Genesis Metals Begins Surface Programs at Chevrier Gold Project
TSX VENTURE: GIS
Vancouver, British Columbia--(Newsfile Corp. - August 8, 2018) - Genesis Metals Corp (TSXV: GIS) ("Genesis" or the "Company") is pleased to announce that a comprehensive program of surface prospecting and mapping has commenced at the Chevrier gold project near Chibougamau, Quebec.
The main objectives of the current work are to define potential extensions to the gold mineralization within the Chevrier Main Zone and to identify new areas with the potential to host gold. Most field activities will be focused within the Fancamp Deformation Corridor ("FDC") which is the major structural break controlling the location of gold mineralization within the belt. The FDC extends for more than 15 km across the Chevrier property.
The current work is funded as part of the FIELD-ACTION 2018 initiative co-ordinated jointly by SIDEX and Fonds de solidarité FTQ. This initiative is designed to encourage junior mining companies to perform fieldwork in Québec while at the same time supporting their working capital.
Prospecting activities on the 130 sq. km property will focus on five areas shown on Fig. 1.
Exploration along the FDC between the Chevrier Main Zone and trench T-29, the latter was completed to evaluate an induced Polarization ("IP") anomaly. This trench was completed in 2017 and returned 2.55 g/t Au over 2.3 meters (see Company news release dated October 3rd, 2017). The IP anomaly remains open to the south-west toward the Chevrier Main Zone.
Exploration to the east of East Showing on new claims acquired in 2017 and crosscut by the FDC. The East Showing was explored by Falconbridge Copper in the early 1980's who reported an historic resource of 180,000 t @ 3.58 g/t Au. (Readers are cautioned that this resource pre-dates NI 43-101 and should not be considered reliable).
Exploration on new claims acquired in 2017 and 2018 and located on the FDC. These claims host gold showings previously defined by other workers. The 2017 claims are located at the contact with the Muscocho intrusive. The area is overlain by felsic and intermediate volcanic rock and gabbro.
In 2017 the company completed a property-scale compilation of all data for the Chevrier Property and successfully identified 6 new targets in addition to those mentioned in this release. These targets will require additional work to prepare them for further testing by drilling.
The compilation focused on the synthesis of available geological, geochemical, geophysical and structural data generated from all previous exploration work on the Property.
Genesis also announces that the company has granted an aggregate of 650,000 stock options to consultants of the company. Each stock option entitles the holder to purchase one common share of the company at a price of $.10 cents per common share for a period of five years from the grant date.
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
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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.