Vancouver, British Columbia--(Newsfile Corp. - February 3, 2021) - Genesis Metals Corp. (TSXV: GIS) ("Genesis" or the "Company") today reports assay results from the final 5 holes (1,320 metres) drilled as part of its recently completed 2020 Phase II (25 hole, 6,208 metre) diamond drilling program. The Chevrier Gold Project is located in the eastern Abitibi Greenstone Belt of Central Quebec. All holes reported herein are from the Mole zone, located ~750 metres northeast of the Fox zone where a number of the previously reported Phase II high-grade drill holes were located.
- 40.89 g/t gold over 3.40 metres in hole GM-20-88 starting at 41.20 metres down hole, within a wider zone assaying 10.03 g/t gold over 15.10 metres starting at 37.05 metres down hole (Photo 1)
- 4.89 g/t gold over 3.80 metres in hole GM-20-88 starting at 157.00 metres down hole, within a wider zone assaying 1.10 g/t gold over 37.25 metres starting at 132.05 metres down hole
- 114.0 g/t gold over 1.00 metre in hole GM-20-89 starting at 137.00 metres down hole
- 2.69 g/t gold over 9.75 metres in hole GM-20-89 starting at 225.25 metres down hole, within a wider zone assaying 1.43 g/t gold over 33.00 metres starting at 216.00 metres down hole
*Insufficient drilling has been completed to definitively determine true thickness; true thickness is estimated to be between 65-90% for holes GM-20-87 to -91 based on angle to core axis and 3D interpretation
The objective of the Phase II program was to continue drill testing the extensions and down plunge continuity of newly recognized high-grade gold shoots within and near the Chevrier Main deposit area (1.2 km by 0.2 km), and to delineate their boundaries and mineralized volumes within and below the pit shell from the 2019 mineral resource estimate. Results included in this news release are all from the Mole zone, located on Figure 1.
Genesis Metals CEO Dr. David Terry stated, "We are very pleased that drilling at the Mole zone, approximately 750 metres northeast of the Fox zone, has intercepted multiple high-grade gold intervals, both near surface and at deeper levels slightly below the 2019 mineral resource pit shell. Future drilling will test the extent of the new high-grade shoot at Mole. We will be updating our Chevrier Main deposit model to reflect the new 2020 drilling results in addition to the sampling of approximately 800 metres of historic core, in order to plan the appropriate next exploration steps in the area. Meanwhile we are excited to move forward with an initial drill test of Till Targets #1 and #2 east of the Chevrier East deposit this winter."
Significant weighted average intercepts are presented in Table 1 and individual drill hole descriptions are provided below. Drill hole locations are shown on Figure 1; all holes reported herein are also shown on cross and longitudinal sections with links below.
Table 1: Weighted Average Intercepts from GM-20-87 to 91
|Hole ID||Zone||From (m)||To (m)||Interval (m)*||Gold (g/t)|
|GM-20-87||Main - Mole||4.55||7.00||2.45||1.33|
|GM-20-88||Main - Mole||4.40||13.50||9.10||0.60|
|GM-20-89||Main - Mole||137.00||138.00||1.00||114.00|
|GM-20-90||Main - Mole||8.80||15.00||6.20||1.38|
|GM-20-91||Main - Mole||9.00||11.20||2.20||1.42|
* Insufficient drilling has been completed to definitively determine true thickness; true thickness is estimated to be between 65-90% for holes GM-20-87 to -91 based on angle to core axis and 3D interpretation; intervals column may not add due to rounding; **Length weighted average grades are calculated with un-capped gold assays. Average widths are calculated using a 0.10 g/t gold cut-off grade with up to 3 m of internal dilution of zero grade; narrow intervals that meet these criteria may not be reported.
The Genesis technical team has recognized a previously under-explored and poorly defined higher-grade component to the Chevrier Main gold deposit. A new 3D geological and mineralization model is being completed to better represent the distribution and geologic controls on higher-grade gold mineralization. This model was utilized to inform the planning and execution of Phase I and Phase II drilling programs in 2020.
The Company completed a total of 8,710 metres of diamond drilling in 34 holes in 2020, including the Phase I program which was carried out and reported on earlier in the year (June 2 and July 7, 2020 News Releases). Results for the initial 20 holes (4,999 metres) of the Phase II program were reported in the Company's November 26, 2020 News Release and January 21, 2021 News Release.
Drill Hole Descriptions:
Drill hole location and orientation details are provided in Table 2 below and locations are shown on Figure 1. Cross sections and longitudinal sections are also provided for GM-20-87 to 91 via the links below.
