02:49:26 EDT Mon 05 Jun 2023
Enter Symbol
or Name

Generic Gold Corp
Symbol GGC
Shares Issued 65,700,100
Close 2022-05-27 C$ 0.185
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Generic Gold plans geophysical program at Belvais

2022-05-30 10:16 ET - News Release

Mr. Aaron Stone reports


Generic Gold Corp. will complete a comprehensive BHEM (borehole electromagnetic) geophysical program across areas of completed drilling on the Belvais project, located in the northwestern region of Quebec's Abitibi greenstone belt. The drill holes to be surveyed by BHEM lie along the Normetal mine horizon, the same geological package where neighbouring companies Starr Peak Mining and Amex Exploration have recently made high-grade VMS (volcanogenic massive sulphide) discoveries (please refer to individual company websites). The program is set to commence at the beginning of June.

The BHEM technique has seen great success in the immediate area, with neighbouring Starr Peak Mining utilizing this geophysical method as their main discovery tool at the Newmetal property (see Starr Peak's press release dated Feb. 23, 2021), which borders Generic's Belvais property. The BHEM anomalies discovered here were eventually converted into VMS drill intercepts at Newmetal. Geophysical contractor Abitibi Geophysics Inc. of Val d'Or, Que., has been engaged to complete the program.

The Belvais project lies directly southeast of Amex Exploration's Perron project, which recently announced a new VMS discovery (the QF zone) along the Normetal mine sequence (see Amex's press release dated Aug. 9, 2021), and is also directly east and southeast of Starr Peak's NewMetal project, which announced high-grade VMS mineralization on its Normetmar target (see Starr Peak's press release dated May 4, 2021). Both of these new discoveries occur along the Normetal fault, which is of particular significance for Generic Gold, as the company holds over 20 kilometres of the Normetal fault on its Belvais claims and is one of the largest landholders in the area with 12,563 hectares. Assays are still pending from recent drilling.

About InfiniTEM and borehole electromagnetic

The time-domain electromagnetic survey, as performed by Abitibi Geophysics, consists of measuring the electromagnetic field induced in the subsurface after the application of a primary magnetic field. This type of measurement of the electromagnetic properties of the subsurface utilizes a large and targeted magnetic field to electrically activate rocks in the ground remotely. To create the desired primary magnetic field, a loop of wire is installed at the surface, in which an electrical current is transmitted in square-waved, bipolar pulses. Properly positioned, this magnetic field will successfully couple with conductive bodies in the subsurface. The time-varying primary field will induce eddy currents, which will generate their own magnetic field in return. The magnetic field generated by the eddy currents is referred to as the secondary magnetic field as it is induced during the turn-off time of the primary field and measured during the off time. The method is and has been particularly useful in the mineral exploration industry to detect economic metallic sulphides in nickel/copper/platinum group element, VMS and uranium deposits.

In 2004, Abitibi Geophysics developed, in collaboration with Soquem Inc., the InfiniTEM configuration. This configuration utilizes an infinity-shaped loop consisting of two lobes in which the electrical current is flowing in opposite directions. The vertical component of the primary field generated by these lobes of opposite polarity is nulled, thus drastically reducing coupling with overburden. In return, the two horizontal components of the primary field are cumulated at depth to maximize the electrical activation of subvertical conductors. The use of two lobes also reduces the risk of a strong conductor masking another one, as can be the case with conventional, fixed single loops.

Qualified person

Aaron Stone, PGeo (OGQ No. 2170), vice-president, exploration, of Generic Gold and a qualified person, 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 historic information on the property and in the vicinity, particularly in regard 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 Corp.

Generic Gold is a Canadian mineral exploration company focused on gold projects in the Tintina gold belt in Yukon, 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 Normetal and east of Amex Exploration's Perron project and the past-producing Normetal 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 per cent 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 are led by experienced mining industry professionals, with expertise in exploration, finance, capital markets and mine development.

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