09:36:53 EDT Fri 09 Jun 2023
Enter Symbol
or Name

Generic Gold Corp
Symbol GGC
Shares Issued 65,700,100
Close 2022-12-05 C$ 0.155
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Generic Gold receives permits for Belvais drill program

2022-12-06 11:25 ET - News Release

Mr. Aaron Stone reports


Generic Gold Corp. has obtained the required permits for a new 1,500-metre diamond drill program on the Belvais project, located in the northwestern region of Quebec'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 25 metres under surface and is approximately 1.2 kilometres south of Starr Peak Mining's recent drilling on its Normetmar VMS (volcanogenic massive sulphide) deposit. 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, which has successfully converted its BHEM anomalies into VMS targets; it was its main discovery tool at the Newmetal property (see Starr Peak's press release dated Feb. 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. 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.

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 Normetal mine sequence (see Amex's press release dated Aug. 9, 2021); it is also directly east and south-east 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 km of the Normetal fault on its Belvais claims and is one of the largest landholders in the area, with 12,563 hectares.

Qualified person

Aaron Stone, PGeo, (OGQ -- 2170), vice-president of 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 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 is led by experienced mining industry professionals, with expertise in exploration, finance, capital markets and mine development.

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