Genesis Minerals (GMD)

Shares / Stock Code

GMD

Stock Exchange / Sharemarket

Australian Securities Exchange

Genesis Minerals (GMD) is an Australian-based mineral exploration company whose primary objective is to discover and/or acquire commercially significant mineral deposits that can be readily brought into production. GMD was listed on ASX on 2 August, 2007.

The Company will seek to achieve its objective through:

  • Exploration and evaluation of the Merceditas Copper–Gold Project in northern Chile
  • The continued identification and evaluation of new mineral projects and opportunities in Australia and Overseas suitable for acquisition and development by the Company.

Genesis has an option to acquire a 100% interest in the Merceditas Copper–Gold Project in northern Chile which contains an Inferred Resource of 6.4MT @ 0.65% Copper for 41,300 tonnes of contained copper using a 0.5% cutoff.

Merceditas Project Chile Overview

In January 2008 Genesis Minerals Limited reached agreement with Andes Pacific Development S.A., a private Chilean company, to acquire a 100% interest in the 18km² Merceditas copper-gold project in northern Chile. The Merceditas Project is located 80km north of the city of Copiapó, approximately 1,000km north of Santiago, the capital of Chile. The project is 60km from the Pacific Ocean, and 100km and 70km from the ports of Caldera and Chañaral respectively.

The Project is located in northern Chile's Iron-Oxide-Copper-Gold ("IOCG") belt which is one of the most prospective IOCG provinces in the world and hosts numerous deposits including Candelaria (470Mt @ 0.95% copper) and Manto Verde (350Mt @ 0.75% copper). The Project is located at low altitude in the Atacama Desert and is easily accessible by road. It is located in an area that is serviced by very good infrastructure.

The Merceditas Project comprises two main prospects, Paula and Lucy. Significant copper oxide mineralisation has been defined at surface over a 5km by 3km area and is exposed in a number of trenches.

Previously Minera Mantos Blancos carried out exploration (geological mapping, trenching, drilling) at the Lucy Prospect between 1992 and 1993. The entire Project area was explored from 1998 to 1999 by Minera Outokumpu Chile as part of its regional exploration program in Chile. Minera Outokumpu Chile carried out geological mapping, trenching, geochemical sampling, geophysical magnetic surveys and wide spaced drilling at both the Paula and Lucy Prospects.

Outokumpu terminated its exploration in Chile in late 1999. Andes Pacific acquired the Project shortly thereafter.

Exploration 2008

To date Genesis has completed 67 RC holes at the Merceditas Project in two phases, for 5,320 metres, between May and October 2008. This drilling has comprised mostly wide spaced drilling at the Principal Zone SE and the Pupy Zone at the Paula Prospect and limited drilling at the Lucy Prospect. The average hole depth was 80 metres. The mineralised zones defined to date remain open along strike and at depth.

Genesis Minerals (GMD) Products and Services

  • Base metal, gold, nickel and uranium exploration

Genesis Minerals (GMD) Locations and Subsidiaries

Genesis Minerals Head Office
23 Altona Street,
WEST PERTH, WA 6005
Phone: 08 9322 6178
Fax: 08 9481 2335

Genesis Minerals (GMD) Share Price

Submitted by ASX Listed Company on 25 March, 2010 - 22:44

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