Vancouver, British Columbia--(Newsfile Corp. - February 1, 2018) - Genesis Metals Corp (TSXV: GIS) ("Genesis" or the "Company") is pleased to provide a summary of significant assay results from core drilling within the Main Zone completed in 2017 at the Chevrier gold project (the "Project") near Chibougamau, Quebec. The Company completed a total of 6,430 m of drilling on the Main Zone. The objective of the program was to validate the results from previous drilling completed by Inmet and Geonova in the 1990's and to expand the resource. This release contains significant results from drilling which have previously been disclosed by the Company in news releases dated October 2, 2017, November 16, 2017 and January 22, 2018.
Main Zone Drill Results
Phase 1
- 2.94 g/t Au over 58.70 m including 14.01 g/t Au over 6.35 m in hole GM-17-09
- 1.93 g/t Au over 43.00 m including 3.06 g/t Au over 15.45 m in hole GM-17-15
- 2.00 g/t Au over 35.20 m within an interval of 0.93 g/t Au over 94.90 m in hole GM-17-20
- 1.13 g/t Au over 38.05 m in hole GM-17-21
- 1.23 g/t Au over 24.45 m in hole GM-17-22
Phase 2
- 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 over 17.10 m in hole GM-17-44
(Core lengths are shown. True length is calculated to be 65% of core lengths.)
Discussion of results
- The holes drilled specifically to validate previous drilling returned grades and widths largely comparable to the older drilling.
- The majority of intersections are shallow and enhance the potential to define resources that could be mined with an open pit.
- The results from holes GM-17-41, 44, 45 and 46, at the southern end of the Main Zone, are interpreted to indicate up-dip and down-dip extensions of gold mineralization defined in hole GM-17-09. Mineralization has now been defined over a distance of 300 m down-dip and still open at depth. These holes indicate the potential for expansion of the areas of mineralization.
- The results from hole GM-17-42 suggests that a more predictable, higher grade area of mineralization is located at the southern end of the Main Zone
- The total cost of the drill program including drilling, assaying, technical support and all field costs was approximately $220 per meter which the Company believes is arguably the most cost effective exploration in any jurisdiction.
Future Plans
The Company's geologist are refining a model for gold grade distribution within the Main Zone. This is based on recent recognition of identifiable geological parameters that correlate with gold, namely ankerite alteration and quartz veining. Those models will be integral components for a revised resource estimate to be completed in 2018.
Previous work on the Property by Geonova in 1998 had included preliminary metallurgical recovery test work. The results of this work are now considered historic and the Company plans to perform new studies in 2018.
Planning is in progress to determine the scope of work on the Property during 2018. The principal objective of the Company will be to grow the total resource inventory.
Other Information
Additional information including Main Zone drilling cross-sections, a map showing locations of the 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 www.genesismetalscorp.com
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.