Genesis Minerals' (ASX:GMD) recent acquisition supports a growth strategy uplift to its "ASPIRE 500" target, or its 500,000 ounces per annum production goal, according to a Monday Euroz Hartleys note.

The company said on Monday that it entered into a binding scheme implementation deed with Magnetic Resources (ASX:MAU), under which it is proposed that the company will acquire all of the issued shares in Magnetic Resources through a scheme of arrangement.

"We are buoyed by the continued consolidation of the Leonora/Laverton region, and we see strong potential for GMD to continue to improve production at each production hub via long ore, bringing forward ounces and potential mill expansions", Euroz Hartleys said.

Euroz Hartleys maintained a buy rating on Genesis Minerals with a price target of AU$7.24.