Genesis Metals Commences 10,000 Meter Drill Program at Chevrier
July 11, 2017
Vancouver, British Columbia – Genesis Metals Corp (TSX-V:GIS) (“Genesis” or the “Company") is pleased to announce that a drill program has begun at the Chevrier gold project (the “Project”) near Chibougamau, Quebec. The Company plans to drill a minimum of 10,000 meters in approximately 45 holes during the 2017 field season.
- An initial phase of 5,000 m of drilling has commenced and will continue into August.
- A second phase of 5,000 m of drilling will follow after a two to three week period to allow for receipt of assay results by the Company. This second phase is expected to continue until October.
- Approximately 3,000 m of drilling will be within the area of the Main Zone and will include twin, in-fill and step-out holes. These holes are designed to confirm historic drilling results and to assess areas for further extension of known gold mineralization.
- The remaining meterage will focus on 1) evaluating the source of Induced Polarization anomalies, 2) evaluating areas where previous trenching has identified the presence of gold mineralization and, 3) evaluation of priority target areas identified by the compilation of all geological data for the entire Project.
The primary objectives of the drill program are to test new target areas and evaluate areas for possible expansion of the Main Zone.
Genesis’ CEO Brian Groves commented, “We are pleased to announce the start of drilling at Chevrier. Drilling will supplement the current trenching program that is underway. We plan also to commence a program, later in the summer, of prospecting, sampling and mapping to refine other target areas for drilling.”
Mr. Andre Liboiron, P. Geo, Exploration Manager for the Company and the Qualified Person as defined within National Instrument 43-101 for the Chevrier Project, has reviewed the contents of this news release.
Genesis Metals. has granted stock options to directors, officers, employees and consultants to purchase a total of 2,525,000 common shares of the company at an exercise price of .22 cents per share for a five-year term expiring July 11th, 2022.
The company has also granted 150,000 shares to management of the Company at the deemed price of $0.24. The shares are awarded with respect to services provided to and received by the Company during the 2016 financial year. It has been determined that the value of the services provided to the Company by management during the 2016 financial year, in excess of services for which such management have already received cash compensation, is at least equal to the value that results when the number of shares to be received by management is multiplied by $0.24.
About Genesis Metals
The Company is focused on advancing the Chevrier Gold Project located 35 km southwest of Chibougamau, Quebec. The Project is located along the Fancamp Deformation Zone, 15 km northeast of the high-grade Monster Lake gold discovery.
Genesis also owns 100% the 203 km2 October Gold project located in the southern Swayze greenstone belt in Benton Township, Ontario. This project is located 35 km northwest of IAMGold and Sumitomo Mining’s Cote Lake deposit and 50km southeast of Goldcorp’s Borden gold deposit.
ON BEHALF OF THE BOARD
CEO and Director
President 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 intended use of proceeds from the private placement, 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 and that actual results of exploration activities are consistent with management's expectations. 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 risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. 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.