Genesis Metals Corp. Outlines Work Programs for Chevrier Gold Project
VANCOUVER, July 27, 2016 - Genesis Metals Corp. (TSX VENTURE: GIS) ("Genesis" or the "Company") is pleased to announce the details of upcoming work programs for the 100% owned Chevrier gold project (the "Project") near Chibougamau, Quebec.Highlights of Work Plans:
- All available data will be compiled for the Project. The Project covers approximately 96 square km and most work to date has been restricted to a small area (approximately 3 square km) near the centre of the Project. The Company believes that the integration of available geological, geophysical and geochemical data will identify new prospective targets.
- Re-logging, re-sampling and re-assaying of selected drill core from previous exploration work. Approximately 400 samples will be collected from mineralized intervals of 12 drill holes. The focus of this work will be to: 1) establish the validity and accuracy of previous assays using current QA/QC protocols, 2) establish a consistent description of rock lithologies that host gold mineralization and, 3) establish a standard sampling interval for future drilling on the Project.
- Identify areas, near known areas of gold mineralization for additional trenching. Trenching will enable the Company to sample bedrock for gold mineralization in areas lacking outcrop exposure.
Results from this work will be progressively released. The Company anticipates that these work programs will commence in August and will prioritize targets for future drill evaluation.
Genesis reports that the cash payment required pursuant to the Company's option agreements for its October Gold Property has been reduced. The payment due April 12, 2016 has been reduced from $50,000 to $30,000 plus the issuance by the Company of 120,000 common shares.
Share issuances are subject to receipt by the Company of the approval of the TSX Venture Exchange.
Genesis Metals has granted stock options to directors, officers, employees and consultants to purchase a total of 3,675,000 common shares of the company at an exercise price of .22 cents per share for a five-year term expiring July 27th, 2021.
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 100% owned Chevrier Gold Project located approximately 35km southwest of Chibougamau, Quebec. The 96 square km property is situated along the FanCamp deformation zone, 15km northwest of the high-grade Monster Lake gold discovery.
Genesis also owns the 203-square kilometer October Gold Property located in the Southern Swayze Greenstone Belt near Benton Township, Ontario. Genesis claims are located approximately 35 km northwest of IAMGOLD's Côté Lake Deposit and 50 km southeast of GoldCorp's Borden Gold Deposit.
ON BEHALF OF THE BOARD,
Brian Groves, CEO and Director
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.
Contact
Genesis Metals Corp.
Jeff Sundar
Telephone: 604-6468356
Fax: 604-484-7155
Email: js@genesismetalscorp.com
Website: www.genesismetalscorp.com
Suite 1500, 409 Granville Street
Vancouver, BC
V6C 1T2