Genesis Metals Announces Trenching Results from Chevrier, including 6.8 g/t gold over 4.7 m
November 17, 2016
Vancouver, British Columbia - Genesis Metals Corp (TSX-V:GIS) (“Genesis” or the “Company") is pleased to announce results from the first phase of the 2016 exploration program at the 100% owned Chevrier gold project (the “Project”) near Chibougamau, Quebec. The results from re-sampling of three existing trenches are presented in this release. Assays from the new trench are forthcoming and will be announced in a subsequent news release
- 6.82 g/t Au/4.7 m, including 17.70 g/t Au/1 m in Trench 7
- 4.59 g/t Au/6.4 m, including 7.43 g/t Au/1.3 m and 5.47 g/t Au/3.2 m in Trench 7
- 5.22 g/t Au/4.25 m, including 6.56 g/t Au/2.1 m in Trench 7
- 5.08 g/t Au/4.65 m, including 1.80 g/t Au/1.65 m in Trench 7
- 5.41 g/t Au/3.35 m, including 12.55 g/t Au/1.4 m in Trench 1
- 5.50 g/t Au/1 m in Trench 4
Three trenches (T-1, T-4 and T-7) were completed by Geonova during the period 1996 to 2002. The Company located these trenches, de-watered and cleaned the bedrock surfaces prior to collecting new channel samples. Channel samples were obtained by completing two parallel cuts, approximately 5 cm apart within the bedrock, for up to several meters across the strike of the geology. The resulting narrow slices of rock are removed from the bedrock surface. In the case of each trench, new channels were cut in close proximity and parallel to those completed by Geonova. The results of the new sampling are summarized in Table 1 appended to this release. A map showing trench locations and photographs of the trench resampling will be available shortly on the Company’s website.
Genesis’ CEO Brian Groves commented, “These trench results are very encouraging. They are indicative of the tenor of gold mineralization at Chevrier and confirm our confidence in the potential of the Chevrier Project”.
The Company has also completed the re-logging and resampling of available drill core. The results from 584 samples are expected by the end of November.
A property wide compilation of all available exploration data and ranking of new targets within the 96-square-kilometre property was also commissioned and is nearing completion.
Quality Control and Quality Assurance
All samples collected in the field were sent to the SGS laboratories in Quebec City for sample preparation and then to Lakefield, Ontario for analysis. Upon arrival, all samples had to be sorted and checked against the sample submission form before entering the preparation laboratory. All samples received by SGS were logged in and sorted with their LIMS system. The samples were verified against the Company’s submission list. If needed the samples were then dried at 60 degrees C. All samples were then crushed to better than 90% passing -10 mesh. The samples were then riffle split and an approximately 1000-1500 grams aliquot were pulverized to 85% passing -150 mesh and analyzed for gold by fire assay on a fraction of 50 grams with an AES finish and a gravimetric finish for values greater than 10 g / t Au. For quality control, in each submission, certified standards and blanks were inserted at regular intervals throughout the sequence of samples. The data were reviewed by Robert Banville, eng., certified geologist, expert in QA/QC and a Qualified Person as defined by National Instrument 43-101.
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.
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’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||Executive Vice-President and Director|
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Telephone: 604-646-8356 Fax: 604-484-7155
Email: [email protected]
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.
|TABLE 1 - Trench Sampling Gold Grades|
|TRENCH||CHANNEL||SAMPLE||LENGTH||Au GRADE||BEST INTERVALS|
|T-7||CH-7||59705||0.5||1.27|| 2.19 g/t Au/5.8m, included 3.25 g/t Au/3.45m and
4.71 g/t Au/1.7m
|T-7||CH-6||59715||0.6||12.74|| 4.59 g/t Au/6.4m, included 7.43 g/t Au/1.3m and
5.47 g/t Au /3.2m
|T-7||CH-5||59723||0.8||3.05||5.22 g/t Au/4.25m, included 6.56 g/t Au/2.1m|
|T-7||CH-3||59746||1||17.7||6.82 g/t Au/4.7m, included 17.70 g/t Au/1m|
|T-7||CH-2||59758||0.5||1.41||1.88 g/t Au/3.1m, included 1.47 g/t Au/0.6m|
|T-7||CH-1||59764||0.7||0.94||1.78 g/t Au/1.5m|
|T-4||CH-6||59798||0.85||5.77||5.77 g/t Au/0.85|
|T-4||CH-6||59803||1||5.5||5.50 g/t Au/1m|
|T-1||CH-5||59835||0.75||0.92||1.10 g/t Au/5.75m|
|T-1||CH-4||59841||1||1.13||2.02 g/t Au/5.5m, included 6.22 g/t Au/1.1m|
|T-1||CH-3||59848||1||0.55||1.20 g/t Au/7.1m, included 6.18 g/t Au/0.9m|
|T-1||CH-2||59858||0.9||2.11||2.93 g/t Au/4.15m, included 6.95 g/t Au/1.4m|
|T-1||CH-1||59868||0.9||0.5||5.41 g/t Au/3.35m, included 12.55 g/t Au/1.4m|