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:
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
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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.