Genesis Minerals Ltd. has reported a series of outstanding drilling results from its Leonora operations, headlined by the discovery of extensive high-grade mineralisation in the long-neglected upper levels of the historic Gwalia underground mine.
The results are a win for the company’s AU$40-50 million fiscal 2026 exploration program, proving that substantial value remains in the Uppers, which are sections of the mine between 300 and 1,000 metres deep that have seen little activity since the 1960s.
Following a structural re-interpretation of the Gwalia deposit, initial drilling into these upper reaches returned spectacular intercepts, including 8.3 metres at 43.2 grams per tonne (g/t) and 27.6 metres at 17.6 g/t.
The results also indicated a potential inventory much closer to the surface. Exploiting these shallower zones could significantly boost haulage productivity and slash unit costs compared to the deeper, albeit higher-grade, “Heart of Gold” sections of the mine.
Genesis Executive Chair Raleigh Finlayson said: “We are particularly pleased with the results from Gwalia because they highlight the potential to extract lower-cost feed from levels scarcely mined since the 1960s.”
The success isn’t limited to Gwalia. At the Ulysses underground mine, 35 kilometres away, drilling ahead of the mining front suggests higher-grade production is imminent, with results including 9.0 metres 12.1g/t.
Meanwhile, the Admiral open pit has shown strong down-dip extensions, including a wide hit of 35 metres at 2.8g/t.
All current targets are strategically located to leverage Genesis’ existing 1.4Mtpa processing plant and the planned 3.5-4Mtpa Tower Hill facility.
Buoyed by strong cash generation and recent drill success, Genesis indicated it plans to meaningfully increase its exploration budget for fiscal 2027. An updated long-term plan is expected in the September quarter.
“These outstanding drilling results show that our investment in brownfields exploration is generating strong returns which pave the way for highly rewarding economic growth,” Finlayson added.
“The results also support our strategy of developing a diverse range of ore sources, which gives us increased flexibility and lower risk.”
