Genesis Develops a New Geological Model for the Chevrier Gold Project
July 25, 2018
Vancouver, British Columbia – Genesis Metals Corp (TSX-V: GIS) (“Genesis” or the “Company") is pleased to provide an update on the results of modeling of gold mineralization within the Main Zone at the Chevrier gold project near Chibougamau, Quebec.
It is the first time after the drilling of 213 drill holes over 29 years that a comprehensive and robust geological model has been developed. This work largely dispels the previous notion that continuity of gold mineralization was lacking. The modelling correlates elevated gold grades with several geological parameters. This new modelling creates a foundation for a revised resource estimate at Chevrier; for which a high level of confidence can be held.
Brian Groves, CEO of Genesis commented “Our Quebec based geological team’s exhaustive reinterpretation of the geology and controls to gold mineralization at the Main Zone is a quantum advance for this project.
The new geological work has identified previously unrecognized higher grade zones as testified by DDH GM-17-42 which intersected 8.73 g/t Au over 21.35 meters from 107.45 to 128.80 meters (previously disclosed in a Company news release dated January 22, 2018). These zones were identified at depth, but most encouraging is their extension towards the surface. The revised geological model has also identified sub-zones with potential to add ounces to the deposit.”
- The mineralization extends over a currently defined total strike length of more than 1.2 km and shows vertical continuity to a depth of 525m. It is still open at depth.
- The width of mineralized rock package, which comprises several sub-parallel lenses, is approximately 250 meters.
- Gold grades are associated with quartz, ankeritie, sericite, pyrite, fuchite, and tourmaline alteration. Those alteration minerals are present in both veins/veinlets and host rock.
- The bulk of gold mineralization is hosted in a gabbro, but is in close proximity to the host rock contact. This is typical of Archean, shear-hosted, orogenic lode gold deposits.
- The Principal Zone consisting of two bodies within the broader mineralized envelope is up to 35.0 m true thickness.
- In addition several Sub-zones have been identified which have potential for additional resources.
The figures below provide snapshots in both plan and section of the new geological interpretation.
Figure 1 : Plan view of the Chevrier Main zone (370 level) showing the 2 principal mineralized zones in purple, the satellites sub-zones in red and the trace of 2017 DDH in black.
Figure 2 : Long section of Chevrier Main Zone (looking north west) showing the 2 principal mineralized zones in purple, the satellites sub-zones in red and the trace of 2017 DDH in black.
Quality Control and Quality Assurance
The Company maintains a rigorous QA/QC program with respect to the preparation, shipping, analysis and checking of all samples and data from the Property. Quality control for field sampling and drill samples at the Company's projects covers the complete chain of custody of samples, including sample handling procedures and analytical-related work, plus the insertion of standard and blank materials. The QA/QC program also includes data verification procedures. Actlabs in Ancaster, Ontario, Canada (ISO 17025 certification) assayed all rock and core samples from the current field program using fire assay and atomic absorption finish for gold and gravimetric finish if gold grades exceeded 5 g/t Au.
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 deposit and 15 km northwest of the past producing Joe Mann gold mine.
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 and Sumitomo Mining’s Cote Lake deposit and 50km southeast of Goldcorp’s Borden gold deposit.
ON BEHALF OF THE BOARD
CEO and Director
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.