VANCOUVER, BC--(Marketwired - January 12, 2017) - Genesis Metals Corp (TSX VENTURE: GIS) ("Genesis" or the "Company") is pleased to announce that field work has commenced at its 100% owned Chevrier gold project (the "Project") near Chibougamau, Quebec.
Line cutting is underway on grids which cover four of six high priority targets areas that have been defined from the compilation of all data from the Project. The four target areas are located to the west and north respectively of the Main Zone of gold mineralization at Chevrier. Each target is from 1 to 3 km in length and encompasses an area considered prospective for mineralization. The assessment of prospectivity is based on available geological and structural mapping data that suggest environments considered favourable for hosting gold mineralization.
Upon completion of line cutting, approximately 50 line-kilometres of Induced Polarization ("IP") geophysical surveying will be undertaken. The resulting data will enable the Company to better define specific areas, within the broader targets, for further evaluation by detailed geological mapping, trenching and drilling in 2017.
Genesis' CEO Brian Groves commented, "Our decision to initiate our field programs is consistent with the strategy to evaluate the prospectivity of the entire Project. Most of the previous work on the Project has been focused within the immediate area of the Main Zone. While we plan to assess the potential for expansion of the Main Zone during the year, we also believe that the entire deformation corridor is prospective and requires detailed evaluation to generate new targets for drilling."
Mr. Andre Liboiron, P. Geo, Exploration Manager for the Company and the Qualified Person as defined within National Instrument 43-101 for the Chevrier Project, has reviewed the contents of this news release.
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 a 100% interest in 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 50km southeast of Goldcorp's Borden gold deposit.
ON BEHALF OF THE BOARD
CEO and Director
Executive Vice-President and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosure in this release, including statements regarding the intended use of proceeds from the private placement, constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.