Vancouver, British Columbia--(Newsfile Corp. - October 5, 2017) - Genesis Metals Corp. (TSXV: GIS) ("Genesis" or the "Company") is pleased to announce that the fully-funded Phase 2 drill program has begun at the Chevrier gold project (the "Project" or "Property") near Chibougamau, Quebec. The Company plans to drill a minimum of 5000 meters in approximately 25 holes in this phase of work.
A second phase of 5,000 m of drilling has commenced following the completion of 4,900 m of drilling during the summer. This second phase is expected to continue until early November.
Approximately 2,000 m of drilling will be within the area of the Main Zone and will include additional twin, in-fill and step-out holes beyond those completed during Phase 1. These holes are designed to confirm historic drilling results and to assess areas for further extension of known gold mineralization.
The remaining meterage will focus on evaluating areas where previous trenching has identified the presence of gold mineralization and evaluation of the East Zone, located within the northeastern portion of the Property.
The Company believes that the recent discovery of gold mineralization in Trench 29, as previously disclosed in a news release dated October 3, 2017, indicates the presence of an east-west oriented deformation corridor in the northern part of the Property that has not been previously identified nor evaluated by previous exploration work.
The Company is awaiting the receipt of assays for 13 holes completed within the Main Zone during Phase 1. Of these holes, 10 were designed to test extensions of mineralized areas while 3 were holes twinned or drilled in close proximity to and paralleling historic holes.
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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