Genesis Minerals Limited (ASX: GMD) ASX Announcement - 9 November 2016
Listing Rule 5.21
Addendum to 2016 Annual Report
Genesis Minerals Limited (ASX: GMD) ("Genesis" or "the Company") provides the following information under ASX Listing Rule 5.21 in relation to the Ulysses Gold Project.
This information should be read in conjunction with the Company's 2016 Annual Financial Report.
MINERAL RESOURCES AND ORE RESERVES ANNUAL STATEMENT AND REVIEW
The Company carries out an annual review of its Mineral Resources and Ore Reserves as required by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) 2012 edition and the ASX Listing Rules. The review was carried out as at 30 June 2016.
The Company announced the acquisition of the Ulysses Gold Project ("Ulysses") located in Western Australia in June 2015 and completed the acquisition in February 2016. The Company completed exploration and resource definition drilling, a resource estimation and commenced a feasibility study on open pit mining at Ulysses during the year.
The Mineral Resource Estimate, inclusive of Ore Reserves, for Ulysses as at 30 June 2016 is set out in the following table:
Mineral Resource Category
|
Tonnes (Mt)
|
Au g/t
|
Au Oz
|
Measured
|
-
|
-
|
-
|
Indicated
|
1.62
|
2.4
|
122,500
|
Inferred
|
0.51
|
1.8
|
29,000
|
Total
|
2.13
|
2.2
|
151,500
|
(0.75g/t gold lower cut off)
Subsequent to 30 June 2016 the Company announced a maiden Ore Reserve for the Ulysses Gold Project (refer to the ASX announcement dated 9 August 2016).
The Company is not aware of any new information or data that materially affects the information included in this Annual Statement and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
ESTIMATION GOVERNANCE STATEMENT
The Company ensures that all Mineral Resource and Ore Reserve calculations are subject to appropriate levels of governance and internal controls. Exploration Results are collected and managed by competent qualified geologists and overseen by the Company's Managing Director. All data collection activities are conducted to industry standards based on a framework of quality assurance and quality control protocols covering all aspects of sample collection, topographical and geophysical surveys, drilling, sample preparation, physical and chemical analysis and data and sample management.
Mineral Resource and Ore Reserve estimates are prepared by qualified independent Competent Persons and further verified by the Company's Managing Director. If there is a material change in the estimate of a Mineral Resource, the modifying factors for the preparation of Ore Reserves, or reporting an inaugural Mineral Resource or Ore Reserve, the estimate and supporting documentation in question is reviewed by a suitably qualified independent Competent Person.
ABN: 72 124 772 041
Unit 6, 1 Clive St
West Perth, WA, Australia, 6005
ASX Code: GMD
www.genesisminerals.com.au T: +61 8 9322 6178
9 November 2016 Genesis Minerals Limited
APPROVAL OF MINERAL RESOURCES AND ORE RESERVE STATEMENT
The Company reports its Mineral Resources and Ore Reserves on an annual basis in accordance with the JORC Code 2012 Edition.
The Ore Reserves and Mineral Resources Statement is based on and fairly represents information and supporting documentation prepared by competent and qualified independent external professionals and reviewed by the Company's Managing Director. The Ore Reserves and Mineral Resources Statement has been approved by Michael Fowler, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Fowler is the Managing Director of Genesis Minerals Limited. Mr Fowler has consented to the inclusion of the Statement in the form and context in which it appears in this report.
COMPETENT PERSON'S STATEMENT
The Information in this report that relates to Mineral Resources is based on information compiled by Mr Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Payne Geological Services and is a shareholder of Genesis Minerals Limited. Mr Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
ENDS
For further information, visit: www.genesisminerals.com.au or please contact
Investors: Michael Fowler
Managing Director Genesis Minerals Limited T: +61 8 9322 6178
E: [email protected]
ASX Release: Addendum to 2016 Annual Report 2