Genesis Metals announces assay results from re-sampling of the Chevrier Deposit- Results include 2.77 g/t Au over 23 m, and 3.65 g/t Au over 9 m
December 6, 2016
Vancouver, British Columbia – Genesis Metals Corp (TSX-V:GIS) (“Genesis” or the “Company") is pleased to announce results from resampling of drill core from programs previously conducted by other companies between 1989 to 2008 and new trench sampling results at its the 100% owned Chevrier gold project (the “Project”) near Chibougamau, Quebec. These new results complement news issued by the Company on November 17, 2016.
The Company resampled 14 core intervals from 14 core drill holes from the Chevrier main zone to validate both higher and lower gold grades. A total of 574 samples were analysed. The reassayed intervals are from 9 holes drilled by Geonova during 1996 and 1997 and 5 holes drilled by Minnova during 1989 to 1991. Results from re-assaying of Geonova holes are presented herein. The Company expects to receive all remaining assays from re-sampling of Minnova holes by the end of this week. Assay highlights include;
- 2.77 g/t Au / 23 m including 7.28 g/t Au / 2.1 m in hole GFA-171
- 3.65 g/t Au / 9.0 m including 6.73 g/t Au / 2 m in hole GDA-158
- 1.58 g/t Au / 18.5 m including 3.12 g/t Au/1.5 m in hole GDO-161
- 5.15 g/t Au/2.6 m including 7.15 g/t Au/0.9 m in hole GFA-172
The table and X-Y chart below provide further comparison of the results of the re-assay program. The resampled drill holes represent some 12% of a total of 123 holes that have been previously drilled in the Chevrier main zone by other companies. The X-Y chart shows very close agreement between original core assays and the Company’s resampling and assaying.
The new assay data support the results from this earlier drilling and aid the Company’s objective of establishing the veracity of assay results that were reported prior to the implementation of National Instrument 43-101.
Genesis’ CEO Brian Groves commented, “The results from our resampling and analysis of existing drill core from work by other companies carried out prior to National Instrument 43-101 provides a high level of confidence in the results of previous work. These results and those still awaited are building a foundation for the Company’s further assessment of the known gold mineralization at Chevrier and the entire prospective greenstone belt. We believe this systematic, patient, low budget activity continues to confirm our confidence in the potential of the Chevrier Project.”
Results of a new trench, Trench 9 are also to hand. This complements resampling of preexisting trenches reported by the Company in a news release of November 17, 2016. Trench 9 is in the vicinity of the Chevrier main zone. Best results from this trench were;
- 4.65 g/t Au / 1.0 m including 5.27 g/t Au / 0.5 m
- 2.52 g/t Au / 1.39 m including 5.0 g/t Au / 0.57 m
A property wide compilation of all available exploration data and ranking of new targets within the 96-square-kilometre Chevrier property is nearing completion.
|CORE RESAMPLING RESULTS – New assays from Genesis Metals sampling compared to original Geonova assays|
|GDO-158||184.8||189.8||Genesis: 3.23 g/t Au/5 m including 5.38 g/t Au/1 m|
|Geonova: 3.66 g/t Au/5 m including 4.82 g/t Au/1 m|
|GDO-158||197.2||205.4||Genesis: 1.33 g/t Au/8.2 m|
|Geonova : 1.32 g/t Au/8.2 m|
|GDO-158||215.2||224.2||Genesis: 3.65 g/t Au/9.0 m including 6.73 g/t Au/2 m - 8.25 g/t Au/1 m and 6.11 g/t Au/1.3 m|
|Geonova: 4.05 g/t Au/9.0 m incuding 6.68 g/t Au/2 m - 7.93 g/t Au/1 m and 7.75 g/t Au/1.3 m|
|GDO-158||237||238.6||Genesis: 3.55 g/t Au/1.6 m|
|Geonova: 1.48 g/t Au/1.6 m|
|GDO-161||128.4||132.4||Genesis: 1.57 g/t Au/4 m including 2.26 g/t Au/2.1 m|
|Geonova: 1.77 g/t Au/4 m including 2.61 g/t Au/2.1 m|
|GDO-161||137.5||143.8||Genesis: 1.23 g/t Au/6.3 m|
|Geonova: 1.26 g/t Au/6.3 m|
|GDO-161||153.4||171.9||Genesis: 1.58 g/t Au/18.5 m including 3.12 g/t Au/1.5 m|
|Geonova: 1.67 g/t Au/18.5 m including 2.41 g/t Au/1.5 m|
|GFA-169||76.05||77||Genesis: 2.30 g/t Au/0.95 m|
|Geonova: 0.50 g/t Au/0.95 m|
|GFA-169||101.5||102.6||Genesis: 1.34 g/t Au/1.1 m|
|Geonova: 1.41 g/t Au/1.1 m|
|GFA-169||112||113.15||Genesis: 1.72 g/t Au/1.15 m|
|Geonova: 1.98 g/t Au/1.15 m|
|GFA-169||115.45||116.15||Genesis: 1.64 g/t Au/0.7 m|
|Geonova: 3.00 g/t Au/0.7 m|
|GFA-169||118.95||120||Genesis: 2.99 g/t Au/1.05 m|
|Geonova: 3.76 g/t Au/1.05 m|
|GFA-168||153||153.75||Genesis: 1.04 g/t Au/0.75 m|
|Geonova: 1.29 g/t Au/0.75 m|
