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GENESIS RESOURCES LTD

ASX: GES

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Genesis is an exploration company committed to the creation of shareholder value through successful mineral exploration and development. Genesis aims to discover economic mineral reserves through cost efficient exploration and joint ventures with reputable partners with the ultimate goal of discovering and developing mineral reserves and becoming an established mining company.

Alice Springs Copper-Iron Project (Genesis 100%)

The Alice Springs Project is located approximately 155 kilometres north east of Alice Springs in the Northern Territory. The tenement area is situated approximately 80 road kilometres along the Plenty Highway in the poly-metallic Harts Range Mineral Field. he project comprises one granted Exploration Licence (EL 24817) which covers a total area of 770.5 km2.

The Alice Springs Project hosts over 20 copper occurrences and two iron ore prospects. A brief reconnaissance rock chip sampling program was conducted over some of the copper bearing areas which yielded the following results:

* Copper mineralisation in the north-western part of the tenement appears to be mainly structurally controlled with copper assays up to 40% Cu. * In the Diana prospects areas the mineralisation is hosted within shear zones between schists and possible narrow lenticular iron formations. This mineralisation may be partly strata-bound with iron grades peaking at 68% Fe.
* The Corner Post and Diamond T prospects are hosted within sheared felsic gneisses in the Cadney Fault corridor with copper assays up to 4.86% Cu and 1.43% Bi.

Gladstone Manganese Project (Genesis 100%)

The Gladstone project is located approximately 15 kilometres west of Gladstone Shipping Port in Queensland. The project comprises one Exploration Permit (EPM 15771) which covers a total area of approximately 63 km2 that is prospective for manganese and hosts several historic manganese mine/workings.

The Gladstone project hosts several northwest striking manganese ore deposits within the Doonside Formation. The deposits occur as structurally controlled lenses parallel to bedding in the enclosing sediments. There are six separate areas of manganese mineralisation located within the project area, the most significant of which is the historic Mount Millar manganese mine.

The Mount Millar mine opened in 1895 and operated intermittently until 1916 and then from 1958 to 1960. A total of 21,785 tonnes of ore was mined with a grade which ranged from 44% to 47% Mn%. The ore body at Mount Millar is lensoidal with the long axis running parallel to local bedding. It is approximately 70 metres long, 1 to 6 metres wide and mineralisation is reported to have exceeded 96 metres in depth. A small reconnaissance rock chip sampling over Mt Millar yielded high grade geochemical surface manganese assays in the order of 58.7%, 60.5% and 61.1% Mn.

Genesis Resources, with its joint venture partner WDR Base Metals Pty Ltd, a wholly owned subsidiary of ASX listed company, Western Desert Resources Limited, have begun a systematic exploration programme to test the depth and strike extent of the manganese mineralisation that is known to exist at Mount Millar and with future work planned along the 21.5 kilometre strike length at Gladstone.

McArthur River Manganese Project (Genesis 100%)

The McArthur River project is located approximately 850 kilometres south east of Darwin in the Northern Territory. The project comprises one granted Exploration Licence (EL 24814) which covers a total area of 505.6 km2 that is easily accessible from the Carpentaria Highway and is only 265 kilometres by road from the port at McArthur River mine.

The McArthur River project hosts three known areas of outcropping manganese mineralisation. The most significant known manganese outcrop on the McArthur River project is the Masterton No.2 prospect. The Masterton No.2 prospect contains a vertical and steeply dipping manganiferous lense that is up to 160 metres long and averages 10 metres in width that has assayed up to 63% Mn.

A brief reconnaissance rock chip sampling program was conducted over the Masterton No.2 prospect and the surrounding areas in October 2008. Out of the fourteen rock chips, twelve rock chip assays returned ore grade values of manganese varying from 43.5% to 53.1% Mn from surface.

Fenn Gap Iron-Manganese Project (Genesis 100%)

The Fenn Gap project is located approximately 25 kilometres south west of Alice Springs in the Northern Territory. The project is close to major infrastructure such as the Stuart Highway and the Alice Springs to Adelaide Railway. The project comprises one granted Exploration Licence (EL 24839) which covers a total area of 98 km2.

Fenn Gap is prospective for iron and manganese. The known manganese mineralisation at Fenn Gap occurs in the eastern part of the licence area where previous rock-chip sampling has outlined a strata-bound dolomite-hosted manganese-rich zone over several kilometres in length with manganese grades up to 50.9% Mn (averaging 39% Mn). Geological mapping conducted by Genesis has delineated over 9.9 kilometres of outcropping goethite (iron) mineralisation (between 43% and 53% Fe) with moderate grade (33.2% Mn) manganese assays obtained from the Table Prospect area.

