Toronto, Canada--(Newsfile Corp. - November 14, 2018) - Generic Gold Corp. (CSE: GGC) (FSE: 1WD) ("Generic Gold" or the "Company") announces the results of a reverse circulation ("RC") drill program on its VIP property in Yukon, Canada.
The drill program consisted of 1,090 metres in 11 shallow drillholes testing several multiparameter targets on the property. The majority of the program was focused on an area known as the Redbull Zone, on which the Company has completed several preparatory exploration campaigns including soil sampling, prospecting, geoprobe sampling, and trenching (see Generic Gold press release dated September 21st, 2018). Drilling confirmed the auriferous nature of the structure, with broad zones of anomalous low grade gold mineralization, as shown in Table 1 and Figure 1 below. Economic grade mineralization was not encountered during this campaign, although within the mineralized intervals noted below every sample returned elevated gold values. This is indicative of a primary mineralized structure. The next stage of exploration on the target will involve testing laterally along this fault for secondary mineralizing cross-cutting structures or variations in host rocks which may deform in a more brittle fashion and increase the potential for higher gold values elsewhere in the system.
|Hole ID||From (m)||To (m)||Length (m)||Au (g/t)|
|GGVIP-18-003||No anomalous values|
Table 1: 2018 VIP Drilling Results indicating broad intervals of continuous anomalous mineralization. Note that intervals may not add up due to rounding.
The 100 % owned VIP project covers an area of roughly 17 x 13 kilometres, located 120 kilometres south of Dawson, 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.
Figure 1: 2018 VIP Redbull Zone plan view showing drilling and surface sampling results.
To view an enhanced version of Figure 1, please visit:
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 prepared and approved the technical information contained in this press release. Mr. Malcolm planned and managed the 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 nine projects with a total land position of 37,877 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.