Till Sampling Campaign Results Identify New High Priority Targets at Chevrier Gold Project, Quebec
Vancouver, British Columbia, September 26th, 2019 – Genesis Metals Corp. ("Genesis" or the "Company") (TSX-V: GIS) today reported receipt of results for 80% of the 321 glacial till samples collected at its Chevrier gold project in Quebec. Till sampling was conducted across the entire property by Quebec-based IOS Services Geoscientifiques Inc. to test for new gold target areas beneath the till cover or exposed at surface. The new results have identified seven new target areas, which are located outside the footprint of known gold deposits identified by historic drilling (Figure 1).
Genesis CEO Jeff Sundar commented, "These robust gold-in-till sampling results indicate that there is potential within the Chevrier property to discover new zones of gold mineralization. Our technical team and consultants are using the best exploration methods currently available. They are executing a disciplined, cost-effective, iterative exploration program to assess prioritized targets which we hope will lead to a new a gold discovery.”
Results for 258 samples have now been received. The balance of 63 the sample results are expected in the near future. The detailed end of program report from IOS Services will include Scanning Electron Microsope evaluation of gold grains, including shape analysis to be deployed toward estimation of transport distance.
The seven top priority targets being followed up in the field are characterized by high gold grain counts ranging from >40 to 136 gold grains per normalized 10 kg sample. Gold grain counts include coarse visual gold grain fractions (50-1000µm) as well as automated-detection fine-grained gold fractions (0-50µm). The seven priority targets are coincident with other positive geological and geophysical criteria.
Phase 2 Follow-Up Program
The Company has mobilized an experienced team of geologists and prospectors to commence a follow up field prospecting campaign for prioritized targets. The field strategy is to search for outcrop and/or mineralized boulders up-ice from the glacial till anomalies. Additional follow-up work will include detailed drone magnetics to complement the existing helicopter-borne magnetic survey, in addition to mechanized trenching.
The ultimate objective of this property-wide program is to identify targets that warrant drill testing to detect zones of gold mineralization, outside of the known gold resources at Chevrier Main and Chevrier East.
Figure 1. New targets identified by Genesis Metal Corporation’s 2019 till survey.
Till Mapping and Till Geochemistry – entire land position
Genesis holds one of the largest land packages in this segment of the highly gold-endowed Abitibi greenstone terrain. The Company has been successful in identifying a significant gold resource on the property, however outcrop is rare and this has hindered historic exploration of the greater property. Glacial till sampling is a proven exploration technique which has led to many gold discoveries in Canada, including Newmont Goldcorp’s Eleonore deposit in the James Bay region. The Chevrier property is an optimal search space for new gold targets using this exploration technique due to the thin and consistent veneer of glacial till, coupled with high confidence in ice direction.
This exploration module is designed to map the distribution of the till, characterize the sampling medium and ice directions, obtain optimal-quality till samples, and identify gold anomalies. The gold grain counts and follow-up Scanning Electron Microscope characterization work on the gold grains will contribute to locating new target areas on the property.
Sampling and Analytical Procedures
IOS Services Geoscientifiques inc. is collecting and analyzing the glacial till samples to determine 1) gold grain count and 2) gold grain morphology, which will be used to identify new targets. Till samples were collected by experienced samplers in areas of till cover from pits dug by an excavator at depths of up to approximately 1m. Sample sites are distributed in a grid pattern with a line-spacing of approximately 2000m and sample spacing of 500m. Gold grains were separated from bulk till samples (~10 kilograms) at IOS Services Geoscientifiques Inc. and analyzed using their ArtPhot optical recognition methodology. Compositions of separated gold grains were confirmed using a Scanning Electron Microscope.
Till is a transported surficial media produced during active glaciation that is affected by subsequent surficial process that may affect the gold content and lead to further transport. As such, the occurrence of a gold anomaly in till is not conclusive evidence of a mineral deposit existing within the Property.
The Qualified Person for this news release for the purposes of National Instrument 43-101 is Andre Liboiron, P. Geo, Project Manager. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
Genesis Metals Inc. is a gold exploration company focused on developing its Chevrier gold project in Quebec, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosure in this release, including statements regarding the anticipated timing for receipt of survey and till results; the Company's exploration plans; constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities; that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis; that actual results of exploration activities are consistent with management's expectations; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risks include, among others, the risks related to the inability to obtain required regulatory approvals on a timely basis or at all, that the risk that actual results of the Company's exploration activities may be different than those expected by management; delays in receiving survey and till results or obtaining any required government or other regulatory approvals; inability to procure required equipment and supplies in sufficient quantities and on a timely basis; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company's lack of operating revenues and risks related to dependence on key personnel. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.