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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)
