Genesis Announces Commencement of Trenching Program at Chevrier Gold Project, Quebec
Vancouver, British Columbia, October 30th, 2019 – Genesis Metals Corp. ("Genesis" or the "Company") (TSX-V: GIS) has commenced a trenching program on six geophysical anomalies at the Chevrier project in advance of possible drilling (Fig. 1). Trenching is anticipated to be completed by mid-November 2019. The targets have been identified in known Archean gold-endowed orogenic structures using previous geological mapping and geophysical survey results. The upcoming trench campaign is being run in parallel to ongoing till survey follow-up work, which has opened new search areas on the property.
Genesis is deploying mechanized trenching (up to 150 m linear) to test favourable IP anomalies (chargeability high and resistivity high features), which are coincident with key lineaments, “breaks” or “edges” identified in the airborne magnetic data. These structural breaks with coincident IP anomalies are directly associated with gold mineralization at the Chevrier Main (Indicated resources of 395,000 oz. gold (8.4Mt @1.45 g/t Au) and Inferred resources of 254,000 oz. gold (5.9 Mt @ 1.34 g/t Au), see August 14th, 2019 press-release) and Chevrier East zones (The East Zone is located ~10 km NE of the Main Zone). All of these known gold zones and anomalies lie within a gold corridor which corresponds to the Fancamp Deformation Zone and related secondary splay structures.
Genesis CEO Jeff Sundar reflected on the recent work, “The Archean Abitibi Greenstone Belt is prolific gold country, as attested recently on October 22, 2019 with the Nelligan project where IAMGOLD Corporation and Vanstar Mining Resources Inc. (VSR-V) have disclosed an initial mineral resource estimate of 3,193,900 oz. gold (96.9 Mt @ 1.02 g/t Au), and we have demonstrated the potential regional prospectivity at Chevrier this field season with the till campaign. In addition to the new gold-in-till regional targets, we have also identified areas within proven orogenic gold trends and structures that warrant testing. Both the regional targets as well as the “Main Street” targets (Chevrier Main trend) constitute strong potential upside for the project, and we look forward to further evaluating those based on uncompromising geologic criteria, and a systematic pass-fail test strategy.”
Final till results
All till results have now been received (325 samples), and gold grain counts have been completed. The average gold grain content is 20 (normalized to a 10kg sample weight), with a maximum value of 144 grains (normalized count). Numerous new targets and prospects on the property have resulted from the work.
Additional evaluation of the gold grains will include further detailed scanning electron microscope (SEM) work to classify the grain textures (e.g. modified vs. pristine) in order to estimate relative glacial transport distance. The detailed SEM work will aid in target ranking. The glacial till survey work is being completed by IOS Services Geoscientifiques Inc. using their ArtPhot optical recognition methodology.
Phase 2 Follow-Up Program
Genesis has completed a prospecting program as follow-up on the highest-priority gold-in-till targets. Genesis staff and consultants have been deploying portable field XRF technology to rapidly evaluate alteration zones and veins in the field at low cost. Rock samples have been collected as well for fire assay (Au) and multi-element geochemical analysis. The focus of the program has been areas up-ice from high gold-grain count areas in the newly-acquired 2019 till data.
Plans for the winter may include follow-up induced polarization (IP) geophysics, in addition to magnetics (airborne or ground), depending on final results from the prospecting and till sampling campaigns. Some targets may be further advanced with top-of-bedrock drilling.
The Genesis technical team also continues to work on developing new brownfields targets, both within the known gold resource areas, as well as within the greater Fancamp Deformation Zone and related gold corridors.
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. The 100% owned Chevrier gold project is located near Chibougamau, Quebec and to the NE of the Nelligan project.
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.