Genesis Metals provided a new resource estimate (MRE) for its 100%-owned Chevrier Au project in the Chibougamau area of Quebec. We view this new update positively as it demonstrates resource growth of 24% despite the removal of the East zone (which was included in the 2019 estimate) and continued exclusion of the South zone. With 912k oz Au, we believe there exists significant upside at Chevier in existing zones along with the potential to make new discoveries given its large land package of >290km2 within the mature Chibougamau Au camp that has historically produced 6.7M oz Au. Specifically, we see at least six areas where further drilling may add to this resource including within the Main zone open pit, and within underground resource areas at either ends of the pit.
Tag: Genesis Metals Corp.
Genesis released results for its 23-hole (4,880m) spring drill program at its 100%-owned Chevrier project in the Chibougamau area of Quebec. Genesis drilled 1,468m in 5 holes at the Main zone and 3,412m in 18 holes were drilled to test a series of exploration targets area east of the Chevirer East deposit. We believe there is significant upside potential to expand existing resources and find new discoveries. Additionally, Genesis has a large land package of >290km2 within the mature Chibougamau gold camp that produced 6.7M oz Au to date. The property straddles the gold rich Fancamp deformation zone for over 15km. Its Main and South zones occur over ~3km of this trend near other deposits.