The Genesis Minerals Ltd (ASX: GMD) share price is up by 6.35% in morning trade after the miner announced a significant resource upgrade.
We take a look at the ASX gold share's latest announcement below.
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What did Genesis Minerals report this morning?
Genesis Minerals shares are flat after the company upgraded its mineral resources estimate at its Ulysses Gold Project in Western Australia.
The new mineral resources estimate for the project is 1,608,000 ounces of contained gold, a 26% increase on the previous estimate from June 2020.
Additionally, the ASX gold miner reported a 32% – 237,000 ounce – increase in its higher-confidence total measured and indicated mineral resource, bring the measured and indicated gold at Ulysses to 61% of the total contained ounces.
Commenting on the resource upgrade, Genesis managing director Michael Fowler said:
This is a result that confirms the scale and quality of the Ulysses Project, reflecting the outcomes of the highly-successful drilling programs completed over the expanded project area over the past six months…
The updated Mineral Resource will now form the foundation of our ongoing Feasibility Study on a standalone gold project at Ulysses, which is on-track for delivery next Quarter and is expected to potentially comprise both an open pit and underground mining operation…
This Resource will continue to be updated, with strong growth potential. Drilling is continuing and a further update is expected late this year.
The company is targeting its next resource update for the fourth quarter of the 2021 calendar year.
Genesis Minerals share price snapshot
Genesis Minerals shares are up 123% over the past 12 months, outpacing the 33% gains posted by the All Ordinaries Index (ASX: XAO) in that same time.
However, the Genesis Minerals share price has been struggling in 2021, with shares down 16% year-to-date.
At the current price of 6.3 cents per share, Genesis Minerals has a market cap of $128 million.
