Vancouver, British Columbia--(Newsfile Corp. - October 3, 2017) - Genesis Metals Corp (TSXV: GIS) ("Genesis" or the "Company") is pleased to announce the results from trenching activities and from the first 9 holes of the Phase 1 drilling program recently completed at the Chevrier gold project (the "Project" or "Property") near Chibougamau, Quebec. The Company plans to complete a total of 50 holes in the two phases of the current drilling program.
Highlights of Results
Hole GM17-09 returned 2.94 g/t gold ("Au") over a true width of 37.40 m (starting at 74.60 m down hole) including 14.01 g/t Au over a true width of 4.07 m. The hole was drilled near the southwestern margin of the Main Zone as previously defined by historic drilling undertaken by Minnova and Geonova. This hole was also intended to twin or parallel a hole previously drilled by Geonova (hole GFA-201) in 2002. A summary of results from the first 9 holes is presented in the table below.
Channel sampling within Trench 29, located to evaluate the source of an Induced Polarization ("IP") geophysical anomaly has identified a new area of gold mineralization that returned 2.55 g/t Au over 2.3 m. This new discovery is 5 km north of the Chevrier Main Zone in the northeastern part of the Property.
A map showing the location of trenches and new drillholes will be available shortly on the website of the Company.
Discussion of Results
The results from hole GM17-09 are considered significant in that the tenor of gold mineralization within this part of the Main Zone may suggest an area for possible expansion of the zone.
The Company believes that the results from hole GM17-09 compare very favourably to those obtained by Geonova in hole GFA-201. Results from the latter hole indicate 2.62 g/t gold over 33.4 m including 6.67 g/t gold over 5.00 m. Readers are cautioned that the preceding results from Geonova are not compliant with NI 43-101 but the Company believes that the close correlation of these results and those obtained from the current drilling program would suggest that the Geonova results are reliable and representative of mineralization in this part of the Main Zone.
The Company believes that the results from Trench 29 are significant in that gold mineralization has been defined in an area of the property that has seen no exploration work. The Company plans to evaluate this area by drilling several holes in Phase 2 of exploration on the property.
Drill holes GM17-01 to GM17-08 were designed to evaluate the source of anomalous IP responses in an area to the east of the Main Zone. All holes encountered variable concentrations of sulphide mineralization (the source of the IP responses) but did not encounter significant gold mineralization.
The Company is awaiting assays from the remaining 17 holes drilled during Phase 1 of the current program. Most of these holes are within the Main Zone. The Company anticipates receipt of further assay results within 3 weeks.
|ASSAY RESULTS FROM DRILLING|
|GM17-09||74.6||133.3||2.94||37.4||Twin hole Main Zone|
|including||109.1||115.45||14.01||4.07||Twin hole Main Zone|
Genesis' CEO Brian Groves commented, "We are pleased with the success of the first twinned hole into the Main Zone and the discovery of a new area of gold mineralization in the northeast quadrant of the Property. These results lay the groundwork for further testing of the southern-most area within the Main Zone and the new area of gold mineralization discovered within Trench 29."
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 discovery 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.
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