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Toronto, Ontario – December 6, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Generic Gold Corp. (CSE: GGC) (FSE: 1WD) (OTCQB: GGCPF) (“Generic Gold” or “Generic” or the “Company”) is pleased to announce that it has obtained the required permits for a new 1,500-metre diamond drill program on the Belvais Project, located in the northwestern region of Qu?bec’s Abitibi greenstone belt. The program is to follow up on high-priority EM (electromagnetic) targets that were discovered in the recently completed BHEM (borehole electromagnetics) program. The strongest and highest priority of these BHEM anomalies lies only 25m under surface and is approximately 1.2km south of Starr Peak Mining’s recent drilling on their Normetmar VMS deposit. Figure 1 demonstrates three of the planned diamond holes (yellow collars) with their associated EM plates (orange) that are being targeted. The drill rig is set to mobilize mid-week and begin drilling immediately after.
The BHEM technique has seen great success in the immediate area with neighbouring Starr Peak Mining (TSXV: STE), which has successfully converted its BHEM anomalies into VMS targets, and was their main discovery tool at the NewM?tal property (see Starr Peak Press Release dated February 23, 2021), which borders Generic’s, Belvais property.
The Chicobi belt has seen a renewed exploration focus over recent years, largely due to numerous high-grade gold discoveries by bordering Amex Exploration (TSX-V: AMX). The area is historically very underexplored for gold and has the potential to become another major gold producing belt of the Abitibi, all in the while remaining highly prosperous for further VMS discoveries. Neighbouring Amex Exploration has been recently named Exploration Company of the Year at Mines and Money London, highlighting the quality of assets in the immediate area.
As shown in Figure 2, the Belvais project lies directly south-east of Amex Exploration’s Perron Project, which recently announced a new VMS discovery (the QF Zone) along the Norm?tal Mine Sequence (see Amex Press Release dated August 9, 2021), and is also directly east and south-east of Starr Peak’s NewM?tal project, which announced high-grade VMS mineralization on their Normetmar target (see Starr Peak Press Release dated May 4, 2021). Both of these new discoveries occur along the Norm?tal Fault which is of particular significance for Generic Gold, as the Company holds over 20 km of the Norm?tal Fault on its Belvais claims and is one of the largest landholders in the area with 12,563 hectares.
Figure 1: Location of planned holes P-GEN-22-22A to 24A (yellow collars) with their associated EM plates (orange) being targeted, with TMI (total magnetic intensity) shaded in the background Note the proximity to the town of Norm?tal, the historic Norm?tal VMS mine, the important Norm?tal fault and Normetmar deposit currently being advanced by Starr Peak Mining.
Figure 2: Generic Gold’s Belvais project with respect to Amex Exploration’s Perron project and Starr Peak’s NewM?tal project, noting the highlighted Norm?tal Mine Horizon sequence (shown in blue) of which Generic holds up to 18km of.
Qualified Person
Aaron Stone P.Geo, (OGQ – 2170), Vice President Exploration of Generic Gold and Qualified Person (“QP”) as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. The Qualified Person has not completed sufficient work to verify the historical information on the Property and in the vicinity, particularly in regards to historical drill results and historical mine production. However, the Qualified Person believes that these results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results. Also, mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
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 and the Abitibi Greenstone Belt in Quebec, Canada. The Company’s Quebec exploration portfolio consists of four properties covering 12,563 hectares proximal to the town of Norm?tal, and east of Amex Exploration’s Perron project and the past-producing Norm?tal mine. The Company’s Yukon exploration portfolio consists of several projects with a total land position of greater than 35,000 hectares, all of which are 100% owned by Generic Gold. Several of these projects are in close proximity to significant gold deposits, 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 www.genericgold.ca.
For further information contact:
Generic Gold Corp.
Aaron Stone, VP Exploration
Tel: +1 (514) 235-6012
astone@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.
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