Toronto, Ontario - April 12, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Generic Gold Corp. (CSE: GGC) ("Generic Gold" or the "Company") is pleased to announce results of exploration activities completed at the Livingstone Gold Project ("Livingstone" or "the Project"), approximately 85 kilometres northeast of Whitehorse, Yukon Territory.
President and CEO, Kelly Malcolm commented: "I am very pleased to report the first ever drill results from the Livingstone area. We have definitively identified a large-scale mineralized fault system that covers the headwaters of five of the six high energy placer creeks on the property, which are characterized by very coarse gold nuggets. We look forward to continued exploration work along the Big Salmon fault in the coming field seasons."
The 2017 work program was the first time that core drilling was completed to test for gold in bedrock along the Livingstone Project's 14 kilometre length. In addition, new claims were staked, soil sampling and prospecting were completed, and a comprehensive compilation and interpretation of existing company and government geophysical and geochemical data was completed.
The Livingstone Project covers an area of roughly 14 x 4 kilometres, located 85 kilometres northeast of Whitehorse, and is accessible by a winter road, fixed wing aircraft, and helicopter. Five west-draining creeks, all of which have their headwaters on the Livingstone property, are known for having produced numerous multi-ounce gold nuggets, some of which still contain primary quartz vein and accessory mineral material. Placer mining has been occurring sporadically in the Livingstone area since 1898. In 2016, the Yukon Geological Survey flew a 4,226 kilometre airborne VTEM survey, which identified several target areas that the government (Colpron et al., 2017) indicates "define potential exploration targets for the source of placer gold in the centre of the Livingstone Creek area." These target areas were further defined and refined through geological, geochemical, and geophysical work completed by Nevada Zinc's geologists over the past 6 years.
The 2017 Livingstone Project work program consisted of:
Completion of 8 diamond drill holes, ranging in depth from 81 to 212 metres, on three targets for a total of 1,315 metres. Assay results are described below. Mineralization is hosted within hydrothermally altered and intensely deformed sedimentary rocks within a large-scale structure. This mineralized structure, interpreted from geophysics and confirmed through drilling, is at least 9 kilometres in length and covers the headwaters of of five of the six current and past-producing placer mining creeks in the Livingstone area. Gold mineralization exhibits a geochemical signature of Au-Ag-As-Co-Mo-Pb-S-Te-W, indicative of an intrusion-related system. This chemical signature matches that of very large gold nuggets (individual nuggets reaching up to 20 ounces) that were extracted from various creeks that drain off of the Livingstone property. Highlights of the 2017 exploration program are shown in Figure 1.
King zone: Five holes were drilled along the Big Salmon trend on a multiparameter target defined by gold-in-soil geochemical anomalies, ground-based IP geophysics, airborne VTEM geophysics, and prospecting. These holes were targeting a graphitic fault horizon from which bedrock grab samples returned values of up to 10 g/t gold and 4.9 oz/t silver from quartz vein material.
Chinook zone: Two holes were drilled along the Big Salmon trend on a multiparameter target defined by gold-in-soil geochemistry, ground-based IP geophysics, and airborne VTEM geophysics. These holes were targeting silicified metasediments that had returned anomalous precious metal values.
Kokanee zone: One hole was drilled on a target which was defined by goldn-soil geochemistry and airborne VTEM geophysics. This hole was targeting an area of increased resistivity along a regional EM conductor.
Soil Sampling and Prospecting
Soil sampling was undertaken in the Kokanee zone area that had been identified as anomalous during previous work campaigns, which coincided with a strong and structurally kinked EM anomaly. Results were positive and show a broad trend of elevated gold-in-soils, with a geochemical signature of Au-As-Co-Cr-Cu-Ni-Pb-Te-W-Zn which may be indicative of ultramafic-related gold mineralization. In addition, very large quartz vein boulders were identified which further indicates the abundance of hydrothermal activity on the Property.
A total of 36 claims were added to the Livingstone Project claim package, expanding the total land holding to 192 mineral claims, or roughly 4,013 hectares. Two of the new claim blocks were staked at the headwaters of historical placer creeks, while one was staked along the extension of the Big Salmon trend EM anomaly.
A common Earth model was generated through inversion and interpretation of all existing geophysical and geochemical data in the Livingstone area. This interpretation work was done by consultant Alan King of Geoscience North, a globally renowned geophysicist who was previously Chief Geophysicist for Vale Global Exploration. The Earth model assisted with drill targeting for the summer program, and also provided numerous targets for future exploration programs.
Colpron, M., Carr, S., Hildes, D. and Piercey, S., 2017. Geophysical, geochemical and geochronological constraints on the geology and mineral potential of the Livingstone Creek area, south-central Yukon (NTS 105E/8). In: Yukon Exploration and Geology 2016, K.E. MacFarlane and L.H. Weston (eds.), Yukon Geological Survey, p. 47-86.
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, supervised the exploration program and has read and approved the technical information contained in this press release. Diamond drilling was completed with BQ2 and NQ2 core size. Drill core was logged, photographed, and marked for samples on site at the Livingstone exploration camp. Drill core was cut and sampled at Aurora Geoscience's Whitehorse office under the supervision of Carl Schulze, P.Geo. Analyses were completed at ALS Minerals, an ISO Certified lab, using industry standard methods and analytical packages including Au-ICP21, Au-ICP22, ME-ICP61, and AuME-TL43. The Company's quality control checks include the insertion of standard reference materials and blank samples to monitor the precision and accuracy of the assay data.
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.
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