Genesis Metals Corp (TSXV:GIS) Provides Chevrier Exploration Update

The Chevrier Gold Project in Quebec, Canada. Source: Genesis Metals Corp.

 

Genesis Metals Corp. (TSXV:GIS) has completed its drilling program announced on April 21, 2021 at the Chevrier Gold Project in the Chibougamau Mining Camp of the Abitibi Greenstone Belt in Quebec, Canada. The company announced the drill program just over two months ago and has made significant progress in exploration efforts at the site, hiring Geo Data Solution GDS Inc. to complete a 2,602-line kilometre helicopter-borne magnetic survey to cover the parts of the 290 square kilometre project not covered by the earlier survey. Further analysis and surveys should reveal the targets of the following drill program as Genesis (TSXV:GIS) continues to push forward at full speed.

The recently completed drilling program at Chevrier included 1364 metres in 5 holes (including one hole that was abandoned 14 metres down hole and re-drilled) at the Main Zone deposit stepping out from GM20-80, which intersected 13.46 g/t gold over 8.90 metres starting at 114.80 metres down hole and including 25.44 g/t gold over 3.00 metres (see January 21, 2021, News Release), and, 3328 metres in 18 holes (including one hole that was restarted after encountering a fault at 76 metres down hole) testing new exploration targets east of the Chevrier East Deposit as described in the April 21, 2021 News Release. Drilling results will be released when received and evaluated.

Source: Genesis Metals Corp.

Two Premier Sites

Beyond the company’s Quebec project, Genesis (TSXV:GIS) has also expanded its Ontario October Gold Project by staking an additional 81 claims along the northern boundary. This move brings the overall project size to 254 square kilometres. To advance the site further, an initial surface exploration program for 2021 will identify prospective gold targets on the large strategically located property. The company will be looking to replicate the success it has had at the Quebec site recently. The October Gold Project is a key one for Genesis, as it holds a right to acquire a 100% interest in the property, which is located in the Southern Swayze greenstone belt in Benton Township, Ontario. With a regional gold endowment, prospective geology, and a solid structural setting, this is a big focus for Genesis (TSXV:GIS). 

Canada’s COVID-19 protocols and restrictions have slowed exploration initiatives over the past 18 months. Still, as the country continues to ramp up vaccinations, many industries are able to proceed with precautions in place. Ontario is one of the most locked-down provinces, and this has created barriers for the October Gold Project. However, the company has been able to pivot successfully to a focus on the Quebec Chevrier Gold Project in the meantime, avoiding a slowdown in any progress on planned drill programs. 

Genesis Metals Corp. (TSXV:GIS) Has a History of Big Discoveries

The management team at Genesis (TSXV:GIS) has a history of discoveries, significant success in raising capital and monetizing assets, and decades of combined experience in the mining industry. The Chevrier Gold Project is the flagship project for the company, with an announcement in February 2019 on the resource estimate that focused resources at the site. The estimate included 423,000 ounces Indicated at 1.22 g/t Au and 303,000 once Inferred at 1.27 g/t Au. While not the focus of historical exploration, the high-grade gold component of the known resource has now come into the company’s sights. The project holds enormous potential for Genesis, as the exploration team believes there is massive potential for new high-grade discovery at the 146 square-kilometre property package. 

In the neighbouring province of Ontario, the Genesis Metals (TSXV:GIS) team has a 100% interest in the 200 square kilometre October Gold property. Straddling the underexplored Southern Swayze Greenstone on-trend to Goldcorop’s Borden Lake deposit and Iamgold’s Cote Lake deposit, the October Gold property is also near strong infrastructure. Both Ontario and Quebec provide mining-friendly jurisdictions from which Genesis (TSXV:GIS) can operate freely and quickly.

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above. 

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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