MC - $8.5m
SP - 7c
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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.
• 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
• 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