Genesis Metals Commences Exploration Work at October Gold Project, Ontario
Vancouver, British Columbia, October 20th, 2021 – Genesis Metals Corp. ("Genesis" or the "Company") (TSX-V: GIS) today reports it has launched a multifaceted exploration program at its 100% owned 26,430 hectare (264.3 square kilometre) road-accessible October Gold project in the Swayze greenstone belt, western Abitibi, Ontario.
In order to advance exploration of the large, prospective, and strategically located October Gold project, and to evaluate the best tools to define gold targets for drill testing, the Company is deploying an array of exploration techniques this fall, including:
- Initial geological mapping, prospecting, rock sampling and channel sampling program currently under way
- Property wide LiDAR survey has been completed and is being processed. LiDAR provides accurate 3D topographical representation of the surface below any vegetation; it compliments geological mapping and can resolve bedrock structures that potentially control gold mineralization
- Property wide 15 cm scale aerial photography to produce an up to date and high resolution ortho-image which will be useful for evaluating access and identifying areas with outcrops
- Surficial (Quaternary) geological mapping program underway to estimate overburden depths and resolve appropriate surveys to evaluate key covered areas
- Orientation biogeochemical and geochemical survey across the interpreted strike of the Ridout deformation zone (“RDZ”) to evaluate effectiveness of these techniques
- Planning underway for property wide high resolution aeromagnetic survey
“We are excited to commence exploration at the October Gold project and are looking forward to evaluating the upcoming results. The variety of surveys being applied this fall/winter on the property will optimize the design of subsequent work campaigns, including potential drill programs” stated David Terry, CEO.
The October Gold project is located in the southern Swayze greenstone belt in eastern Ontario. This belt segment represents the southwestern extension of the Abitibi greenstone belt, considered to be one of the most well-endowed mineral belts in the world for precious and base metal deposits. Despite being historically underexplored, the property has prospective geology, gold-fertile structural setting, and is located in a belt with excellent regional gold endowment. The property covers a ~15 kilometre extent of the Ridout deformation zone (“RDZ”), a major structural break believed to represent the western extension of the renowned Kirkland Lake break. The RDZ is associated with the Cote Gold and Jerome gold deposits, 35 and 8 kilometres to the southeast of October Gold, respectively. These two significant gold exploration and development projects are owned by IAMGOLD Corporation and Sumitomo Metal Mining Co. Ltd.. Genesis Metals will be carrying out a multifaceted exploration program over the remainder of 2021 and into 2022 to refine and identify prospective gold targets on the large strategically located October Gold property.
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.
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.
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 and October Gold project in the prolific Abitibi region of Ontario and 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.