Toronto, Ontario--(Newsfile Corp. - August 28, 2018) - Generic Gold Corp. ("Generic Gold" or the "Company") (CSE: GGC) (FSE: 1WD) is pleased to announce that a drill and field crews have mobilized to the VIP property to initiate a reverse circulation ("RC") drilling program along with regional generative exploration work.
President and CEO, Kelly Malcolm commented: "We are very excited to begin drilling on the VIP project, which is the first time this property has ever been drill tested. The VIP project has been a high priority since the acquisition of our property portfolio in May of 2017. Since acquisition, we have completed soil sampling, prospecting, mechanical trenching, geoprobe sampling, and geophysical interpretations which have identified several high priority drill targets. The property is proximal and on trend to one of the most advanced and exciting exploration projects in the Yukon, Goldcorp's Coffee project, and work to date has identified similar geology and mineralization. I look forward to updating the market as our program progresses."
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.
During 2017 and earlier exploration programs the Company identified an auriferous structure known as the Redbull Zone (see Generic Gold news March 6, 2018) which is characterized by highly oxidized and hydrothermally altered schistose rocks composed largely of sericite, quartz, and oxidized pyrite. Rocks within the structure display a geochemical signature of Au-Ag-As-Bi-Cu-Pb-Sb-Zn-Se-Te-Hg. The gold-in-soil anomaly overlaying the Redbull Zone is more than 750 metres long, up to 360 metres wide, and open to both the North and the South. Geoprobe sampling across the width of the anomaly has determined the bedrock width extent of the oxidized structure is at least 120 metres.
A drilling program has been designed consisting of approximately 1,000 metres, of which the majority will be testing the mineralized structure hosting the Redbull Zone. This zone is completely open along strike where permafrost impedes soil sampling techniques. Drilling will be completed using a Grasshopper RC drill, contracted through Midnight Sun Drilling of Whitehorse, Yukon. The Grasshopper RC drill has a number of advantages including: cost-effective and rapid testing of near-surface oxide mineralization; abilitity to drill up to 200 metre holes; light platform which requires less pad clearing and reduced environmental impact. The regional exploration work will focus on soil sampling and prospecting over recently identified structural targets (see Generic Gold news May 28, 2018) to identify exploration targets for the next drilling campaign.
Figure 1: VIP gold-in-soil geochemistry overlaying regional geology, structure, and regional gold targets. The Redbull Zone is seen in the centre of the map.
To view an enhanced version of Figure 1, please visit: http://orders.newsfilecorp.com/files/3923/38315_a1535425826499_45.jpg
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. Mr. Malcolm has planned and will manage the current exploration program.
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.