Plavica Project (Genesis 62%)

Genesis has entered into a joint venture agreement with Sileks, a well known Macedonian conglomerate, over the Plavica project in north eastern Macedonia.

The Plavica project is located in the Kratovo District in the north east of Macedonia and is situated approximately 65 kilometres to the east of the Macedonian capital Skopje. The project is made up of two exploration licences covering over 200 km2 in the Carpathian Volcanic Arc, a major epithermal province running through eastern Europe, and is highly prospective for gold, copper and silver mineralisation.

The project is the site of historic Roman gold workings and underground mining by British Selection Mines. In more recent times, the Plavica project has been the subject of substantial exploration by the Yugoslav Government, Rio Tinto and European Minerals that has confirmed the potential of the project. Significant drill hole results from previous exploration included 76 metres at 1.15 grams per tonne gold and 0.30% copper, 10 metres at 21.6 grams per tonne gold and 40 metres at 6.71 grams per tonne gold.

Whilst the significant exploration at Plavica has confirmed the potential of the project to contain a major gold or copper-gold resource, the exploration has been far from definitive as only four angled holes have been drilled and many holes were not assayed. On this basis, Genesis believes that the work to date has inadequately tested the steep to high grade vertically-dipping mineralised structures believed to exist at Plavica.

Genesis has now begun a full review of the extensive Plavica exploration database. Genesis believes that based on historic drill hole and other exploration data there is the opportunity to calculate a JORC-compliant resource at Plavica. In addition, Genesis intends to utilise the database to identify near-term drill targets that will test the potential for high-grade vein-style/feeder gold and copper resources.

Arltunga Gold Project (Genesis 100%)

The Arltunga gold project is located some 110 kilometres north east of Alice Springs and encompasses the entire Arltunga gold field. The project comprises one Exploration Licence (EL 25238) which covers a total area of 95.2 km2 and is prospective for gold mineralisation.

Thirty three gold prospects have been defined at Arltunga, including the historic Claraville, Wipeout, Jenkins, Round Hill, Wheal Fortune and Magdale gold workings that in total have produced over 1,000 ounces of gold historically. The prospectivity of the Arltunga project was confirmed during the 1990s through reconnaissance rock-chip, costean and dump sampling that yielded highly significant results that warrant further exploration.

Genesis believes that Arltunga is a highly attractive gold field given the gold is hosted in outcropping shear zone hosted quartz veins. Genesis intends to conduct an extensive soil and rock-chip sampling programme over a 50 metre by 200 metre grid covering the identified anomalies together with geological mapping in order to help delineate the source of gold anomalism at Arltunga.

Pioneer Gold Project (Genesis 100%)

The Pioneer project is located approximately 95 kilometres east of Bundaberg in Queensland. The project comprises one granted Exploration Permit (EPM 15619) which covers a total area of 12.5 km2.

Pioneer has been targeted for the fourteen gold prospects that have been defined to date in the licence area. The main prospect, the Pioneer Reef, was discovered in 1880 with known historic workings striking over 1,000 metres and to depths of up to 33 metres. Mining grades within the Pioneer Reef varied from 10.7 grams per tonne to 126.4 grams per tonne gold.

Rock chip reconnaissance returned highly encouraging assay results, including 44.5 ppm Au in the Pioneer Air Shaft dump, 32.8 ppm Au in the Pioneer Burnís Shaft Number 4 and 69.7 ppm Au in the West Yorkshire mine remnants. These results warrant follow up and drill testing.

Genesis proposes a further detailed programme of rock-chip and soil sampling over a 50 metre by 200 metre grid at Pioneer as well as ground geophysics to cover the historical gold workings and along the shear zones at Pioneer.

Laura River Project (Genesis 100%)

The Laura River project is centred on the township of Laura 210 kilometres north west of Cairns in north Queensland. The project comprises one granted Exploration Permit (EPM 15242) which covers a total area of 330.7 km2. Four gold and platinum prospect areas have been defined on the project from reconnaissance panning and sampling, with best results of 220 grams per tonne Au and 8.6 grams per tonne platinum.

Mine For

copper, iron ore, bismuth, manganese, platinum

Location of operation(s)

Northern Territory, Queensland, Macedonia

Address

Level 3, 1 Collins Street
MELBOURNE, VIC, Australia

Phone

+61 3 9665 0460

Email

Website


Last Updated

17/5/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.