ST-SAUVEUR, QC, March 31, 2020 /CNW/ - Genius Metals Inc. (CSE: GENI) ("Genius" or the "Company") wishes to provide an update on the proposed drilling campaign at Sakami, on its drilling campaign at Iserhoff, and the exploration work at A-Lake.
Sakami Drilling Campaign, James Bay Area (Au)
The company will conduct a 1,000m minimum drilling campaign on its Sakami property. The drilling will target the most gold prospective sites defined by recently completed ground-based and helicopter-borne geophysics and analyses from rock samples collected in October 2019. Genius will test two types of geological settings: 1) Sulphide-rich mylonites in amphibolitic rocks. These rocks are associated with magnetic highs and are not conductive, 2) Sulphide-rich iron formations exposed with chert beds and other metasediments identified by magnetic highs and moderate TDEM anomalies.
The program is planned for the end of summer 2020 when the meteorological conditions are the most favorable to perform the drilling in this area.
Immediately south of Genius' claims, Québec Precious Metals Corporation has announced a 25 000m drilling program for the year 2020. The drilling program was designed to focus on: 1) expanding the La Pointe deposit and the Simon new high grade discovery with results that include 14.20 g/t Au over 2 m, 5.05 g/t Au over 5.06 m, and 4.66 g/t Au over 3.50 m; and 2) testing additional new targets across the 13-km mineralized trend striking SSW-NNE that includes the Apple, Péninsule, JR and Île showings (with gold mineralization detected in drill holes, grab and trench samples).(See QPM's press release dated January 14, 2019).
To the South-West, Azimut Exploration is commencing a 6,000-metre (30-hole) diamond drilling program. The objective is to expand the Patwon gold discovery recently reported on the Property, which consists in multiple substantial drill hole intersections including 3.12 g/t Au over 102.0 m (see AZM's press release of March 18, 2020). -Note: Azimut announced a temporary halt of the drilling work (see AZM's press release from March 25, 2020)
The mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.
The Sakami property is located in the James Bay area of the Province of Quebec. The property overlies island and shore areas of the northeastern Sakami Reservoir and is constituted of 148 noncontinuous mineral claims totaling 7,615 ha. The property is 100% owned by Genius Metals. Rocks of the Sakami property belongs to the La Grande and Opinaca geological subprovinces. The investigated northern segment of the property straddles the sheared/thrusted and deformed contact between the la Grande (Yasinski Group) and Opinaca (Laguiche Group) subprovinces. Layers of garnet amphibolite and metasediments are observed near the shear contact. Felsic schists and dykes are commonly associated with mylonite zones. Hydrothermally altered exhalites, sulfide-rich cherts and sulfide/oxide/silicate iron formations are also exposed.
Iserhoff Drilling Campaign, Northern Abitibi Region (Au)
Genius embarked on a 1,000m exploratory drilling campaign on its Iserhoff property on December 2019 in order to replicate the gold-bearing historical drill holes carried out by O'Brien Gold Mines Limited in 1955. After 600m of drilling, the Company has to date been unable to reproduce the previous gold values and has suspended drilling while it re-assesses the prospect.
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. The gold property comprised originally 51 mining claims totaling 16.22 km² which were 100% owned by Genius Metals. The property can be accessed by a network of forest 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 (andesitic-dacitic tuffs, amphibolites) and metasediments (greywacke) metamorphosed to the amphibolite facies. 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 contained low precious and base metal values.
A-Lake Property, New Brunswick (Cu-Zn-Mo-Sn)
Thirteen Cu and Zn-mineralized granitic samples collected from the granophile-mineralized Mount Douglas Granite (MDG) reanalyzed by the peroxide fusion method showed Sn concentrations 10 to 100 X higher than previously obtained by the 4-acids method. The average concentration now reaches 0.30±0.44 SnO2 %, with high values of 0.95, 0.92 and >1.27 SnO2 % respectively. The entirety of the collected samples from A- Lake will thus be reanalyzed by the peroxide fusion method. Comparison with the major and trace element concentrations of fresh granites and mineralized/altered samples have shown considerable K, Na and Si depletion in altered quartz vein deficient samples. Consequently, the chemical composition of the MGD rocks especially the K/Th and Na/Th ratios are viewed as pathfinder elements of the mineralization. Genius will carry out further field work to find the source of the mineralized float material guided by the mapping of the A-Lake area (Billiton 1983) that discovered several un-sampled greisen veins on mountain tops. A NS-oriented fault or contact expressed by a strong magnetic contrast could be related to the granophile mineralization. An investigation by an IP survey aligned perpendicular to the contact is thus proposed.
The A-Lake property is located in southern New Brunswick within the Charlotte County, NTS map 21G07.It consists of seven claims containing 118 units covering 28.6 km2. The mineralization is found within the Late Devonian Mount Douglas Granite units hosting endogranitic granophile element (Sn-, Mo-, Zn-, Bi and U) within greisens/sheeted veins. The claims are located < 20 km from the W-Mo Mount Pleasant deposit.
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: Pierre-Olivier Goulet, Vice-President Corporate Development, Tel.: 450 821-5270, Email: [email protected]; Guy Goulet, President and CEO, Tel.: 579 476-7000, Email: [email protected]