Genesis Metals Signs Exploration Agreements with First Nations and Further Expands October Gold Project, Ontario to 26,430 ha
Vancouver, British Columbia--(Newsfile Corp. - September 28, 2021) - Genesis Metals Corp. (TSXV: GIS) ("Genesis" or the "Company") today reports it has entered into a memorandum of understanding (MOU) with two First Nations regarding exploration activities on its 100% owned October Gold project in the Swayze greenstone belt, Ontario. In addition, it has further expanded the size of the property by an additional 46 claims and 1,000 hectares; the October Gold project now totals 1,276 claims covering 26,430 hectares (264.3 square kilometres).
The Company has signed MOU's with both the Flying Post First Nation, part of the Wabun Tribal Council, and the Chapleau Cree First Nation. The MOU sets out a framework to facilitate Genesis Metals' exploration activities on the October Gold project. As a part of these agreements the Company has issued a total of 100,000 units consisting of 100,000 common shares and 100,000 common share purchase warrants which allow the holder to acquire an additional common share for $0.30 for a period of two years.
"We are very pleased to have this opportunity to establish a strong working relationship with the Flying Post and Chapleau Cree First Nations. Their support will be a key factor in being able to advance our exploration priorities on the October Gold project for the benefit of all stakeholders," stated David Terry, CEO.
Genesis has acquired by staking an additional 46 claims covering 1,000 hectares along the properties southwestern boundary to cover an area with outcropping quartz-carbonate veining and stockwork hosted by highly strained mafic volcanic rocks. This brings the project to 1,276 claims covering 26,430 hectares, or 264 square kilometres. This recent expansion of the October Gold project is in addition to the claims acquired along the projects northern boundary that was announced on June 30, 2021 that included an additional 81 claims; 1,758 hectares. In addition, the Company has now successfully consolidated title to all (100%) of the claims comprising the property.
The October Gold project is located in the southern Swayze greenstone belt in eastern Ontario which represents the southwestern extension of the Abitibi greenstone belt, considered to be one of the most well-endowed mineral belts in the world for precious and base metal deposits. Despite being underexplored, the property has prospective geology, structural setting, and is located in a belt with significant regional gold endowment. The property covers an ~15 kilometre extent of the Ridout deformation zone (RDZ), a major structural break believed to represent the western extension of the renowned Kirkland Lake break. The RDZ is associated with the Cote Gold and Jerome gold deposits, 35 and 8 kilometres to the southeast of October Gold, respectively, owned by IAMGOLD Corporation and Sumitomo Metal Mining Co. Ltd. The Company will be carrying out a multifaceted exploration program over the remainder of 2021 and into 2022 to refine and identify prospective gold targets on the large strategically located property.
The Company will continue to monitor the evolving COVID-19 situation and intends to comply with all government directives. Genesis Metals Corp. has enacted protocols designed to inhibit the spread of the COVID-19 virus to safeguard the health and safety of local communities and its workforce.
The Qualified Person for this news release for the purposes of National Instrument 43-101 is André Liboiron, P. Geo., Exploration Manager. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
Genesis Metals Corp. is a member of the Discovery Group of Companies, an alliance of public companies focused on the advancement of mineral exploration and mining projects with a proven track record of generating shareholder value through responsible, sustainable, and innovative development. Discovery Group companies have generated over $500 million in direct and indirect expenditures resulting in over a billion dollars in M&A activity, with notable recent successes being the sale of Northern Empire Resources Corp. to Coeur Mining Inc. and the sale of Kaminak Gold Corp. to Goldcorp Inc. Current Discovery Group member companies include: Great Bear Resources Ltd., Bluestone Resources Inc., ValOre Metals Corp., Ethos Gold Corp., Fireweed Zinc Ltd., Kodiak Copper Corp., and K2 Gold Corporation.
Genesis Metals Corp. is a gold exploration company focused on advancing its Chevrier Gold Project in the prolific Abitibi region of Quebec, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
"David A. Terry"
President, CEO, 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 anticipated timing for receipt of survey and till results; the Company's exploration plans; 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; that actual results of exploration activities are consistent with management's expectations; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; 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 risks include, among others, the risks related to the inability to obtain required regulatory approvals on a timely basis or at all, that the risk that actual results of the Company's exploration activities may be different than those expected by management; delays in receiving survey and till results or obtaining any required government or other regulatory approvals; inability to procure required equipment and supplies in sufficient quantities and on a timely basis; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company's lack of operating revenues and risks related to dependence on key personnel. 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.
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