Toronto, Ontario–(Newsfile Corp. – April 11, 2023) – Generic Gold Corp. (CSE: GGC) (FSE: 1WD) (OCTQB: GGCPF) (“Generic Gold” or “Generic” or the “Company“) has successfully completed the Phase 3 drill program on the Belvais Project, located in the northwestern region of Québec’s Abitibi greenstone belt. The program was to follow up on high-priority EM (electromagnetic) targets that were discovered from a BHEM (borehole electromagnetics) program. A total of 1,856m were drilled across six drill holes (Table 1).
All assay results have been received, with highlights including a highly anomalous silver-zinc intercept, a copper-bearing quartz vein and nickel from banded pyrrhotite + pyrite. Further descriptions of the mineralization are provided below. Given the recent success of VMS discoveries by neighbours Starr Peak Mining and Amex Exploration, these zinc and copper results warrant further work.
As shown in Figure 1, the Belvais project lies in a favourable geological district, being directly south-east of Amex Exploration’s Perron Project, which previously announced a new VMS discovery (the QF Zone) along the Normétal Mine Sequence (see Amex Press Release dated August 9, 2021), as well as being directly east and south-east of Starr Peak’s NewMétal project, which announced high-grade VMS mineralization on their Normetmar target (see Starr Peak Press Release dated May 4, 2021). Both of these discoveries occur along the Normétal Fault, which is of particular significance for Generic Gold, as the Company holds over 20 km of the Normétal Fault on its Belvais claims and is one of the largest landholders in the area with 12,563 hectares.
Generic Gold’s Belvais project with respect to Amex Exploration’s Perron project and Starr Peak’s NewMétal project, noting the highlighted Normétal Mine Horizon sequence (shown in blue) of which Generic holds up to 18km of.
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Collar Table for Belvais Phase 3 Diamond Drill Holes
|Hole ID||Northing (m)||Easting (m)||Elevation (m)||Azimuth (°)||Dip (°)||Hole Depth (m)|
Note: Approximate collar coordinates in UTM NAD83 Zone 17N
Drill Intercepts of Significance from Belvais Phase 3 Program
|Hole ID||From (m)||To (m)||Length (m)||Grade (g/t Ag)||Grade (% Zn)||Grade (% Cu)||Grade (% Ni)|
- The anomalous silver-zinc intervals in holes GEN-22-28 and GEN-22-29 are from exhalative horizons composed of magnetic, semi-massive bands of pyrite-pyrrhotite sulphides. The nickel intercept in GEN-22-29 was derived from a banded and magnetic exhalative sulphide horizon.
- The copper intercept in GEN-22-30 was from an andesitic unit hosting a quartz vein strongly mineralized in chalcopyrite, described as – QV 5-10% chalcopyrite, trace sphalerite, irregular contact orientation to core.
- The silver-zinc intercept in GEN-22-31 targeted the historic Lac du Canard occurrence and is hosted in an intermediate volcanic with light yellow-green sericite + silica altered pillows with dark grey cherty selvages hosting up to 50% subhedral pyrite cubes.
Generic Gold will continue to assess further targets across the Belvais project. Due to the vast land package held by the Company, many targets remain to be tested.
Aaron Stone P.Geo, (OGQ – 2170), Vice President Exploration of Generic Gold and Qualified Person (“QP“) as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. The Qualified Person has not completed sufficient work to verify the historical information on the Property and in the vicinity, particularly in regards to historical drill results and historical mine production. However, the Qualified Person believes that these results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results. Also, mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
About Generic Gold
Generic Gold is a Canadian mineral exploration company focused on gold projects in the Tintina Gold Belt in the Yukon Territory of Canada and the Abitibi Greenstone Belt in Quebec, Canada. The Company’s Quebec exploration portfolio consists of four properties covering 12,563 hectares proximal to the town of Normétal, and east of Amex Exploration’s Perron project and the past-producing Normétal mine. The Company’s Yukon exploration portfolio consists of several projects with a total land position of greater than 35,000 hectares, all of which are 100% owned by Generic Gold. Several of these projects are in close proximity to significant gold deposits, including Goldcorp’s Coffee project, Victoria Gold’s Eagle Gold project, White Gold’s Golden Saddle project, and Western Copper & Gold’s Casino project. Generic Gold’s board of directors and management team is led by experienced mining industry professionals, with expertise in exploration, finance, capital markets, and mine development. For information on the Company’s property portfolio, visit the Company’s website at www.genericgold.ca.
For further information contact:
Generic Gold Corp.
Aaron Stone, VP Exploration
Tel: +1 (514) 235-6012
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATION SERVICES PROVIDERS ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain statements in this press release are “forward-looking” statements within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. We seek safe harbour.
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