Vancouver, British Columbia--(Newsfile Corp. - December 13, 2018) - Genesis Metals Corp (TSXV: GIS) ("Genesis" or the "Company") is pleased to provide an update on exploration activities and future plans for the Chevrier gold project (the "Project") near Chibougamau, Quebec.
Genesis' CEO Brian Groves commented, "While we await the updated wireframe models and subsequent resource estimates, we plan to aggressively focus on new target generation at Chevrier.
The FDZ is one established corridor or primary control of gold mineralization in the Chibougamau camp. Our job is to evaluate the potential for secondary parallel or cross-cutting structures that enhance the potential for economic gold mineralization to be discovered
We look forward to the contributions of our newly appointed advisors, Robert, Andrew and Garrett to our existing technical team members in this process of target generation."
- An updated wireframe model for the gold mineralization within the Main Zone is underway. This model will be used for the resource estimate in the Main Zone.
- Surface prospecting in several areas has identified a new shear zone to the west of the major Fancamp Deformation Zone ("FDZ"). The FDZ appears to be the main regional control on gold mineralization at Chevrier.
- Prospecting has also identified a new showing, within the FDZ, 6 km northeast of the Main Zone. An assay of 1.18 g/t Au was returned from grab samples taken from this showing. The new showing is located approximately 1 km northeast of Trench 29, completed by the Company in 2017, that returned 2.55 g/t Au over 2.5 m. (please refer to Company news release dated October 3rd, 2017).
- Approximately 24 line-km of Induced Polarization ("IP") geophysical surveying was completed in November. The survey covered the area from the northeastern limit of the Main Zone towards Trench 29. The Company now has complete IP coverage for 8 km along the FDZ from the Main Zone to the East Showing (the latter is located in the northeastern corner of the property). Data are being compiled and will aid in target generation for future drill evaluation.
- The Company plans to commence a comprehensive analysis of key controls on gold mineralization and to use the results of this work to target areas with the best potential to host new zones of mineralization or extensions to the Main Zone. While most previous work by Genesis and other companies have focused on the FDZ, the Company will be assessing other areas of the property.
The Monster Lake deposit, jointly being explored by Toma Gold and IAMGOLD and located 15 km to the southwest of Chevrier, is located several km to the west of the FDZ. Observations such as this will be integrated into the analysis of prospectivity at Chevrier.
The Company now anticipates that the updated wireframe model will be completed in December and the resource estimate will follow in January, 2019.
The integration of all data to enable the generation of new targets is on-going and the Company anticipates that an initial synthesis of these data will be completed in Q1, 2019. Extensive regional data sets such as geochemistry and outcrop maps are readily available from the Government of Quebec. The Company is assessing the quality of regional geophysical data and, if warranted, will undertake new high-resolution surveys over the property. The Company believes that new targets for drill evaluation will be generated by these analyses.
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 high-grade 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 OF DIRECTORS
CEO and Director
President and Director
Suite 1020, 800 West Pender Street, Vancouver, BC V6C 2V6
Telephone: 604-646-8356 Fax: 604-484-7155
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.