Genesis Metals Intersects Near-Surface Interval of 24.33 meters True Width Averaging 1.94 g/t Gold at Chevrier Project
November 15, 2017
Vancouver, British Columbia – Genesis Metals Corp (TSX-V:GIS) (“Genesis” or the “Company") is pleased to announce the results from the remaining holes from the first phase of drilling completed at the Chevrier gold project near Chibougamau, Quebec. A second phase of 5,000 m of drilling is ongoing and expected to continue until early December. It is anticipated that a total of 10,000 meters of core drilling in approximately 50 drill holes will be completed during the 2017 program.
Assay results received to-date continue to demonstrate continuity of near-surface gold mineralization within the Chevrier Main Zone. Drilling by previous operators have traced continuous gold mineralization for a minimum of 1,000 meters along strike.
The Company is targeting near-surface mineralization potentially amenable to open pit mining, as well as deeper extensions potentially amenable to bulk underground mining methods.
Highlights of Results (true widths)
- Hole GM-17-15 returned 1.94 g/t Au over 24.33 m (starting at 49.50 m down hole) including 2.66 g/t Au over 16.53 m
- Hole GM-17-20 returned 2.00 g/t Au over 20 m within a zone that graded 0.93 g/t Au over 54.3 m starting at 91.5 m down hole
- Hole GM-17-21 returned 1.13 g/t Au over 18.04 m including 2.21 g/t Au over 6.01 m.
- Hole GM-17-22 returned 1.06 g/t Au over 16.22 m starting at 19.15 m down hole.
- Hole GM-17-16 returned 1.06 g/t Au over 14.22 m including: 3.50 g/t Au over 3.22 m.
- Hole GM-17-17 returned 1.06 g/t Au over 7.63 m
- Holes GM-17-23 to GM-17-25 were designed to evaluate an IP response 150 m from and to the north of the Main Zone. These holes did not return significant assays.
- Hole GM-17-26 evaluated the source of an IP anomaly 225 m north of the Main Zone and returned 0.5 g/t Au over 1.55 m
Previously released results from the Chevrier Main Zone include (see NR GIS NR#16, October 3rd 2017): Hole GM17-09 returned 2.94 g/t gold Au over a true width of 37.40 meters (starting at 74.60 m downhole) including 14.01 g/t Au over a true width of 4.07 m.
Drill hole location plans from Main Zone are available at the company’s website http://www.genesismetalscorp.com/projects/chevrier/exploration/.
The Company plans, subject to results of Phase 1 and 2 drill programs, to complete additional drilling with the objective of estimating a NI 43 -101 compliant resource in 2018.
The South Zone and up to ten other untested zones within the 120 square kilometer property remain to be evaluated. Additional mapping, sampling and mechanical trenching will be completed on other targets on the Property, with possible follow-up diamond drilling.
Discussion of Results
- A summary of significant assay results is presented in the following Table.
- Assays presented continue to confirm the results from previous drilling within the Main Zone
- The results allow the Company to refine the geological model for the Main Zone
|SIGNIFICANT ASSAYS FOR CHEVRIER MAIN ZONE - PHASE 1 - 2017|
|HOLES||FROM||TO||LENGTH CORE||TRUE WIDTH||Au GRADE (g/t)|
|GM-17-10||No significant result|
|GM-17-19||No significant result|
Genesis anticipates the receipt of all assays from the current program by January, 2018.
Quality Control and Quality Assurance
The Company maintains a rigorous QA/QC program with respect to the preparation, shipping, analysis and checking of all samples and data from the Property. Quality control for field sampling and drill samples at the Company's projects covers the complete chain of custody of samples, including sample handling procedures and analytical-related work, plus the insertion of standard and blank materials. The QA/QC program also includes data verification procedures. Actlabs in Ancaster, Ontario, Canada (ISO 17025 certification) assayed all rock and core samples from the current field program using fire assay and atomic absorption finish for gold and gravimetric finish if gold grades exceeded 5 g/t Au.
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
|“Brian Groves”||“Jeff Sundar”|
|Brian Groves||Jeff Sundar|
|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.