Toronto, Ontario--(Newsfile Corp. - April 19, 2018) - Generic Gold Corp. (CSE: GGC) ("Generic Gold" or the "Company") is pleased to announce the acquisition of the Summit gold property ("Summit" or "the Project") from Goldstrike Resources Ltd ("Goldstrike"). Summit was staked by Nevada Zinc Corp. (parent company to Generic Gold) in 2010 and has been under option to Goldstrike since 2011. Goldstrike explored the Project over three field seasons, consisting of soil sampling, prospecting, ground geophysics, and mechanical trenching, and returned the property to Generic Gold on April 10, 2018.
Summit is located in the Watson Lake mining district, approximately 200 kilometres east of the village of Faro, Yukon, and straddles the border of Yukon and Northwest Territories. The Project comprises 86 contiguous mineral claims consisting of approximately 1,800 hectares. The Project is accessible by helicopter and float plane from a base station on Nahanni Range road, approximately 50 kilometres to the southeast.
President and CEO, Kelly Malcolm commented: "I am very happy to report on the acquisition of the highly prospective Summit property. This non-dilutive acquisition adds another significant gold-focused Yukon project to the Generic Gold property portfolio. Goldstrike had great success in moving the property to the near drill-ready state with significant trenching, prospecting, and soil sampling results, including trench results of 2.74 g/t Au over 5 metres and grab samples up to 11.41 g/t Au. This project has been sitting dormant since 2013 due to Goldstrike's successes on its Plateau and Lucky Strike projects and we look forward to continued exploration and advancement of this underexplored gold discovery."
The Summit property is located within the Selwyn Basin geological province and underlain by Precambrian to Lower Cambrian Hyland Group rocks within a regional northwest plunging anticlinorium. The property was staked to cover the inferred source of a 99th percentile regional gold-arsenic-antimony stream sediment anomaly taken by the Geological Survey of Canada and because of the property's similarities in geology and geochemistry to Atac Resources' Osiris discovery.
In 2011, a reconnaissance program consisting of prospecting, mapping, soil, silt, and rock sampling was completed, resulting in three Au-As-Sb soil anomalies and rock samples grading up to 5.3 g/t Au. In 2012, a focussed follow-up program was completed with grab samples reaching up to 9.9 g/t Au. In 2013, Goldstrike completed a trenching program resulting in trench samples grading up to 2.74 g/t Au over 5 metres and individual grab samples reaching up to 11.4 g/t Au. A summary of exploration highlights is included in figure 1. To view an enhanced version of Figure 1, please visit:
The two most robust anomalies identified on the Summit project include:
The Everest Zone; consisting of a north-trending 800 m by 300 m Au-As-Sb soil anomaly that overlaps with a north-south steeply dipping strike-slip fault. A bedrock trench sample assaying 2.74 g/t Au over 5 m, including 7.47 g/t Au over 1 m, was taken at the southern edge of the soil anomaly and is hosted by highly oxidized and fracture quartz breccia and vein material. Twelve rock grab samples of mineralized quartz vein and breccia float returned values ranging from 0.39 to 11.41 g/t Au. Fresh (i.e., unoxidized) samples of quartz breccia show that the gold is associated with arsenopyrite veinlets and disseminated pyrite that decompose to hematite or limonite.
The K2 Zone; consisting of a 400 m by 800 m north-east trending Au-As-Sb soil anomaly and remains open to the north-east. Four rock grab samples of mineralized quartz breccia were taken, similar to the Everest Zone, with grades ranging from 0.66 to 7.1 g/t Au.
The Summit Project displays similarities to many gold occurrences located southeast and northwest of the Project. The Rackla Gold project (ATAC Resources), 3 Aces project (Golden Predator), and the Hyland project (Banyan Gold) discoveries are prime examples of these gold occurrences and are collectively located in the Hyland gold belt. These gold occurrences are all underlain by similar Hyland group sedimentary rocks and situated along the same or similar regional-scale Little Owls Anticlinorium and March thrust fault. These properties all share similar Au-As-Sb geochemical soil signatures associated with north-south faulting and host gold mineralization in quartz breccia/veins associated with arsenopyrite similar to the Summit Property. The mineralization seen at the Summit Property is believed to be derived from an orogenic source and represents an extreme extension of the Hyland Gold Trend.
Kelly Malcolm, P.Geo, President and CEO of Generic Gold, a Qualified Person as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, has read and approved the technical information contained in this press release.
The historical results discussed above have not been verified by the Company, however the samples were analyzed with industry standard methods and subjected to a rigorous QA/QC protocal which was reviewed by Goldstrike's Qualified Person and are thus considered relevant and valid.
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. The Company's exploration portfolio consists of ten projects with a total land position of 39,820 hectares, all of which are 100% owned by Generic Gold. Several of these projects are in close proximity to significant gold deposits with multi-million ounce NI 43-101-compliant resources, 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 genericgold.ca.
For further information contact:
Kelly Malcolm, President and CEO
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.
The technical and scientific information contained within this website has been reviewed and approved by Kelly Malcolm, P.Geo, President and CEO of Generic Gold Corp. and a Qualified Person as defined by National Instrument 43-101 policy.