Genesis Reports Only 1m at 0.43% Cu in Alice Springs Drilling Program
Genesis Resources progresses environmental approvals for its North Macedonian Plavica project while Australian drilling at Alice Springs and Arltunga yields underwhelming copper and gold assays.
- Ongoing environmental studies nearing completion for Plavica mining approval
- Genesis acquires full ownership of Plavica project, ending joint venture
- Disappointing copper and gold results from Alice Springs and Arltunga drilling programs
- Loan facilities drawn to support operations amid limited cash reserves
- Further exploration and mapping planned for 2026
Environmental Progress at Plavica
Genesis Resources Limited continues to advance its Plavica Gold-Copper-Silver Project in North Macedonia, focusing on completing the final environmental studies required for mining approval. The project, now wholly owned by Genesis following the 2024 acquisition of its joint venture partner’s shares, has passed key government assessments and is poised for regulatory submission. This consolidation of ownership simplifies project management and aligns future royalties with Genesis, which retains a 4% royalty on any extracted products.
Australian Drilling Results Disappoint
In contrast to progress overseas, Genesis’s recent drilling campaigns in Australia have yielded underwhelming results. The seven-hole Reverse Circulation (RC) program at the Alice Springs tenement returned only a single copper intercept above 0.3% Cu, with a maximum of 1m at 0.43% Cu, and negligible gold values. Similarly, the Arltunga project’s drilling produced narrow gold intercepts, including 3m at 1.75 g/t Au and 1m at 2.25 g/t Au, but overall mineralisation remains limited and sporadic.
Operational and Administrative Updates
Genesis has maintained its tenement portfolio with licence renewals and new applications, including a partial relinquishment and expansion at the Pioneer Project in Queensland. The company also engaged with Traditional Owners during drilling activities, reflecting ongoing community consultation. Financially, Genesis reported a cash balance of AUD 152,000 at quarter-end, supplemented by AUD 620,000 in unused financing facilities. The company has drawn down AUD 1.15 million in loans from related parties, structured to be repayable only after a significant capital raising event, underscoring the tight funding environment.
Looking Ahead
With exploration results in Australia falling short of expectations, Genesis is pivoting towards further reconnaissance mapping and targeted drilling in 2026 to identify new anomalies. The company’s focus remains on advancing the Plavica project through environmental approvals, which could unlock significant value if mining consent is granted. Meanwhile, managing cash flow and securing additional capital will be critical to sustaining operations and funding future exploration.
Bottom Line?
Genesis’s next moves hinge on Plavica’s environmental approvals and securing fresh capital to fuel exploration beyond disappointing Australian drilling results.
Questions in the middle?
- Will Genesis secure mining approval for Plavica soon, and what timeline is expected?
- How will the company address the disappointing drilling outcomes at Alice Springs and Arltunga?
- What are the prospects and timing for Genesis’s planned capital raising to repay loans and fund exploration?
