Vancouver, British Columbia--(Newsfile Corp. - January 23, 2018) - Genesis Metals Corp (TSXV: GIS) ("Genesis" or the "Company") is pleased to announce the results from the second phase of drilling completed at the Chevrier gold project (the "Project") near Chibougamau, Quebec.
Highlights from Main Zone
- 8.73 g/t Au over 21.35 m including 37.97 g/t Au over 3.00 m in hole GM-17-42
- 3.59 g/t Au over 22.60 m in a separate zone in hole GM-17-42
- 4.26 g/t Au over 19.40 m including 8.99 g/t Au over 7.80 m in hole GM-17-48
- 4.47 g/t Au over 12.45 m within an interval of 1.08 g/t Au over 84.85 m in hole GM-17-46
- 5.06 g/t Au over 8.45 m and 1.23 g/t Au over 43.00 m in two intervals in hole GM-17-41
- 4.53 g/t Au over 13.80 m in hole GM-17-44
- 1.04 g/t Au over 50.05 m including 1.94 g/t Au ov
Brian Groves, CEO of Genesis commented "We are very pleased with these new results as they now appear to define a near surface zone of higher grade with the potential for expansion at depth. We will now focus on refining our geological model for the Main Zone as we work towards an updated global resource for Chevrier in 2018."
Discussion of Results
- Holes GM-17-45 and GM-17-46 were drilled to test for extensions to Hole GM-17-09 (2.94 g/t Au over 37.40m – previously reported in Company news release dated October 3, 2017). This drilling has identified a new north-east trending shallow extension of mineralization encountered in Hole GM-17-09. Similarly, the results from Holes GM-17-41 and GM-17-44 define a new deeper south west extension of the mineralization encountered in GM-17-09. This large and well mineralized zone now appears to be defined over a distance of more than 300m. This zone is a priority for geological modeling.
- The results from the highlighted holes above would suggest an area of shallow higher grade mineralization has been defined and still remains open at depth in the southern part of the Main Zone.
- The majority of mineralized intercepts reported herein are less than 150 m depth
- All 18 holes drilled into the Main Zone intersected mineralization with only one hole returning gold grades of less than 1 g/t.
- More significant drill results are tabulated below.
| Drillhole | From | To | Core Length | Au grade (g/t) |
| GM-17-41 | 108.25 | | 116.7 | 8.45 | 5.06 |
| GM-17-41 | 127.75 | | 170.75 | 43 | 1.23 |
| GM-17-41 | Including | 151.25 | 155.45 | 4.2 | 6.43 |
| GM-17-42 | 13.4 | | 36 | 22.6 | 3.59 |
| GM-17-42 | 44 | | 48 | 4 | 0.85 |
| GM-17-42 | 107.45 | | 128.8 | 21.35 | 8.73 |
| GM-17-42 | Including | 110 | 113 | 3 | 37.97 |
| GM-17-43 | 109.3 | | 111.6 | 2.3 | 0.35 |
| GM-17-43 | 130.9 | | 134.6 | 3.7 | 1.17 |
| GM-17-43 | 148.4 | | 152.3 | 3.9 | 1.15 |
| GM-17-43 | 168.8 | | 169.1 | 0.3 | 6.69 |
| GM-17-44 | 109.05 | | 159.1 | 50.05 | 1.04 |
| GM-17-44 | Including | 109.05 | 119.4 | 10.35 | 1.37 |
| GM-17-44 | Including | 142 | 159.1 | 17.1 | 1.94 |
| GM-17-44 | 203 | | 216.8 | 13.8 | 4.53 |
| GM-17-45 | 35.4 | | 98.4 | 63 | 0.5 |
| GM-17-45 | Including | 35.4 | 37.3 | 1.9 | 2.47 |
| GM-17-45 | Including | 45 | 52.6 | 7.6 | 0.47 |
| GM-17-45 | Including | 66.15 | 70.75 | 4.6 | 1.07 |
| GM-17-45 | Including | 79.9 | 85.4 | 5.5 | 0.39 |
| GM-17-45 | Including | 79.9 | 98.4 | 18.5 | 0.85 |
| GM-17-45 | 90.6 | | 100.9 | 10.3 | 1.38 |
| GM-17-46 | 19.35 | | 104.2 | 84.85 | 1.08 |
| GM-17-46 | Including | 19.35 | 31.8 | 12.45 | 4.47 |
| GM-17-46 | Including | 20.3 | 28.2 | 7.9 | 6.4 |
| GM-17-46 | Including | 39.5 | 49.4 | 9.9 | 2.52 |
| GM-17-46 | Including | 41.3 | 46 | 4.7 | 4.47 |
| GM-17-46 | Including | 55.5 | 59.15 | 3.65 | 0.63 |
| GM-17-46 | Including | 64.65 | 65.7 | 1.05 | 2.22 |
| GM-17-46 | Including | 89.3 | 92.3 | 3 | 0.23 |
| GM-17-46 | Including | 99.2 | 104.2 | 5 | 0.98 |
| GM-17-47 | 31 | | 34.6 | 3.6 | 0.97 |
| GM-17-47 | 43 | | 46 | 3 | 0.65 |
| GM-17-47 | 69.3 | | 78.8 | 9.5 | 0.91 |
| GM-17-48 | 51.8 | | 59.8 | 8 | 0.62 |
| GM-17-48 | 67.35 | | 86.75 | 19.4 | 4.26 |
| GM-17-48 | Including | 72.6 | 80.4 | 7.8 | 8.99 |
Note: Mineralized intervals were determined using a 0.5 g/t Au cut-off & are length weighted averages of the gold values. (Samples under the limit of detection (5 ppb Au) are reported to half of the detection limit (2.5ppb) for composites.) True width is estimated to be approximately 65% of the indicated core lengths.
Future Plans
The Company has identified key controls to gold mineralization within the Main Zone. Gold essentially correlates with higher percentages of veins which are themselves hosted in a larger sheared zone characterized by mylonitic texture and strong ankerite-fuchsite-tourmaline-silica alteration.
Using these recently identified criteria Company geologists are focusing on the completion of updated models for gold grade distribution within the Main Zone. Those models will be integral components for a revised global resource estimate due to be completed in 2018.
Other Information
Additional information including Main Zone drilling cross-sections, a map showing locations of the 18 holes within the Main Zone and complete results from all drilling (including results from holes drilled in an area 5 km north of the Main Zone) are available on the Company's website at http://www.genesismetalscorp.com/projects/chevrier/exploration/
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.
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
"Brian Groves"
Brian Groves
CEO and Director
"Jeff Sundar"
Jeff Sundar
President and Director
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Telephone: 604-646-8356 Fax: 604-484-7155
Email: js@genesismetalscorp.com
Website: www.genesismetalscorp.com
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, 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.