Genesis Metals announced that a drill program has begun at the Chevrier gold project near Chibougamau, Quebec.
The Company plans to drill a minimum of 10,000 meters in approximately 45 holes during the 2017 field season.
- An initial phase of 5,000 m of drilling has commenced and will continue into August.
- A second phase of 5,000 m of drilling will follow after a two to three week period to allow for receipt of assay results by the Company. This second phase is expected to continue until October.
- Approximately 3,000 m of drilling will be within the area of the Main Zone and will include twin, in-fill and step-out holes. These holes are designed to confirm historic drilling results and to assess areas for further extension of known gold mineralization.
- The remaining meterage will focus on 1) evaluating the source of Induced Polarization anomalies, 2) evaluating areas where previous trenching has identified the presence of gold mineralization and, 3) evaluation of priority target areas identified by the compilation of all geological data for the entire Project.
The primary objectives of the drill program are to test new target areas and evaluate areas for possible expansion of the Main Zone.
Genesis' CEO Brian Groves commented, "We are pleased to announce the start of drilling at Chevrier. Drilling will supplement the current trenching program that is underway. We plan also to commence a program, later in the summer, of prospecting, sampling and mapping to refine other target areas for drilling."
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.
Genesis Metals. has granted stock options to directors, officers, employees and consultants to purchase a total of 2,525,000 common shares of the company at an exercise price of .22 cents per share for a five-year term expiring July 11th, 2022.
The company has also granted 150,000 shares to management of the Company at the deemed price of $0.24. The shares are awarded with respect to services provided to and received by the Company during the 2016 financial year.
It has been determined that the value of the services provided to the Company by management during the 2016 financial year, in excess of services for which such management have already received cash compensation, is at least equal to the value that results when the number of shares to be received by management is multiplied by $0.24.