Genius Metals to launch drilling campaign on Sakami project and provides an update on Iserhoff and A-Lake
Genius Metals to launch drilling campaign on Sakami project
and provides an update on Iserhoff and A-Lake
St-Sauveur, Québec − (CNW – March 31, 2020) − 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’ claim s, 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 contac t 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 an d 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 SnO 2 %, with high values of 0.95, 0.92 and >1.27 SnO 2 %
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.
The technical contents of this release were approved by Michel Boily, PhD, P. 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 in formation 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 o f 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 incorporat ed by
reference herein, except as required by applicable securities laws.
Contact 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]