Genesis Metals holds a 100% interest in the 95 square kilometer Chevrier Gold Property, located near Chibougamau, Quebec. The project is easily accessible and close to infrastructure.
CHIBOUGAMAU MINING DISTRICT
Over 6.7 Million ounces of historical gold production
The Chevrier Gold Property covers 15 kilometres of the Fancamp Deformation zone - an emerging mineralized belt undergoing intensive exploration by multiple companies including several major industry players, including the high-grade Monster Lake Gold Discovery which is being explored by Toma Gold and IAMGOLD.
Historic work at Chevrier returned thick intersections of gold as well as high grade intervals both at surface and at depth. Mineralization appears continuous along a strike length of 2.7 kilometres.
The Main Zone hosts a NI 43-101 resource of 295,000 oz at an average grade of 2g/t. (Metchem 2010 NI 43-101 Report) and the South Zone has a target potential of between 8.5 and 9 million tonnes grading 1.8 to 2.2 g/t gold.
Genesis management sees potential to unlock significant upside and enhance the value of the deposit. For the remainder of 2016 Genesis is undertaking exploration work focused on updating the NI 43-101 resouce estimate in 2017 and identifying new targets. This includes the re-logging of drill core, surface mapping and geochemical sampling, the re-assaying of selected core and the remodeling of the deposit.
Work Completed Since Project Acquired in Q2 2016
- Inventory of more than 70,000 m of drill core
- Entire core from historic holes were never sampled – only selective sampling by previous companies
- Resampling and re-assaying of selected mineralized intervals
- Resampling of 4 trenches
- Compilation of all data for 95+ square km property – new targets
- 3D modelling of Main, South and East Zones completed
- 50+ km of IP surveying completed
- $4 million financing completed for drilling, trenching of targets