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Genesis Metals Corp (2)
Symbol GIS
Shares Issued 43,419,609
Close 2020-08-31 C$ 0.265
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Genesis Metals starts phase 2 drilling at Chevrier

2020-09-01 06:03 ET - News Release

Mr. David Terry reports

GENESIS COMMENCES PHASE II DRILL PROGRAM AT CHEVRIER GOLD PROJECT, QUEBEC

Genesis Metals Corp. has commenced phase 2 of the previously announced staged minimum 8,000-metre fully financed 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 1 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. Stepout 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 No. 3 where a cluster of prospecting grab samples from 2017 with assays including 17.8 grams per tonne 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. 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 No. 1 and No. 2).

Miikan Drilling Inc. has been contracted to carry out the drilling program.

The plus-290-square-kilometre road-accessible Chevrier property covers a 15-kilometre extent of the Fancamp deformation zone, along which zones of gold mineralization are associated with high-strain zones in predominantly mafic volcanic and subvolcanic rocks. The property is contiguous with the high-grade Monster Lake gold project and 20 kilometres northeast of the new Iamgold/Vanstar Mining Resources 3.1-million-ounce Nelligan gold discovery. For additional details on the Chevrier project, 2019 results and plans for 2020 please refer to the company's website.

Stock options

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 1.72 million common shares under the company's stock option plan in accordance with the terms of the company's amended and restated stock option and bonus share plan. The options are exercisable for a period of five years at a price of 28 cents per share.

Qualified person

The qualified person for this news release for the purposes of National Instrument 43-101 is Andre Liboiron, PGeo, project manager. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

About Genesis Metals Corp.

Genesis Metals is a gold exploration company focused on advancing its Chevrier gold project in the prolific Abitibi region of Quebec, Canada.

We seek Safe Harbor.

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