Geology

Geology

Potential to Unlock Significant Exploration Upside

The Chapais-Chibougamau region is geologically located within the Superior Province of the Canadian Shield. The rocks are Archean greenstone belonging to the Roy group, predominantly volcanics and sediments. Several fault systems have been identified having a northeast trend. The mineralization at Chevrier is hosted within the Fancamp Deformation Corridor along such a trend, within quartz veins that have intruded felsic to intermediate volcanics and discordant gabbro bodies.

Mineralization

The Chevrier and Chevrier South deposits were interpreted by Met-Chem in their 2010 Technical Report to be of the Non-Carbonate Stockwork-Disseminated Porgera type of deposit, similar to those of the Andacolla mining camp or the East Malartic mine.

Gold occurs primarily within a shear zone several meters wide that contains abundant quartz-carbonate veins primarily hosted in gabbro and felsic porphyry units, rich in pyrite. Visible gold is present within the quartz veins. Mineralization in the South Zone is similar although hosted predominantly in tuff and intermediate to felsic volcanic rocks. Both zones are highly deformed with strong alteration to sericite, carbonate and chlorite.

Met-Chem interprets the system hosting the gold mineralization at Chevrier as an anastomosing arrangement of barren and mineralized shears. The mineralized structures within the shear zone are taken by Met-Chem to form a large-scale, isoclinal, refolded fold with sub-vertical mineralized shoots controlled by the second-phase folds.

Resources

The following is excerpted and summarized from the 2010 NI 43-101 Technical Report by Met-Chem. A Qualified Person from Genesis Metals has not done sufficient work to classify the historical resource estimate as a current mineral resource and Genesis Metals is not treating the historical estimate as a current mineral resource.

Main Zone

Chevrier Resource Estimate, Main Zone

Resource Category Tonnage Average Au Grade (g/t) Au, Ounces
Inferred 4.6 million tones 1.99 g/t Au 295,000
Notes:

South Zone

No resources were estimated for the Chevrier South deposit, since Met-Chem believes the density of information is not sufficient to delineate a resource. However, In Met-Chem’s opinion, the Chevrier model is adequate for the estimate of a potential tonnage and grade of mineralized material in the South Chevrier deposit.

Met-Chem estimates that the Chevrier South deposit contains a potential between 8.5 and 9.0 million tonnes of mineralized material grading 1.8 to 2.2 g/t gold.

Met-Chem recommended consistent relogging and re-assaying of all drill core plus assaying of core that was not sampled.

Metallurgy

In 1998, Geonova shipped a twenty-seven (27) kilogram bulk sample (comprised of 40 reject samples) to Lakefield Research Limited (“Lakefield”) for metallurgical testing. Whole-sample cyanidation resulted in 97-98% gold extraction after 48 hours of leaching, with the residue assaying 0.2 gpt Au. Gravity separation followed by cyanidation resulted in an overall extraction of 95.4%. Gravity separation followed by whole-sample sulphide flotation and cyanidation yielded 95.5% gold extraction. Lakefield concluded that whole-sample cyanidation was the optimum process for gold recovery.

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