Genesis Metals Corp is pleased to announce the details of upcoming work programs for the 100% owned Chevrier gold 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.