No mention of a date for an updated MRE. Anyone know?

Looks good for a break up.