Plavica Project (Genesis 62%)

Genesis has entered into a joint venture agreement with Sileks, a well known Macedonian conglomerate, over the Plavica project in north eastern Macedonia.

The Plavica project is located in the Kratovo District in the north east of Macedonia and is situated approximately 65 kilometres to the east of the Macedonian capital Skopje. The project is made up of two exploration licences covering over 200 km2 in the Carpathian Volcanic Arc, a major epithermal province running through eastern Europe, and is highly prospective for gold, copper and silver mineralisation.

The project is the site of historic Roman gold workings and underground mining by British Selection Mines. In more recent times, the Plavica project has been the subject of substantial exploration by the Yugoslav Government, Rio Tinto and European Minerals that has confirmed the potential of the project.
Significant drill hole results from previous exploration included 76 metres at 1.15 grams per tonne gold and 0.30% copper, 10 metres at 21.6 grams per tonne gold and 40 metres at 6.71 grams per tonne gold.

Whilst the significant exploration at Plavica has confirmed the potential of the project to contain a major gold or copper-gold resource, the exploration has been far from definitive as only four angled holes have been drilled and many holes were not assayed. On this basis, Genesis believes that the work to date has inadequately tested the steep to high grade vertically-dipping mineralised structures believed to exist at Plavica.

Genesis has now begun a full review of the extensive Plavica exploration database. Genesis believes that based on historic drill hole and other exploration data there is the opportunity to calculate a JORC-compliant resource at Plavica. In addition, Genesis intends to utilise the database to identify near-term drill targets that will test the potential for high-grade vein-style/feeder gold and copper resources.