Genesis Metals

posted in: Gold | 0

Genesis Metals is pleased to provide an update on exploration activities, plans and corporate initiatives.  The Company continues to focus on advancing the 100% owned Chevrier gold project (the “Project”) near Chibougamau, Quebec.

Chevrier Project

The Company has previously reported the results from a compilation of all data for the approximately 96 square km property, completion of induced polarization (“IP”) geophysical surveys and announced the commissioning of geological models for each of the Main, South & East Zones.  The status of this work is as follows:

  • The interpretation of compiled data has identified 8 priority targets that require evaluation by drilling in 2017.
  • Additionally, results from the recent IP survey have identified at least two new chargeability anomalies that appear to have not been evaluated by drilling.
  • 3D geological modeling is nearing completion for each of the three mineralized zones previously indicated.  The results from the modeling will enable a better understanding of gold distribution and parameters that control this mineralization. 

Plans for 2017 Field Program 

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An aggressive drill program is envisaged and will include the evaluation of the 10 targets from the property compilation and IP surveys and drilling to define possible extensions to the Main and East zones.  The Phase 1 drilling program is expected to commence by the end of Q2 2017.  The Company anticipates a comprehensive summer field season comprising mapping, prospecting, trenching, geochemical sampling and drilling — to further refine new targets and generate new targets for drilling later in the 2017 field program.

Genesis’ CEO Brian Groves commented, “We are pleased with the progress made at Chevrier and eagerly await the start of drilling on the property.”

Corporate update

Mr. Rob McLeod has resigned from the board of directors due to increasing management responsibilities in his position as CEO of IDM Mining.  The Company also announces that Mr. Brian Groves will assume the role of Chairman in addition to his current role as CEO.  Mr. Jeff Sundar will assume the role of President of the Company.

About Genesis Metals

The Company is focused on advancing the Chevrier Gold Project located 35 km southwest of Chibougamau, Quebec.  The Project is located along the Fancamp Deformation Zone, 15 km northeast of the high-grade Monster Lake gold discovery. 

Genesis also owns 100% the 203 km2 October Gold project located in the southern Swayze greenstone belt in Benton Township, Ontario.  This project is located 35 km northwest of IAMGold’s Cote Lake deposit and 50 km southeast of Goldcorp’s Borden gold deposit.