Genesis Metals Provides Exploration Update
Vancouver, British Columbia, June 30, 2021 – Genesis Metals Corp. ("Genesis" or the "Company") (TSX-V: GIS) today reports it has completed the drilling program announced on April 21, 2021, at its Chevrier Gold Project in the Chibougamau Mining Camp of the Abitibi Greentone Belt, Quebec. A total of 4692 metres in 23 holes were drilled.
The recently completed drilling program at Chevrier included 1364 metres in 5 holes (including one hole that was abandoned 14 metres down hole and re-drilled) at the Main Zone deposit stepping out from GM20-80 which intersected 13.46 g/t gold over 8.90 metres starting at 114.80 metres down hole and including 25.44 g/t gold over 3.00 metres (see January 21, 2021 News Release), and, 3328 metres in 18 holes (including 1 hole that was restarted after encountering a fault at 76 metres down hole) testing new exploration targets east of the Chevrier East Deposit as described in the April 21, 2021 News Release. Drilling results will be released when received and evaluated.
The Company has also recently contracted Geo Data Solutions GDS Inc. to complete a 2,602-line kilometre helicopter borne magnetic survey covering parts of the 290 square kilometre project not covered (Figure 1) by the earlier airborne survey over the main Fancamp trend. A field program has commenced to follow-up areas with magnetic signatures consistent with interpreted gold-related structural traps with prospecting, mapping and sampling.
Genesis has also expanded the size of its October Gold Project in Ontario by staking an additional 81 claims along its northern boundary to bring the overall project size to 254 square kilometres. The Company is planning an initial surface exploration program for 2021 to identify prospective gold targets on the large strategically located property. Genesis holds a right to acquire 100% interest in the entire October Gold Property, located in the Southern Swayze greenstone belt in Benton Township, Ontario. The property has prospective geology, structural setting and regional gold endowment.
The Company will continue to monitor the evolving COVID-19 situation and intends to comply with all government directives. Genesis Metals Corp. has enacted protocols designed to inhibit the spread of the COVID-19 virus to safeguard the health and safety of local communities and its workforce.
Methodology and QA/QC
Géo Solutions Données GDS/Geo Data Solutions GDS Inc. (GDS) was contracted to execute and report on a high sensitivity helicopter-borne magnetic survey consisting of 2602 l-km over Chevrier. The data were recorded using a Geometrics G-822A split-beam cesium vapour magnetometer mounted in a stinger assembly, attached to the helicopter. The nominal traverse line spacing was 100m while control line spacing was 500m for the survey block. The survey was flown following a pre-determined flight surface having a rate of climb and descent of 20% and a minimum ground clearance of 35 m.
The Company follows industry standard procedures for the work carried out on the Chevrier project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Genesis detected no significant QA/QC issues during review of the data.
The Qualified Person for this news release for the purposes of National Instrument 43-101 is André Liboiron, P. Geo., Exploration Manager. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
The Company further announces that it has granted to a consultant of the Company stock options exercisable to acquire up to a total of 150,000 common shares under the Company's Stock Option Plan (the "Options") in accordance with the terms of the Company's stock option and bonus share plan. The Options are exercisable for a period of five years at a price of $0.24 per share.
Genesis Metals Corp. is a member of the Discovery Group of Companies, an alliance of public companies focused on the advancement of mineral exploration and mining projects with a proven track record of generating shareholder value through responsible, sustainable, and innovative development. Discovery Group companies have generated over $500 million in direct and indirect expenditures resulting in over a billion dollars in M&A activity, with notable recent successes being the sale of Northern Empire Resources Corp. to Coeur Mining Inc. and the sale of Kaminak Gold Corp. to Goldcorp Inc. Current Discovery Group member companies include: Great Bear Resources Ltd., Bluestone Resources Inc., ValOre Metals Corp., Ethos Gold Corp., Fireweed Zinc Ltd., Kodiak Copper Corp., and K2 Gold Corporation.
Genesis Metals Corp. is a gold exploration company focused on advancing its Chevrier Gold Project in the prolific Abitibi region of Quebec, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“David A. Terry”
President, CEO, 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 anticipated timing for receipt of survey and till results; the Company's exploration plans; 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; that actual results of exploration activities are consistent with management's expectations; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; 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 risks include, among others, the risks related to the inability to obtain required regulatory approvals on a timely basis or at all, that the risk that actual results of the Company's exploration activities may be different than those expected by management; delays in receiving survey and till results or obtaining any required government or other regulatory approvals; inability to procure required equipment and supplies in sufficient quantities and on a timely basis; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company's lack of operating revenues and risks related to dependence on key personnel. 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.