
Genesis Metals Corp. (TSXV:GIS) – Mineral Resource Estimate at Chevrier Increased by 32%
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.