Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Genesis Metals has released assay results for four holes completed at its 290-sq.-km Chevrier gold project near Chibougamau, Quebec.
The drill highlights include 19.7 metres of 1.36 g/t gold starting at 74.6 metres, 7.4 metres of 1.79 g/t gold starting at 223 metres as well as 3 metres of 3.99 g/t gold.
The first two intercepts include higher-grade intervals: 1.2 metres of 10.2 g/t gold and 1 metre of 8.92 g/t gold, respectively.
The first two intercepts include higher-grade intervals: 1.2 metres of 10.2 g/t gold and 1 metre of 8.92 g/t gold, respectively.
According to the company, the most recent exploration program at the site focused on improving the drill definition within the existing resource area and testing for higher-grade plunging shoots within the Chevrier Main deposit.
The four holes in the release were completed in the southwestern part of the Main deposit.
As part of its first-phase 2020 drill program at Chevrier, Genesis drilled a total of nine holes – assays for five are still pending. The company plans to release details on its second phase of work for this year – this will include trenching and drilling – once all of the outstanding assays are analyzed.
A surface exploration program is also planned for June, which will assess target areas outlined as a result of last year’s property-wide glacial till survey.
The road-accessible Chevrier property lies within the eastern portion of the Abitibi greenstone belt and covers a 15-km-long section of the Fancamp deformation zone, where gold mineralization is associated with high strain zones.
Chevrier includes four parallel major structural breaks, with 23 gold targets and a total of over 20 km of untested prospective strike.
Current resources at the site are made up of the Main and East zones, both of which include open-pit and underground portions. The Main zone open-pittable resources include 6.6 million indicated tonnes at 1.39 g/t gold for a total of 295,000 oz. with a further 1.3 million inferred tonnes grading 1.35 g/t gold totalling 56,000 oz.
The underground component at the Main zone consists of 1.9 million indicated tonnes grading 1.64 g/t gold and 4.6 million inferred tonnes at 1.33 g/t gold for a total of 298,000 gold oz. across the underground resource categories.
The East zone features 311,000 inferred tonnes in the open-pit classification grading 1.53 g/t gold for a total of 15,000 oz. and 732,000 inferred tonnes in the underground category at 1.19 g/t gold totalling 28,000 oz.
Chevrier is 20 km northeast of the 3.2-million oz. Nelligan gold discovery, currently held by Iamgold and Vanstar Mining.
Genesis’ stock was trading down 17% at Tuesday’s close on the TSXV. The company has a C$10.5 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
