Genius Metals Expands Discovery Zone at Sakami
MONTRÉAL, QUÉBEC, CANADA — (November 3, 2020) – Genius Metals Inc. (CSE: GENI) (“Genius Metals” or the “Corporation”) is pleased to present an update on the second phase of the 2020 exploration program completed in September-October on its Sakami property located in the James Bay Territory, Quebec.
The principal objective of the work program was to conduct detailed geological mapping on the Lamarche and Golden Eye Gold prospects, both discovered during the first phase of work on the property. Channel sampling, achieved with a mechanical excavator, and grab sampling of the stripped outcrops were undertaken.
The Lamarche prospect
As part of the second phase of work, seven trenches totaling 46.4 linear meters of channel samples were completed on the main and surrounding stripped outcrops of the Lamarche Zone and 21 samples were also collected. The analytical results generated grab samples with Au values of 1.55 to 6.10 g/t from the main trenches area (Figure 1), with Ag (14.3-31.7 g/t), Cu (637-1100 ppm), and Zn (0.48-4.05 %) concentrationsconfirming the polymetallic character of the mineralization. Channel sampling produced the following intervals:
- 1.71 g/t Au, 3.4 g/t Ag and 0.4 % Zn over 1 m ;
- 1.01 g/t Au, 28.5 g/t Ag and 3.76 % Zn over 1.4 m;
- 0.26 g/t Au, 2.9 g/t Ag, 0.58 % Zn over 3.4 m.
The Lamarche prospect is distinctive because of its high silver and zinc concentrations. 13 samples carry concentrations of Ag > 10 g/t (11-712 g/t), whereas 40 samples provided assays > 1,000 ppm Zn (1070 ppm to 8.42 %).
The current data confirms the results obtained during the first phase of the exploration program that yielded agrab sample value of 13 g/t Au with other samples ranging from 0.8 to 1.8 g/t Au. Those auriferous values are accompanied by silver and base metals concentrations varying from 39-266 g/t Ag, 0.47 % Cu, 1.0-19.2 % Zn and 0.80-5.56 % Pb.
Currently,the Lamarche prospect is interpreted as a 500 x 350 m shear zone/deformation corridor (Figure 1). The altered polymetallic shear contains veins and/or disseminated pyrite, pyrrhotite, chalcopyrite, sphalerite, and galena within fine-grained chlorite-biotite metasediments. It is postulated that the Lamarche prospect deformation zone extends at least 1.4km ENE.
Guy Goulet, CEO of Genius Metals stated: «The Lamarche prospect displays several geological characteristics indicating a similar origin and perhaps association with numerous gold prospects prevalent around the O3 Mining La Grande Sud deposit (320,000 oz Au) located 12 km NE of the Genius’ Sakami property. In both areas, there is a clear association of a polymetallic (Au-Ag-Zn±Cu±Pb) mineralization with a major ENE-oriented hectometric-thick deformation zone. »
The Golden Eye prospect
A total of 346 m2 of overburden material was stripped to expose the rocky substrate and 33.3 linear m of channel sampling on the Golden Eye Zone (Figure 2). Channel sampling yielded values of:
- 1.02 g/t Au over 4.1 m
- 0.67 g/t Au over 2.00 m (Including 1.02 g/t Au over 1m.)
- 0.52 g/t Au over 3m. (including 1.10 g/t over 1m.)
The new analytical data corresponds with those obtained during the past exploration phase which produced gold values ranging from 0.64 to 2.55 g/t Au.
Channel R9 terminates with a high gold value and (Figure 2) partially crosscuts an IP chargeability anomaly, suggesting more mineralization to the south. The Golden Eye prospect (700 x 100 m) is exposed near a tonalitic pluton.
mineralization consists of rusty bands richer in pyrite and/or pyrrhotite ±
chalcopyrite within basaltic/amphibolitic
flows intruded by felsic intrusive rocks.
Mr. Pierre-Olivier Goulet, VP Corporate Development of Genius Metals stated: «The company is proud to release the results of the second and final phase of the 2020 exploration program on the property. The exploration program completed this summer constitutes a considerable advancement for Genius Metals as the company is eager to test highly prospective drill-targets in an area of James Bay which remained largely underexplored. »
Future Exploration Plans
Future work on the property entails the completion of a 3 x 1 km grid to carry out an IP survey on the extension of the Lamarche prospect. The principal objectives of the survey are to define IP (chargeability/resistivity) anomalies that will guide subsequent trenching and channel sampling and determine future drilling targets.
The technical and scientific content of this release has been reviewed and approved by Michel Boily, PhD, P. Geo, VP Exploration for Genius and Qualified Person (QP) as defined by NI 43-101.
Quality Assurance and Quality Control (QA/QC)
Genius Metals implemented a strict QA/QC protocol in processing all rock samples collected from the Sakami property. The protocol included the insertion and monitoring of appropriate reference materials, in this case certified gold standards, blanks and duplicates, to validate the accuracy and precision of the assay results. All collected rock samples were put in sturdy plastic bags, tagged, and sealed in the field under the supervision of professional geologists. The sample bags were then put in rice pouches and kept securely in a field tent before being sent by truck for preparation and analysis to the Actlabs laboratories in Timmins, Ontario. All samples were analyzed using the Aqua regia ICP-EOS method for 38 elements. Samples having contents > 10 000 ppm Cu; > 10 000 ppm Zn; > 5000 ppm Pb; > 100 ppm Ag were re-analyzed by the Code-8 method (aqua regia). Gold assays were determined by Fire Assay with an atomic absorption finish (method 1A2B AA). Samples having gold concentrations > 10 ppm Au were re-analyzed with the 1A3-50 method (pyro-analysis with a gravimetric finish).
About Genius Metals
Genius Metals is a Canadian mineral exploration company focused on the acquisition, exploration and, if warranted, development of natural resource properties of merit in Canada.
The CSE has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “expected” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements, including the expectations of the Corporation’s management regarding the use of proceeds of the Private Placement, are based on the Corporation’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Genius Metals Inc.
Vice-President Corporate Development
President and CEO