Table 2: Drill Hole Details for GM-20-87 to 91
*All coordinates referenced to North American Datum 1983 UTM Zone 18N
Holes GM-20-87 and -88 were drilled from the same pad location at southeast azimuths and dips of -43.6° and -53.5°, respectively. The holes were designed to target several potential extensions to mineralized zones intersected in historic holes. Both 2020 drill holes intersected multiple discrete mineralized zones (14 in GM-20-88) with core lengths from sub-metre to 33.00 metres, ranging from near surface to 189 metres down hole. The holes cored variably strained gabbro intercalated with intervals of lapilli tuff. Mineralized intervals are characterized by quartz-ankerite-chlorite veins and veinlets enveloped by strongly developed sericite, fuchsite, leucoxene (in gabbro) and carbonate alteration of the host rocks as well as variable (up to 8%) disseminated pyrite and minor chalcopyrite. Multiple vein orientations, local stockwork development and folded vein geometries are common in the mineralized intervals. GM-20-87 intersected a number of zones including 8.67 g/t gold over 1.50 metres starting at 32.00 metres down hole, within 2.02 g/t gold over 9.25 metres starting at 27.85 metres down hole (Figure 2). Hole GM-20-88 intersected two significant zones including 40.89 g/t gold over 3.40 metres starting at 41.20 metres down hole, within a wider zone assaying 10.03 g/t gold over 15.10 metres starting at 37.05 metres down hole (Photo 1) in addition to 4.89 g/t gold over 3.80 metres starting at 157.00 metres down hole, within a wider zone assaying 1.10 g/t gold over 37.25 metres starting at 132.05 metres down hole (Figure 3).
Hole GM-20-89 was collared 100 metres north from the GM-20-87/88 pad and was drilled at a -43.6° dip toward the southeast. Five discrete mineralized vein zones were observed with similar characteristics and host rocks to the holes described above. Significant results included 114.0 g/t gold over 1.00 metre starting at 137.00 metres down hole, and 2.69 g/t gold over 9.75 metres starting at 225.25 metres down hole, within a wider zone assaying 1.43 g/t gold over 33.00 metres starting at 216.00 metres down hole (Figure 4). Figure 5 is a longitudinal section cut perpendicular to holes GM-20-87 to -89 along section line A-A' on Figure 1.
Holes GM-20-90 and -91 were both drilled from the same pad, located 44 metres north-northwest of GM-20-89, to the southeast at -54.2° and -44.8° dips, respectively. Both holes cored predominantly gabbro with lesser lapilli tuff, intermediate volcanic rocks as well as diorite dyke. Mineralized zones are characterized by quartz-ankerite veins with up to 5% disseminated pyrite, enveloped by sericite-chlorite-fuchsite-leucoxene alteration. Multiple vein orientations, local stockwork development and folded vein forms are common. Both holes intercepted a low grade near surface mineralized zone as well as several deeper mineralized zones (Figure 6 and Figure 7). Figure 8 is a longitudinal section perpendicular to holes GM-20-90 and 91 along section line B-B' on Figure 1.
The +290 square kilometer road accessible Chevrier property covers a 15-kilometer segment of the Fancamp Deformation Zone, along which zones of gold mineralization are associated with high strain domains in predominantly mafic intrusions and volcanic rocks. The property is contiguous with the high-grade Monster Lake gold project and 20 kilometers northeast of the new IAMGOLD Corporation/Vanstar Mining Resources Inc. 3.1 Moz Nelligan gold discovery. For additional details on the Chevrier Project, 2020 results and plans for 2021 please refer to the Company's website.
The Company will continue to monitor the evolving COVID-19 situation and intends to comply with all government directives. Genesis Metals Corp. has enacted protocols designed to inhibit the spread of the COVID-19 virus to safeguard the health and safety of local communities and its workforce.
Methodology and QA/QC
The analytical work reported on herein was performed by Activation Laboratories Ltd. of Ancaster, Ontario, an internationally recognized analytical services provider. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 5.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. The Company follows industry standard procedures for the work carried out on the Chevrier project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Genesis detected no significant QA/QC issues during review of the data.
The Qualified Person for this news release for the purposes of National Instrument 43-101 is André Liboiron, P. Geo., Exploration Manager. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
Genesis Metals Corp. is a member of the Discovery Group of Companies, an alliance of public companies focused on the advancement of mineral exploration and mining projects with a proven track record of generating shareholder value through responsible, sustainable, and innovative development. Discovery Group companies have generated over $500 million in direct and indirect expenditures resulting in over a billion dollars in M&A activity, with notable recent successes being the sale of Northern Empire Resources Corp. to Coeur Mining Inc. and the sale of Kaminak Gold Corp. to Goldcorp Inc. Current Discovery Group member companies include: Great Bear Resources Ltd., Bluestone Resources Inc., ValOre Metals Corp., Ethos Gold Corp., Fireweed Zinc Ltd., Kodiak Copper Corp., and K2 Gold Corporation.
Genesis Metals Corp. is a gold exploration company focused on advancing its Chevrier Gold Project in the prolific Abitibi region of Quebec, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
"David A. Terry"
President, CEO, 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 anticipated timing for receipt of survey and till results; the Company's exploration plans; 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; that actual results of exploration activities are consistent with management's expectations; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; 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 risks include, among others, the risks related to the inability to obtain required regulatory approvals on a timely basis or at all, that the risk that actual results of the Company's exploration activities may be different than those expected by management; delays in receiving survey and till results or obtaining any required government or other regulatory approvals; inability to procure required equipment and supplies in sufficient quantities and on a timely basis; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company's lack of operating revenues and risks related to dependence on key personnel. 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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