Genesis Metals completes sampling at Chevrier
2019-08-15 07:33 ET - News Release
Mr. Jeff Sundar reports
GENESIS EXPLORATION UPDATE AT CHEVRIER PROJECT
Genesis Metals Corp. has provided an exploration update regarding continuing field-based gold exploration at the 100-per-cent-owned Chevrier gold project, located near Chibougamau-Chapais, Que.
Genesis has completed a property-wide till sampling program to identify new gold targets on the 275-square-kilometre Chevrier property. A total of 321 samples have been collected. The objective of the property-wide till sampling is to identify new gold zones. Despite holding one of the largest land packages in this well-gold-mineralized greenstone terrain, outcrop is rare. Genesis expects to receive the results of this survey in the coming weeks.
Once the till results are available the company is planning to follow up identified targets with surface exploration work including trenching and ground geophysics (magnetics and induced polarization). The objective being to develop targets that would warrant drill testing.
The till sampling program is being undertaken by IOS Services Geoscientifiques Inc., a Quebec-based company. IOS has taken the analysis of till samples to a new level with techniques that provide a lower level of detection and more precision than services provided elsewhere. IOS employs automated grain separation, grain analysis using scanning electron microscopy (SEM), plus machine-learned algorithms to count grains and identify their shape and roundness to provide information about the distance a gold grain has been transported by glaciation.
Genesis chief executive officer Jeff Sundar commented: "We are excited to be working with IOS Geoscientifiques since we feel their advanced methodology could flag yet to be identified gold occurrences in our large 275-square-kilometre property. This exhaustive property-wide assessment is the first time the entire property has been explored in this way."
Recent detailed re-examination of outcrops in the vicinity of the Chevrier Main deposit by our geological team has focused on further identification of the controls to mineralization. In particular, we examined the distribution of higher-grade gold mineralization and revised our understanding of the structural geological controls.
Using the work released in the technical report titled "NI 43-101 Technical Evaluation Report of Chevrier Property" and dated March 21, 2019, with an effective date of Feb. 4, 2019, intersections in drill holes which exceed 100 gram metres have been flagged. This study is continuing and is expected to produce specific recommendations for drill testing higher-grade mineralization at Chevrier Main. The mineral resource estimates at Chevrier Main and Chevrier East are shown in the associated table. The aforesaid technical report also recommended further drill testing on strike and to the southwest of Chevrier Main. Commitment to further drilling at Chevrier Main is contingent upon the completion of continuing desktop studies.
Indicated and inferred mineral resources (1) (2) (3) -- Chevrier Main and Chevrier East -- effective Feb. 4, 2019
INDICATED MINERAL RESOURCES -- CHEVRIER MAIN Cut-off grade Tonnage Average Au grade Contained Au Au g/t tonnes g/t ounces Pit constrained 0.50 6,602,000 1.39 295,000 Underground 0.95 1,890,000 1.64 100,000 Pit constrained and underground 0.50 PC, 0.95 UG 8,492,000 1.45 395,000 INFERRED MINERAL RESOURCES -- CHEVRIER MAIN Cut-off grade Tonnage Average Au grade Contained Au Au g/t tonnes g/t ounces Pit constrained 0.50 1,294,000 1.35 56,000 Underground 0.95 4,622,000 1.33 198,000 Pit constrained and underground 0.50 PC, 0.95 UG 5,916,000 1.34 254,000 INFERRED MINERAL RESOURCES -- CHEVRIER EAST Cut-off grade Tonnage Average Au grade Contained Au Au g/t tonnes g/t ounces Pit constrained 0.50 311,000 1.53 15,000 Underground 0.95 732,000 1.19 28,000 Pit constrained and underground 0.50 PC, 0.95 UG 1,043,000 1.28 43,000 (1) Tonnage and contained gold have been rounded to the nearest thousand. (2) It should be noted that mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves. The estimate of mineral resources may be materially affected by future changes in environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. (3) The CIM definitions were followed for the classification of indicated and inferred mineral resources. The inferred mineral resources have a lower level of confidence than that applying to indicated mineral resources and must not be converted to mineral reserves. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
Marc Jutras, PEng, MASc, of Ginto Consulting Inc., a qualified person as such term is defined within National Instrument 43-101, has reviewed and approved of the technical information in this news release.
Debt settlement
The company has agreed to issue 657,142 common shares of the company at a deemed price of seven cents per share in settlement of outstanding debts in the amount of $46,000 owing to a former director and officer of the company. The debt settlement is subject to approval of the TSX Venture Exchange. All common shares as may be issued in the debt settlement will be subject to a hold period of four months and one day from the date of issuance.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.