Genesis drills 8.9 m of 13.46 g/t Au at Chevrier
2021-01-21 07:23 ET – News Release
Dr. David Terry reports
GENESIS METALS DRILLS 13.46 G/T GOLD OVER 8.90 METRES AT FOX ZONE, CHEVRIER MAIN DEPOSIT, CHEVRIER GOLD PROJECT, QUEBEC
Genesis Metals Corp. has released assay results from 10 holes (3,109 metres) drilled as part of its recently completed 2020 phase 2 (25 holes and 6,208 metres) diamond drilling program. Results of the final five holes (1,320 metres) from the phase 2 program, all from the Mole zone, will be released once received and interpreted. The Chevrier gold project is located in the eastern Abitibi greenstone belt of central Quebec.
Highlights include (1):
- 13.46 grams per tonne gold over 8.90 metres in hole GM-20-80 in Fox zone starting at 114.80 metres downhole, within a wider zone assaying 9.56 g/t gold over 12.70 metres and including 25.44 g/t gold over 3.00 metres; visible gold at 115.80 metres;
- 19.44 g/t gold over 1.20 metres in hole GM-20-80 starting at 160.50 metres downhole;
- 2.06 g/t gold over 21.25 metres in hole GM-20-80 starting at 225.75 metres downhole;
- 26.10 g/t gold over 0.70 metre in hole GM-20-81 starting at 137.80 metres downhole, within a wider zone assaying 3.40 g/t gold over 6.15 metres;
- 4.79 g/t gold over 3.00 metres in hole GM-20-83 starting at 120.00 metres downhole, within a wider zone assaying 1.81 g/t gold over 20.80 metres;
- 2.07 g/t gold over 10.05 metres in hole GM-20-85 starting at 111.20 metres downhole.
(1) Insufficient drilling has been completed to definitively determine true thickness; true thickness is estimated to be between 86 and 100 per cent for holes GM-20-78 to -86.
The objective of the phase 2 program was to continue drill testing the extensions and down-plunge continuity of newly recognized high-grade gold shoots within and near the Chevrier Main deposit area (1.2 km by 0.2 km) to delineate their boundaries and mineralized volumes within and below the pit shell from the 2019 mineral resource estimate. For reference purposes, six specific areas in the Main zone with potential high-grade shoots have been labelled Fox, Mouse, Grouse, Lynx, Squirrel and Mole, as shown in images on the company’s website. Results included in this news release are from the Fox, Grouse, Lynx and Squirrel zones.
Genesis Metals chief executive officer Dr. David Terry stated: « We continue to intercept multiple high-grade gold intervals in stepdown extensions and areas of mineralization with limited testing as the Fox zone is defined with more detailed drilling. I am also encouraged by the strong early-stage results from hole GM-20-85 at the Lynx zone. »
Significant weighted average intercepts are presented in the associated table and individual drill hole descriptions are provided below. Drill hole locations are shown in images on the company’s website.
WEIGHTED AVERAGE INTERCEPTS FROM GM-20-78 TO 86
Hole ID From To Interval* Gold
(m) (m) (m) (g/t)
GM-20-78 561.00 562.20 1.20 4.97
862.75 873.50 10.75 0.45
GM-20-79 31.45 32.10 0.65 2.96
74.40 76.50 2.10 1.71
110.00 112.85 2.85 4.56
125.15 134.04 8.89 2.43
192.30 193.85 1.55 2.84
234.50 241.50 7.00 1.26
GM-20-80 111.00 123.70 12.70 9.56
including 114.80 123.70 8.90 13.46
including 114.80 117.80 3.00 25.44
160.50 161.70 1.20 19.44
188.50 196.50 8.00 1.28
222.75 244.00 21.25 2.06
including 222.75 229.20 6.45 3.79
including 227.30 229.20 1.90 8.86
and including 233.80 236.10 2.30 5.72
263.75 268.00 4.25 3.26
301.05 301.50 0.45 8.77
313.85 315.70 1.85 8.48
321.90 324.15 2.25 2.22
331.80 335.85 4.05 2.56
GM-20-81 20.00 23.10 3.10 3.03
97.30 103.20 5.90 1.29
135.40 141.55 6.15 3.40
including 137.80 138.50 0.70 26.10
163.00 170.80 7.80 1.40
163.50 166.10 2.60 2.88
185.40 187.00 1.60 1.40
206.50 210.60 4.10 0.89
GM-20-82 73.15 81.40 8.25 1.17
87.05 89.00 1.95 3.12
106.15 110.60 4.45 4.00
including 106.65 107.70 1.05 10.30
278.45 281.25 2.80 5.43
GM-20-83 81.50 88.20 6.70 0.84
90.00 96.00 6.00 1.20
including 94.30 96.00 1.70 3.48
114.20 141.00 26.80 1.81
including 120.00 123.00 3.00 4.79
GM-20-84a 31.00 40.50 9.50 0.66
GM-20-84 31.75 40.50 8.75 0.91
GM-20-85 101.00 108.15 7.15 1.54
111.20 121.25 10.05 2.07
including 118.45 119.35 0.90 16.40
125.15 128.65 3.50 1.24
163.00 168.00 5.00 0.97
191.00 201.00 10.00 0.82
253.00 254.50 1.50 3.37
GM-20-86 0.00 NSV
* Insufficient drilling has been completed to definitively
determine true thickness; true thickness is estimated to be
between 86 to 100 per cent for GM-20-78-86; 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 underexplored 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 geologic 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 completed a total of 8,710 metres of diamond drilling in 34 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). Results for the initial 10 holes (1,779 metres) of the phase 2 program were reported in the company’s Nov. 26, 2020, news release. Results of the remaining five holes (1,320 metres) from the phase 2 program will be released once received and interpreted.
