New Resource Estimate for Chevrier Gold Project, Quebec Vancouver, British Columbia--(Newsfile Corp. - January 24, 2022) - Genesis Metals Corp. (TSXV: GIS) ("Genesis" or the "Company") today reports a new mineral resource estimate for the Main Zone and updates for the East and South Zones, classified as mineral inventories, at its Chevrier gold project near Chibougamau, Quebec. Highlights include:
MAIN ZONE PIT-CONSTRAINED RESOURCE - 0.30 g/t gold cut-off
- Indicated Resource of 260,000 gold ounces (6.4 Mt at an average grade of 1.26 g/t gold)
- Inferred Resource of 420,000 gold ounces (11.2 Mt at an average grade of 1.18 g/t gold)
MAIN ZONE UNDERGROUND RESOURCE - 1.0 g/t gold cut-off
- Inferred Resource of 232,000 gold ounces (4.46 Mt at an average grade of 1.62 g/t gold)
David Terry, CEO of Genesis commented "We are pleased that this new mineral resource estimate for Chevrier has a much larger pit-constrained component than the Company's 2019 resource. This has been achieved through a combination of 10,178 metres in 39 holes of additional drilling targeting and better defining higher-grade areas of the deposit, extensive re-modelling to optimize mineralized domains, as well as updating certain estimate assumptions."
Independent consultant Susan Lomas, P.Geo. of Lions Gate Geological Consulting Inc. ("LGGC") was commissioned to complete the mineral resource estimate and the Technical Report on behalf of Genesis. Ms. Lomas is supervising the overall preparation of the Technical Report, is a Qualified Person ("QP") as defined by NI 43-101 and is independent of Genesis.
The mineral resource statement for the Main Zone is presented in Table 1. Assumptions used to derive the optimized pit shells and additional underground mining costs are presented in Table 2. The mineral resources are stated at various gold cut-off grades in Table 3 for the Open Pit resources, and in Table 4 for the Underground resources.
Images depicting the new Main Zone mineral resource estimate are available for viewing on the Company's website here.
The Company will be incorporating the new mineral resource estimate data and related recommendations into is future exploration planning for the Chevrier Project.
Website: www.genesismetalscorp.com
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