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Genesis Minerals Limited (ASX:GMD) says it has confirmed significant shallow oxide gold resources at its Viking Gold Project in Western Australia.
Genesis owns 100 per cent of the tenements after paying AngloGold Ashanti Limited (ASX:AGG) $50,000 for the project along with a deferred payment of $2 per measured ounce of gold.
Initial drilling has revealed a wide zone of near-surface gold potential and further drilling should indicate an initial resource estimate by the end of June.
The Viking project is close to established gold mills and mining infrastructure and Genesis believes this resource can be cheaply developed and extracted.
Genesis Minerals Limited (ASX:GMD) reported a net loss of $1.76 million in the 2014 financial year.
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