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Genesis Metals Corp (2)
Symbol GIS
Shares Issued 51,466,964
Close 2020-11-25 C$ 0.21
Recent Sedar Documents

Genesis Metals drills 10.74m of 13.03g/t Au at Chevrier

2020-11-26 07:51 ET - News Release

Dr. David Terry reports

GENESIS METALS DRILLS 13.03 G/T GOLD OVER 10.74 METRES AT MAIN ZONE IN PHASE II DRILLING AT CHEVRIER GOLD PROJECT, QUEBEC

Genesis Metals Corp. has released assay results from the first 10 holes (1,779 metres) drilled as part of its recently completed 2020 phase 2 (24 holes, 6,208 metres) diamond drilling program. The Chevrier gold project is located in the eastern Abitibi greenstone belt of central Quebec; drilling results from the remainder of the program will be released when received and interpreted.

Highlights include (1):

  • 13.03 grams per tonne gold over 10.74 metres in hole GM-20-76 starting at 99.26 metres downhole, within a wider zone assaying 4.56 g/t gold over 40.50 metres;
  • 7.49 g/t gold over 4.60 metres in hole GM-20-77 starting at 82.50 metres downhole, within a wider zone assaying 2.16 g/t gold over 34.30 metres;
  • 5.02 g/t gold over 1.60 metres in hole GM-20-74 starting at 173.00 metres downhole, within a wider zone assaying 1.06 g/t gold over 17.15 metres.

(1) Insufficient drilling has been completed to definitively determine true thickness; true thickness is estimated to be between 79 and 88 per cent for holes GM-20-68 to -77.

The objective of the phase 2 program was to continue drill testing the down-plunge continuity of newly recognized high-grade gold shoots within the Chevrier Main deposit area (1.2 kilometres by 0.2 km) to delineate their boundaries and volumes within and below the pit shell from the 2019 mineral resource estimate. For reference purposes, six specific areas (subzones) of the Main zone with high-grade shoots have been labelled Fox, Mouse, Grouse, Lynx, Squirrel and Mole.

Genesis Metals chief executive officer Dr. David Terry stated: "We are very pleased with the high grades drilled in the core of the Fox subzone in holes GM-20-76 and 77, which continue to define apparent continuity in this area of the Main zone deposit. These holes are among the best drilled on the property to date. I am looking forward to receiving results from the balance of the 2020 drill program as well as from the surface exploration programs focused on advancing priority targets elsewhere on the large Chevrier project."

      
      WEIGHTED AVERAGE INTERCEPTS FROM GM-20-68 TO 77

Hole ID            From           To     Interval         Gold
                    (m)          (m)          (m)        (g/t)

GM-20-68          32.20        35.35         3.15         1.49
                  40.50        44.66         4.16         1.09
GM-20-69                                                   NSR
GM-20-70         155.75       160.00         4.25         2.10
including        159.00       160.00         1.00         7.15
                 176.50       178.50         2.00         3.93
GM-20-71          39.50        51.50        12.00         0.83
including         47.70        49.50         1.80         3.13
GM-20-72          47.40        50.50         3.10         2.63
GM-20-73          25.45        26.20         0.75         4.99
                  28.80        31.90         3.10         1.47
GM-20-74         140.00       141.00         1.00         1.87
                 150.00       154.90         4.90         1.32
                 160.45       177.60        17.15         1.06
including        173.00       174.60         1.60         5.02
                 240.90       260.40        19.50         0.95
including        258.50       260.40         1.90         3.61
GM-20-75         123.00       128.50         5.50         1.35
including        125.00       127.80         2.80         2.14
                 239.40       240.36         0.96         9.63
GM-20-76          76.50       117.00        40.50         4.56
including         98.70       112.60        13.90        10.77
including         99.26       110.00        10.74        13.03
including        104.00       108.00         4.00        21.30
GM-20-77          74.70       109.00        34.30         2.16
including         82.50        87.10         4.60         7.49
and               89.50        97.00         7.50         2.95
                 141.75       157.30        15.55         1.60
including        147.00       150.70         3.70         3.75
                 187.60       189.45         1.85         1.22
 
* Insufficient drilling has been completed to definitively 
determine true thickness; true thickness is estimated to be 
between 79 and 88 per cent for GM-20-68-77; intervals column 
may not add due to rounding. 
** Average grades are calculated with uncapped gold assays. 
Average widths are calculated using a 0.10 g/t gold cut-off 
grade with up to three 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 underappreciated and poorly defined higher-grade component to the Chevrier Main gold deposit. A new 3-D geological and mineralization model is being completed to better represent the distribution and controls on higher-grade gold mineralization. This model was utilized to inform the planning and execution of phase 1 and phase 2 drilling programs in 2020.

The company has completed a total of 8,707 metres of diamond drilling in 33 holes in 2020, including the phase 1 program, which was carried out and reported on earlier in the year (June 2 and July 7, 2020, news releases).

Initial results from the summer surface exploration program focused on advancing new gold targets to the drill stage were summarized in the company's Oct. 22, 2020, news release; additional results are pending. Genesis remains fully financed for the planned work into 2021.

Fox

Five of the drill holes reported herein were drilled on the Fox subzone: GM-20-71 to 74 and 76 to 77.

