SOURCE: Genesis Metals Corp

Genesis Metals Corp

May 17, 2017 09:00 ET

Genesis Metals Provides Exploration Update

VANCOUVER, BC--(Marketwired - May 17, 2017) - Genesis Metals Corp (TSX VENTURE: GIS) ("Genesis" or the "Company") 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 and East Zones. (Refer to the news release issued on January 19th 2017). 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

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 board of Genesis expresses its appreciation to Mr. McLeod for his years as a director of both Genesis and its predecessor Entourage and look forward to his continued involvement as a Strategic Advisor to Genesis.

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.

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 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 50km southeast of Goldcorp's Borden gold deposit.

ON BEHALF OF THE BOARD

"Brian Groves"
Brian Groves
CEO and Director

"Jeff Sundar"
Jeff Sundar
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.

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