"Genesis has completed Phase 1 of its reconnaissance drilling programme at Unaly Hill, Sandstone, WA, which is investigating a major magnetic anomaly associated with the Atley layered mafic intrusion.
Adverse weather conditions, that denied access to Line 2 of its planned six hole programme, resulted in drilling being terminated with only the three holes in Line 1 being completed.
However, all the holes reached optimum target depth, intersecting favourable layered mafic/ultramafic rock types that exhibited both sulphide mineralisation and high magnetic susceptibility and confirming the presence of iron-rich units within the layered complex. The presence of anomalous vanadium and possible gold will not be determined until the samples have been analysed.
The geochemical report is expected early to mid January 2009.
If results are as expected, a programme of in-fill drilling will be scheduled for the first quarter of 2009."
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Great to see the company is still actively progressing its mining prospects and it would appear that the initial expectations are high and prospects optimistic. I've held this stock for a long long long time and its exciting to think I may just get some value for my investment. Bring on the results i say.
GBL
genesis biomedical limited
unaly hill drill programme
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