Genesis Metals Identifies New Gold Targets at Chevrier
March 23, 2017
Vancouver, British Columbia – Genesis Metals Corp (TSX-V:GIS) (“Genesis” or the “Company") is pleased to announce the results of a property-scale compilation of all data for the Chevrier Property (the “Project” of “Property”) near Chibougamau, Quebec.
The compilation was completed by Geologica Inc of Val d’Or, Quebec and focused on the synthesis of available geological, geochemical, geophysical and structural data generated from all previous exploration work on the Property. This information was supplemented by data obtained from Quebec Government assessment files and geological reports. The results of the compilation are presented in the attached figure (Figure 1).
- Eight target areas were identified by the Company to be of high priority
- In the northeastern part of the Property, the East Zone, into which 69 drill holes were completed by Falconbridge Copper during the period 1985 – 1988 is flagged
- Five priority targets cover known gold showings in outcrop or exposed in trenches and in each case, little if any follow up work has been reported. These targets will require additional work to prepare them for further testing by drilling.
- The other two priority targets encompass the Main and South Zone
The Company is currently planning to drill these target areas during the coming summer. Further refinement of targets will be required in each of the eight areas and the Company will undertake mapping, prospecting and sampling in the upcoming spring field season. This work will also be supplemented by the results from the geological modelling that is underway for each of the Main, South and East Zones. The Company expects to commence field work in April.
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 and 15 km northwest of the past producing Joe Mann gold mine.
Genesis also owns 100% of 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.