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GENESIS MINERALS LIMITED

ASX: GMD

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Description

Genesis Minerals Limited is an Australian resources company which was incorporated on the 16 April 2007 to acquire prospective base metal, nickel, gold and uranium projects.

The Company's objective is to rapidly become a mid-tier resource company. It aims to achieve this by discovering and/or acquiring sizeable, economic mineral deposits and bringing them into production either in Australia or overseas.

Dinamarquesa - Chile

Genesis Minerals Limited entered into an agreement in August 2010 with a private Chilean company to acquire a 100% interest in the Dinamarquesa Project in northern Chile. Limited previous wide spaced drilling had delineated a number of high grade gold structures. The Project is located within the highly mineralised Inca de Oro gold-copper belt which forms part of the well-endowed Paleocene Porphyry belt of northern Chile.

The Project is located in the Atacama Desert in an area with excellent infrastructure about 850 km north of Santiago, 90 km north of the city of Copiapó and 75km east of the Pacific Ocean. The Project is 3km south west of the small town of Inca de Oro which is connected by a sealed highway between Copiapó in the south and Diego de Almagro in the north. The altitude ranges from 1,600 to 2,100m, with low relief. Exploration can be conducted all year round.

High Grade Gold

A 4,000m drilling program commenced in June 2011 to follow-up high grade intersections returned from previous first pass, wide-spaced drilling (+100m hole spacings) at the Dinamarquesa Project. Highly encouraging results returned from previous drilling include:

2m @ 102.8 g/t gold
2m @ 6.5 g/t gold
1m @ 17.7 g/t gold
0.34m @ 21.0g/t gold
0.37m@ 6.5g/t gold
0.6m @ 3.7g/t gold

Cerro Verde - Chile

An initial exploration program that will comprise rock chip sampling, geological mapping, alteration mapping (ASTER) and historical data compilation is planned for August 2011, prior to drilling. A number of areas remain untested and require first pass sampling.

Poncha - Argentina

Teck first identified the Poncha Project in 2005. Exploration between 2006 and 2009 at the Poncha Project comprised drilling of 18 holes for 6,531m, geochemical sampling, geophysical surveying and geological mapping. Two targets were explored during this period; a northern porphyry copper-gold target and a southern epithermal gold target. The majority of the drilling was completed at the southern epithermal target. Wide-spaced drilling at the southern epithermal target returned results (GMD ASX Release April 6 2011) including:

Hole PC13 - 266m @ 1.21g/t gold including: 22m @ 3.01g/t gold, 5.4g/t silver, 0.3% zinc; and 61m @3.04g/t gold containing 4m @ 10.84g/t gold and 7.9g/t silver, and 8m @ 10.91g/t gold and 24g/t silver.
Hole PC 09 - 6m @ 7.4g/t gold, 7.0g/t silver, 0.5% zinc

Los Openas - Argentina

Teck completed geochemical sampling, first pass mapping and rock chip sampling (897 samples) at Los Opeñas between 2005 and 2009. An extensive epithermal vein system was identified from this work. Rock samples at surface returned values as high as 49g/t gold and 183g/t gold, and up to 6,789g/t silver. Channel sampling of mapped breccia bodies have returned results including 20m @ 4.69g/t gold associated with strongly anomalous zinc, lead and silver.

No drilling has been undertaken at the Project. Exploration will focus on drill testing the 4.5km of high grade vein structures that have been defined to date.

Mine For

gold, copper, silver, uranium, zinc

Location of operation(s)

Argentina, Chile

Address

Level 3 10 Outram St
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 9322 6178

Email

Website


Last Updated

3/8/2011

 

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.