Genesis Metals Completes Trenching and Phase 1 Drill Programs at Chevrier
August 30, 2017
Vancouver, British Columbia – Genesis Metals Corp (TSX-V:GIS) (“Genesis” or the “Company") is pleased to announce the concurrent completion of trenching and phase 1 drilling programs at the Chevrier gold project (the “Project”) near Chibougamau, Quebec.
Highlights of Drilling Program
- A total of 26 holes (4875 m) were completed within the area of the Main Zone
- 14 holes within the Main Zone itself comprised of i) twin historic holes and, ii) holes to evaluate extensions to and to in-fill areas of known gold mineralization.
- The remaining 12 holes were designed to evaluate the source of anomalous Induced Polarization (“IP”) responses within an area close to the Main Zone.
Highlights of Trenching Program
- A total of 24 trenches were completed within both the Main Zone and East Zone. The East Zone is located near the northeastern corner of the Property and was previously explored by Falconbridge Copper in the early 1980’s. All trenches were designed to evaluate the source of anomalous IP responses.
- 13 trenches were completed within the area of the Main Zone.
- The remaining 11 trenches were within the area of the East Zone.
Concurrently with the above activities, the Company also completed the following:
- Collected 315 samples from 3 holes previously drilled within the Main Zone by Minnova in the 1990’s. These samples were of sections of core that had not previously been sampled. The assay results from these will aid the Company in establishing whether gold mineralization may occur outside the previously sampled core sections.
- Similarly, 508 samples from 8 holes previously drilled by Falconbridge within the East Zone were collected for assay.
- 39 samples were collected for assay from prospecting activities within the area of the Main Zone.
- Channel sampling of the large outcrop area (approximately 125 m by 50 m) at the East Zone. This entailed 4 channel cuts, each up to 50 m in length, across the exposed outcrop. Previous work by Falconbridge had been restricted to several channels, 2 m or less in length across areas of quartz veining.
Assays for samples collected from the trenching work are expected to be received by the Company by mid-September with core assays to follow.
Readers are cautioned that the following information is based only on field observations and that final results will be subject to further interpretation of geology and assays.
- The source of all IP anomalies appears to correspond to increased concentrations of sulphides within bedrock. The predominant sulphide is pyrite, though chalcopyrite and pyrrhotite are noted in many samples. In the majority of cases, the sulphide mineralization occurs within areas of increased quartz veining and alteration of host rocks.
- The twinned holes within the Main Zone intersected previously known areas of shearing with sulphides and alteration. Several in-fill and step-out holes also intersected areas of shearing with sulphides and alteration.
- One trench in the northern part of the Property and west of the East Zone has exposed an area, more than 15 m wide, of sheared and altered bedrock. The area appears to trend in an easterly direction which is consistent with observations within the East Zone and may be an extension of the East Zone along strike.
Genesis’ CEO Brian Groves commented, “We are pleased to announce the completion of our Phase 1 drilling and all trenching work on Chevrier. Our exploration team has admirably handled the demands of both activities and we look forward to the receipt of assay results.”
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.
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 and 15 km northwest of the past producing Joe Mann gold mine.
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.