ST-SAUVEUR, QC, Nov. 14, 2018 /CNW/ - Genius Metals Inc. (CSE: GENI) ("Genius") is pleased to announce transactions which strengthen its mining properties portfolio in Quebec:
- Staking of additional claims tied to its Sakami Gold Project in the James Bay area;
- Acquisition of the Iserhoff Property Au;
- Genius to start Exploration Programs at Sakami and Iserhoff;
- Genius to adopt a Sustainable Development Policy
Genius Metals stakes Additional Claims adding to its Sakami Gold Project in the James Bay area
Genius stakes additional claims southwest and northeast of the Northern Sakami Block located in the James Bay area of the Province of Québec.
The new claims, 21 in total, cover an area of 10.81 km2, bringing the total number of the Northern Sakami block to 73 claims with an area of 47.8 km2. Significant geochemical humus anomalies were discovered in 2011 during the exploration of the Southern Sakami claim block, some reaching up to 0.552 g/t Au.
Genius is currently conducting induced polarization, magnetic and VLF geophysical ground-based surveys on the Northern Sakami claim block.
The Sakami property, located in the James Bay area of the Province of Quebec, straddles the structural contact between the Opinaca and La Grande Archean subprovinces which exposes a significant number of gold showings related to sulphide-rich quartz veins in iron formations and shear zones. The Sakami property displays diverse lithologies showing signs of alteration and/or gold mineralization (Au =1 to 5 g/t) principally associated with mylonitic or sheared zones.
Iserhoff Gold Property
Genius will purchase a 100% interest in the Iserhoff Property in consideration of the issuance of 500,000 common shares of the Company. The property will be subject to a 2% net smelter returns royalty (NSR) on production, half of which can be bought back for a cash payment of $1,000,000.
The Iserhoff Property is located in the northern Abitibi Greenstone belt, Quebec in the central and western areas of Bergères Township, about 55 km NNE of Lebel-sur-Quévillion, Québec. The gold property comprises 29 mining claims totaling 1,621.68 ha or 16.22 km² which will be 100% owned by Genius Metals. The property can be accessed by a network of forestry roads some of which join provincial highway 113 connecting Lebel-sur-Quévillion with Chibougamau.
The property is underlain by highly and multiply deformed Archean intermediate volcanic rocks (andesite-dacite) and metasediments (greywacke) metamorphosed to the amphibolite grade. Iserhoff was acquired in view of the encouraging drilling campaign results obtained by O'Brien Gold Mines Limited showing five short DDH extending for 3.5 km along strike and yielding anomalous gold values at shallow depth (ex: 1.40 g/t @ 8.3 m, 1.24 g/t @ 14.5 m and 1.24 g/t @ 5.9 m) with locally some associated silver, lead and zinc content. Strong IP anomalies in the central portion of the Iserhoff property are related to narrow (0.5 to 3 m), somewhat discontinuous, bands of massive to semi-massive pyrrhotite and pyrite-rich-rocks which returned low base metal values.
Genius will pursue a ground-based IP/resistivity survey on the property.
René Branchaud is Appointed to the Board of Director
The Corporation is pleased to announce the appointment of René Branchaud to its Board of Directors, effective immediately. He will also act as Corporate Secretary.
René Branchaud obtained a diploma in law from Université Laval in 1982. He is a member of the Québec bar since 1983 and has been with the law firm Lavery, de Billy since that year. He is a partner and chairman of the board of directors of Lavery, de Billy.
He is also a director or secretary of several mining listed companies.
Sustainable Development Policy
The Board of direction adopted a sustainable development policy. Genius's goal is to create long-term value in the mining exploration, mineral resources extraction and metal production activities. The Company works in collaboration with all stakeholders in order to make sure that the principles of transparency and responsibility are respected in all our activities.
Genius approach to health and security, environment and communities is central to our activities and is a part of our business model.
The technical contents of this release were approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.
About Genius Metals Inc.
Genius Metals is a Canadian mineral exploration company focused on the acquisition, exploration and, if warranted, development of natural resource properties of merit in Canada.
The CSE has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", "expected" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the listing and trading of the Corporation's common shares on the CSE and the availability of a listing statement on the CSE's website and on SEDAR are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Genius Metals Inc.
For further information: Guy Goulet, President and CEO, Tel.: 579 476-7000, Email: [email protected]