Fox
Five of the drill holes reported herein were drilled on the Fox zone: GM-20-79 to 83. They were drilled to define the Fox high-grade mineralized shoot.
Holes GM-20-79 and -80 were drilled from the same pad to the northwest at minus-50-degree and minus-63-degree dip, respectively; both cut basalt and gabbro host rocks, ending in lapilli tuff. Gold intercepts are related to silicification and quartz-ankerite veins associated with zones of shearing and fuchsite-sericite-chlorite alteration and up to 5 per cent pyrite. These holes were collared about 60 metres southeast of GM-20-76 and -77 (Nov. 26, 2020, news release). GM-20-79 cut six separate mineralized zones of moderate grade width, including 8.89 metres averaging 2.43 g/t gold starting at 125.15 metres downhole. Hole GM-20-80 intersected 10 discrete mineralized intervals, including a high-grade intercept of 12.70 metres averaging 9.56 g/t gold starting at 111.0 metres downhole, and including 3.00 metres averaging 25.44 g/t gold starting at 114.8 metres downhole. From 115.7 to 116.7 metres downhole a shear-hosted quartz-carbonate vein is associated with 5 per cent fine-grained disseminated pyrite with 2 per cent irregular clusters of chalcopyrite; one 0.8-millimetre visible gold grain was observed at 115.9 metres downhole at the vein margin.
Holes GM-20-81 and -82 were drilled to the northwest from the same pad, at minus-56-degree and minus-66-degree dips, respectively. These holes were collared about 22 metres southeast of GM-20-76 and -77. Both holes cored variably sheared and altered basalt, gabbro and lapilli tuff host rocks. Mineralized zones are characterized by silica-carbonate alteration and intense shear zones, which host the majority of the veins. Quartz-ankerite veins and associated fuchsite-sericite-chlorite alteration and up to 5 per cent pyrite host are related to the gold domains. GM-20-81 contains seven discrete mineralized zones, including 6.15 metres averaging 3.40 g/t gold starting at 135.4 metres downhole. GM-20-82 cut four discrete mineralized zones, including 4.45 metres averaging 4.00 g/t gold starting at 106.15 metres downhole.
GM-20-83 was drilled to the north at a minus-46-degree dip to optimize intersection of interpreted plunge. It was collared about 40 metres southwest of GM-20-76 and -77. It cored predominantly gabbro with lesser basalt and encountered three discrete mineralized zones associated with quartz-ankerite veins with up to 8 per cent disseminated pyrite and minor chalcopyrite, including 26.8 metres averaging 1.81 g/t gold starting at 114.2 metres downhole.
Lynx
Holes GM-20-84a, 84 and 85 were drilled on the Lynx target, about 125 metres northeast of the Fox subzone, to test for extensions to mineralization in historical holes, including 0.9 metre assaying 250 g/t gold, reported in historical hole T8-08 at 169.3 m depth. All holes were drilled in line at the same north-northwest orientation; GM-20-85 is located about 65 metres south-southeast of GM-20-84/84a. The holes intersected variably sheared and altered basalt, gabbro and lapilli tuff host rocks.
Planned hole GM-20-84 was abandoned in a fault at 90 metres downhole and was restarted as the upper part of this hole (GM-20-84a) contained a sampled mineralized intercept of 9.50 metres averaging 0.66 g/t gold starting at 31.00 metres downhole. It is reported as separate hole herein. Hole GM-20-84 intersected an equivalent zone to that discussed in GM-20-84a above. The follow-up redrilled hole averaged 0.91 g/t gold over 8.75 metres beginning at 31.75 metres downhole.
The undercut hole GM-20-85 intersected five discrete mineralized zones including 10.05 metres averaging 2.07 g/t gold starting at 111.20 downhole and lining up below the two lower-grade intervals in GM20-84/84a as well as intercepts in GM-17-48 (8.00 metres averaging 0.62 g/t gold starting at 51.8 metres down hol, and 19.40 metres averaging 4.26 g/t gold starting at 67.35 g/t gold, including 7.8 metres averaging 8.99 g/t gold; Jan. 22, 2018, news release).
Grouse
GM-20-78 was designed as a long hole to test for mineralization related to historical hole GFA-111 south of the Main zone deposit, and to then test the potential for mineralized areas below the Fox zone. The hole is located in plan in an image on the company’s website and shown in cross-section in another image on the company’s website. It also is shown at depth on the Fox subzone longitudinal section in an image on the company’s website. Five low- to moderate-grade gold zones were intercepted in GM-20-78.
Squirrel
GM-20-86 was drilled at the Squirrel target area, located in the northern part of the eastern Main zone as a follow-up to holes GM-20-68 to -70, reported in the company’s Nov. 26, 2020, news release. These holes were drilled 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). The hole cut variably sheared and altered basalt and gabbro host rocks. It is shown in cross-section and long section in images on the company’s website. No significant mineralization or assays were encountered.
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 QA/QC
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.