|GFA-168||165.1||171||Genesis: 2.55 g/t Au/5.9 m including 5.43 g/t Au/1.45 m and 7.94 g/t Au/0.8 m|
|Geonova: 1.76 g/t Au/5.9 m including 3.15 g/t Au/1.45 m and 2.10 g/t Au/0.8 m|
|GFA-171||34.1||38.9||Genesis: 1.90 g/t Au/4.8 m including 3.03 g/t Au 2m|
|Geonova: 2.19 g/t Au/4.8 m including 3.95 g/t Au/2 m|
|GFA-171||46.3||69.3||Genesis: 2.77 g/t Au/23 m including 7.28 g/t Au/2.1 m|
|Geonova: 2.88 g/t Au/23 m including 6.55 g/t Au/2.1m|
|GFA-171||83.1||89.4||Genesis: 2.27 g/t Au/6.3 m including 5.49 g/t Au/0.9 m|
|Geonova: 2.76 g/t Au/6.3 m including 6.74 g/t Au/0.9 m|
|GFA-171||93||100||Genesis: 2.58 g/t Au/7 m|
|Geonova: 2.33 g/t Au/7 m|
|GFA-172||111.6||113.3||Genesis: 2.77 g/t Au/1.7 m including 3.78 g/t Au/0.9 m|
|Geonova: 4.59 g/t Au/1.7 m including 6.34 g/t Au/0.9 m|
|GFA-172||117.7||119.8||Genesis: 3.47 g/t Au/2.1 m including 5.43 g/t Au/0.9 m|
|Geonova: 2.50 g/t Au/2.1 m including 3.20 g/t Au/0.9 m|
|GFA-172||124.5||127.1||Genesis: 5.15 g/t Au/2.6 m including 7.15 g/t Au/0.9 m|
|Geonova: 2.60 g/t Au/2.6 m including 6.04 g/t Au/0.9 m|
|GFA-172||149.4||153.9||Genesis: 1.33 g/t Au/4.5 m|
|Geonova: 1.18 g/t Au/4.5 m|
|GFA-112||500.5||502.5||Genesis: 1.79 g/t Au/2.0 m including 5.08 g/t Au/0.5 m|
|Geonova: 0.32 g/t Au/2.0 m including 0.005 g/t Au/0.5 m|
|GFA-112||505.1||511.4||Genesis: 2.32 g/t Au/6.3 m including 9.22 g/t Au/0.5 m|
|Geonova: 1.49 g/t Au/6.3 m including 0.005 g/t Au/0.5 m|
|GFA-133||559.6||572.7||Genesis: 1.08 g/t Au/13.1 m|
|Geonova: 1.31 g/t Au/13.1 m|
|GFA-133||574.3||575||Genesis: 4.23 g/t Au/0.7 m|
|Geonova: 0.73 g/t Au/0.7 m|
|GFA-133||578.7||579.7||Genesis: 2.73 g/t Au/1 m|
|Geonova: 4.27 g/t Au/1 m|
|GFA-133||587.5||605.3||Genesis: 1.10 g/t Au/17.8 m|
|Geonova: 1.36 g/t Au/17.8 m|
|GDO-124||554.7||555.2||Genesis: 3.91 g/t Au/0.5 m|
|Geonova: 3.57 g/t Au/0.5 m|
The drilled widths shown are not true widths as they cannot be determined with the information available.
The assay results obtained by Geonova are historic in nature. The Company believes that the comparison of results presented in the preceding Table do support the veracity of the historic results and that these results are relevant and reliable. The Company further believes that any variance in assay values between those obtained by Geonova and Genesis are a result of the presence of free gold grains which can be randomly distributed within the mineralized zone.
Quality Control and Quality Assurance
All drill core examined and resampled was stored at the former Copper Rand mine site in Chibougamau. Due diligence undertaken by the Company to ascertain and confirm the provenance of the core included: 1) confirmation of drill hole numbers on core boxes with those numbers cited within assessment reports filed by each of Minnova and Geonova with the Quebec government (MERN – Ministère de l’Energie et des Ressources naturelles), 2) comparison of drill logs within said assessment reports to visual inspection of the core by representatives of the Company and 3) confirmation of assay sample intervals, assay tags and assay certificates with those cited within assessment reports.
Core from drilling completed by Geonova was sawn in halves and one half was shipped for analysis. The remaining half in the core boxes and available to the Company and entirely sampled by Genesis with strict adherence to the sampling intervals originally utilized by Geonova. Prior to the collection of these samples, the split core was re-logged and systematically photographed.
Trench 9 is a new trench completed this year. Channel samples were obtained from the exposed bedrock surface by completing two parallel cuts, approximately 5 cm apart within the bedrock, for up to several metres across the strike of the geology. The resulting narrow slices of rock are removed from the bedrock surface. A map showing the location of drill holes and the new trench will be available shortly on the website of the Company.
All samples collected from the existing core and new trench were sent to SGS laboratories in Quebec City for sample preparation and then to Lakefield, Ontario for analysis. Upon arrival, all samples were 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., 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 supervised the preparation of and approved the scientific and technical disclosure 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
CEO and Director
Executive Vice-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.