Genesis Minerals (GMD) has released several key updates from its Ulysses Project which continues to show the potential to expand the resource inventory. Drilling at Orient Well, 10km east of Ulysses returned high grade intercepts including 20m @ 9.10g/t Au which remains open along strike in both directions. At Ulysses, zones of mineralisation have been extended outside of the current resource envelope adjacent to existing mineralisation as well as a new zone discovered at Ulysses East over ~350m along strike from the existing 760koz resource. We see strong potential for further discoveries at Ulysses which will
ultimately see growth in the resource inventory in the near term. With the lack of quality near term development assets on the horizon, we continue to believe that GMD remains a strong candidate as an acquisition target which trades on cheap metrics with significant exploration upside. Speculative Buy maintained and $0.10ps target price.
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