Holes GM-20-71 and -72 were drilled from the same pad to the northwest; both cut lapilli tuff and mafic volcanic rocks with gold intercepts hosted in quartz-ankerite-tourmaline veins associated with zones of shearing and sericite-chlorite alteration. These holes are about 20-metre southwest stepouts from the upper intercept in hole GM-17-42 of 22.6 metres averaging 3.59 g/t gold (Jan. 22, 2018, news release) starting at 13.4 metres downhole. Hole GM-20-73 was collared approximately 13 metres southwest of the GM-20-71 and -72 pad and was drilled at the same azimuth. Two reported intervals of gold mineralization are associated with shear-hosted quartz carbonate veining with sericite-chlorite alteration and pyrite mineralization.

Holes GM-20-76 and -77 were drilled from the same pad to the northwest, at 52-degree and 60-degree dips, respectively. Both holes intersected variably altered gabbro and ended in lapilli tuff. Gold mineralization is associated with strong development of quartz ankerite veins, chlorite-fuchsite alteration and up to 5 per cent pyrite. They were drilled in the opposite direction to GM-17-42, which intersected 21.35 metres averaging 8.73 g/t gold starting at 107.45 metres downhole, including 3.0 metres averaging 37.97 g/t gold (Jan. 22, 2018, news release). Hole GM-20-76 intersected 40.5 metres averaging 4.56 g/t gold starting at 76.5 metres downhole with a core high-grade interval of 10.74 metres averaging 13.03 g/t gold. Hole GM-20-77 cut two mineralized intervals: 34.30 metres averaging 2.16 g/t gold starting at 74.7 metres downhole, including 4.60 metres averaging 7.49 g/t gold, and correlating with the high-grade zone in GM-20-76 above; and 15.55 metres averaging 1.60 g/t gold starting at 147.00 metres down hole, including 3.70 metres averaging 3.75 g/t gold.

Mouse

The Mouse subzone is located to the south of the Fox in the southwestern portion of the Chevrier Main zone. Drill holes GM-20-74 and -75 targeted mineralization indicated by limited historical drilling in the area outside of and below the pit shell from the 2019 mineral resource estimate, including historical hole T10-08, which intersected 250.5 g/t gold over 0.60 metre at 290.10 metres downhole. Both holes cored basalt, lapilli tuff and gabbro host rocks. Gold mineralization is hosted by quartz ankerite veins associated with shearing, chlorite-sericite alteration and 5 per cent plus/minus disseminated pyrite; most gold mineralization is gabbro hosted.

Hole GM-20-74 intersected three closely spaced mineralized zones coincident with the southeastern flank of the 2019 mineral resource pit shell, which included 1.06 g/t gold over 17.15 metres and including 5.02 g/t gold over 1.6 metres. The hole also cut a lower zone approximately 75 metres below the 2019 mineral resource pit shell averaging 0.95 g/t gold over 19.5 metres and including 3.61 g/t gold over 1.9 metres. Hole GM-20-75 intersected 1.35 g/t gold over 5.5 metres starting at 123.00 metres downhole, which does not appear to line up with mineralized zones in other nearby holes. Farther downhole a number of elevated but isolated gold assays were intersected, including 9.63 g/t gold over 0.96 metre at 239.4 m depth and 2.89 g/t gold over 0.60 metre at 267.6 m depth, that appear to correlate with the upper mineralized intervals in GM-20-74 and the high-grade intercept from T10-08.

Squirrel

The Squirrel subzone is located in the northern part of the eastern Main zone. Holes GM-20-68 to -70 were drilled to the northwest with the aim of better defining gold zones intersected by GM-17-15, which included 4.15 metres averaging 5.94 g/t gold starting at 63.35 metres downhole, followed by 11.95 metres averaging 3.83 g/t gold starting at 77.05 metres downhole, which included 6.80 metres averaging 5.05 g/t gold (Nov. 15, 2017, news release). All three holes were drilled to the northwest, perpendicular to the azimuth of GM-17-15; holes GM-20-69 and -70 were drilled from the same pad; GM-20-68 was collared 42 metres east-southeast. The holes cored foliated gabrro cut locally by shears with associated quartz-ankerite veins with sericite-fuchsite and several percent pyrite. Holes GM-20-68 and -70 intersected a number of narrow gold-mineralized veins assaying up to 7.15 g/t gold over 1.0 metre that appear unrelated to the GM-17-15 described above.

The plus-290-square-kilometre road-accessible Chevrier property covers a 15-kilometre segment of the Fancamp deformation zone, along which zones of gold mineralization are associated with high strain zones in predominantly mafic intrusions and volcanic rocks. The property is contiguous with the high-grade Monster Lake gold project and 20 kilometres northeast of the new Iamgold Corp./Vanstar Mining Resources Inc. 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.

The company will continue to monitor the evolving COVID-19 situation and intends to comply with all government directives. Genesis Metals has enacted protocols designed to inhibit the spread of the COVID-19 virus to safeguard the health and safety of local communities and its work force.

Methodology and quality assurance/quality control

The analytical work reported on herein was performed by Activation Laboratories Ltd. of Ancaster, Ont., an internationally recognized analytical services provider. All samples are analyzed for gold using standard fire assay-AA (atomic absorption) techniques. Samples returning over 5.0 g/t gold are analyzed 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.

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 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 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 $1-billion in merger and acquisition 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., Dunnedin Ventures Inc. and K2 Gold.

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