MONTREAL, QUEBEC--(Marketwired - Aug. 9, 2016) - Genius Properties Ltd. (CSE:GNI) ("Genius" or the "Company") is pleased to announce that funding has been approved for the Blockhouse Gold District under the 2016‐17 Nova Scotia Mineral Incentive Program ("NSMIP") for their Shared Funding Grant Application (NSMIP‐SFG‐2016‐03).
The Review and Evaluation Committee for the NSMIP supports the project and has approved $60,000 to explore licenses in Blockhouse, Lunenburg County. All funds awarded by NSMIP are to be directed at paying up to 50% toward any combination of drill contract costs, core analysis and trenching completed on the project. The Blockhouse property exploration program for the summer of 2016, as submitted in the grant application, is estimated to cost approximately $250,000.
As per the Department of Natural Resources of Nova Scotia, applications were evaluated by a panel of three from the department's Geoscience and Mines Branch. Evaluations were based on the quality and merit of the work proposal and the potential that the project could lead to a new mineral discovery or significantly advance a project.
The proposed exploration program includes several trenches along the strike of the Prest Vein, exposing this vein initially every 50 meters using the original exploration and diamond drilling results from a 1983 diamond drilling program that had intersected the Prest Vein over a strike distance of 300m at various depths projected to surface as a location guide. The 1983-84 exploration program report on file with the Ministry (AR 89-105), was led by James E. Tilsley P. Eng.. The Tilsley report demonstrates continuity in the Prest fissure vein along strike (approx. 300 meters) and to depth (approx. 90meters), along with intriguing gold assays results over variable vein widths ranging between 0.05 ounces per ton over 0.4 meters up to 0.622 ounces per ton over 0.31 meters.
Following the aforementioned surface trenching program, a short geophysical program is proposed where a ground grid will be established with a base line and cutting offset lines every 50 meters. The new trenches along with historical drill holes will be tied into this grid along with various surface historical mine workings (shafts, ventilation raises, surface buildings, etc.). The survey lines will be used for an Induced Polarization ("IP") survey to ascertain chargeability of the vein system with the aim of identifying chargeable components along the vein system as potential drill targets. IP anomalies will be prioritized for follow-up diamond drilling of the program currently estimated to entail 1000 meters of diamond drilling in 5 holes.
Drill-holes will be designed to intersect the IP anomalies as well as the projected down dip extension of the Prest fissure style veins while attempting to identify and intersect saddle type veins in the vicinity of the Prest vein. Encouraging gold "in vein" intersections would add to the economic potential of the property. If the surrounding host rocks proximal to the veins carry gold as well, this greatly enhances the potential.
Exploration is set to begin in September 2016 under the auspices of Neil D. Novak, P.Geo., a registered professional geologist residing in Ontario. Mr. Novak provides management and other services through his privately owned consulting corporation Nominex Ltd., with nearly 4 decades of exploration management experience in various geological settings across Canada and worldwide, and is a recent addition to the Board of Directors of Genius. A team of contractors and subcontractors with demonstrable proficiency in various aspects of the exploration program will be assembled over the next few weeks through a tendering process that will be overseen by Mr. Novak working in conjunction with the original vendors of the Blockhouse property to Genius as such, local Nova Scotia service providers will be given preference where possible in the spirit of the Shared Funding Grant Program.
The contents of this press release have been prepared, reviewed and approved by Neil D. Novak, P.Geo., a Qualified Person pursuant to NI 43-101 technical disclosure and reporting guidelines.
About Genius Properties
Genius is a Canadian mineral exploration company focused on developing projects with some of the world's most critical metals and minerals. Genius is the ideal partner for exploration companies and capital pool companies looking for a qualifying transaction and projects of merit.
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