Generic Gold Corp. Identifies Regional Gold Targets on VIP Project

  

Toronto, Canada. 


May 28, 2018 


Generic Gold Corp. (“Generic Gold” or the “Company”) (CSE: GGC, FRA: 1WD) is pleased to announce the identification of seven (7) regional gold targets on its VIP Property (“VIP” or “the Project”) during a structural analysis and interpretation of Company airborne magnetic geophysical and government regional geological data.


The 100% owned VIP Project covers an area of roughly 17 x 13 kilometres, located 120 kilometres south of Dawson City, and is accessible by helicopter, nearby fixed wing aircraft airstrips, and nearby barge ports along the Yukon River. The project is in the White Gold district, approximately 20 kilometres west of Goldcorp Inc.’s Coffee gold deposits (2.16 Moz Au P&P Reserves, 0.78 Moz Au M&I Resources, 1.15 Moz Au Inferred Resources (Goldcorp Mineral Reserves & Resources, June 30, 2017)), along the interpreted extension of the Coffee Creek and Big Creek fault systems. The VIP Property is also contiguous with Independence Gold Corp.’s Boulevard property, Goldcorp’s Apollo property, and White Gold Corp.’s recently staked Coffee Trend West properties. 


AussieCan Geoscience Inc. (AGI) and Geokincern Ltd. were engaged to undertake a litho-structural interpretation over Generic’s VIP property in order to provide a better understanding of the structural context for gold mineralization and to assist in future exploration efforts by providing target areas. The study also compared the structural and lithological framework of Goldcorp’s Coffee and Coffee West deposits to that of the VIP project.


The conclusions of the study indicate that:

  • Movement on early large-scale thrust faults/ductile shear zones is interpreted to be contemporaneous with emplacement of the Sulphur Creek Granite;
  • Early thrust faults and parallel F2 folds are localised within the Klondike Schist and define a major asymmetric fold that occupies the southwestern limb of a regional scale NW-trending fold;
  • Major NW-trending faults in the southern portion of the VIP project overprint late plutons and are linked to NS-trending dextral structures;
  • Minor sets of EW-trending faults truncate and offset magnetic anomalies within the Klondike Schist and link to major NW-trending thrust faults. These faults bear kinematic and orientation similarities to mineralized faults at Coffee and Coffee West;
  • Late north-south trending faults occur as localised networks, cross-cutting Cretaceous intrusions, are often linked to NW-trending reverse/thrust faults with sigmoidal geometries and in places parallel and appear to control interpreted late dyke-like intrusions;
  • Deformation appears to become progressively more localised/partitioned subsequent to the emplacement of Mesozoic granite. Therefore, it’s proposed that fluid pathways were likely focused after this time along ductile shear zones and overprinting brittle faults and fracture zones;
  • A number of structures in the VIP project exhibit analogous structural relationships to those deemed important for gold mineralization at Coffee. Target areas recommended as prospective for gold mineralization within the VIP project are based on these relationships.

A map of the defined regional targets is included in figure 1. To view an enhanced version of Figure 1, please visit:  http://orders.newsfilecorp.com/files/3923/34858_a1527511425281_62.jpg 

                       

Figure 1: VIP Regional Structural Gold Targets Overlaying Interpreted Geology and Structure
 

Previous work by the Company has identified a number of regional gold-in-soil geochemical targets, with the most advanced being the Redbull Zone which was previously identified as a significant soil anomaly with values up to 61.4 ppb Au which is highly anomalous for the White Gold district. A profile of geoprobe drilling at 5 metre spacing was completed across the width of the previously identified soil anomaly, which identified a 135 metre wide zone of oxidized bedrock with coincident anomalous gold mineralization. In addition, trenching defined clear contacts of oxidized and mineralized material and provided key structural details which will assist in future drill targeting. The Redbull Zone has a geochemical signature of Au-Ag-As-Bi-Cu-Pb-Sb-Zn-Se-Te-Hg and the soil anomaly is more than 750 metres long, up to 360 metres wide, and open to both the North and South (see Generic news March 6, 2018).


President and CEO, Kelly Malcolm commented: “The report generated by AGI and Geokincern presents compelling targets for detailed follow-up ground truthing. The highest priority target generated is directly coincident with our Redbull Zone which was identified through a multi-parameter approach of soil sampling, prospecting, trenching, and geoprobe drilling. This further confirms the Redbull Zone as a high priority drill target. In addition, several of the other targets identified in this interpretation are coincident with gold-in-soil anomalies identified during regional target-generation work. These targets will be evaluated in the near term using a variety of techniques including soil sampling, IP geophysics, detailed prospecting, geological mapping, geoprobe sampling, and drilling.”


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. 


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 

Tel: 647-299-1153

kmalcolm@genericgold.ca 

 

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.