Vancouver, September 1, 2020 - Genesis Metals Corp. (TSXV: GIS) ("Genesis" or the "Company") is pleased to report it has commenced Phase II of the previously announced staged minimum 8,000 metre fully-funded 2020 diamond drilling program at its Chevrier Gold Project in the eastern Abitibi Greenstone Belt of Central Quebec.
The current phase of drilling is expected to comprise a minimum of 5,500 metres in approximately 24 holes. Drilling targets include:
1) Continued definition and volume expansion of higher-grade domains which form plunging "shoots" within the Chevrier Main deposit. Drilling will build on the success of the 2,502 metre Phase I 2020 drilling program that achieved multiple high-grade gold intercepts in the southwestern sector of the Chevrier Main deposit (June 2 and July 7, 2020 News Releases)
2) Step-out holes on high-grade intercepts from historical drilling outside of the Chevrier Main deposit
3) Test of down plunge projection of the southwest Chevrier Main high-grade shoot to depth below current pit shell with one
or more deeper holes
4) Initial test of the previously undrilled area 800 metres northeast (up-ice) of till anomaly #3 where a cluster of prospecting grab samples from 2017 with assays including 17.8 g/t gold, 10.8 g/t gold, 3.5 g/t gold and 1.94 g/t gold were reported in the Company's June 24, 2020 News Release (map). This area lies along the projection of the Fancamp Deformation Zone envelope and has been the focus of follow-up surface mapping and sampling this summer
5) Once all results from the summer surface exploration program are received and interpreted, additional drilling may target an area along the eastern strike projection of the East Zone deposit (till anomalies #1 and #2 - map)
Miikan Drilling Inc. has been contracted to carry out the drilling program.
The +290 square kilometer road accessible Chevrier property covers a 15-kilometer extent of the Fancamp Deformation Zone, along which zones of gold mineralization are associated with high strain zones in predominantly mafic volcanic and sub-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, 2019 results and plans for 2020 please refer to the Company's website.
The Company further announces that it has granted to directors, officers, and consultants of the Company stock options exercisable to acquire up to a total of 1,720,000 common shares under the Company's Stock Option Plan (the "Options") in accordance with the terms of the Company's amended and restated stock option and bonus share plan (the "Stock Option and Bonus Share Plan"). The Options are exercisable for a period of five years at a price of $0.28 per share.
The Qualified Person for this news release for the purposes of National Instrument 43-101 is André Liboiron, P. Geo., Project 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 Discovery Group, 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., Elemental Royalties 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
Suite 1020, 800 West Pender Street, Vancouver, BC V6C 2V6
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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62898