MONTRÉAL, May 30, 2024 (GLOBE NEWSWIRE) — Genius Metals Inc. (TSXV: GENI) (“Genius Metals” or the “Company”) is pleased to announce that it has completed a high-resolution airborne Magnetic survey on its 100% owned Dissimieux Phosphate-Titanium-Rare Earth Property. The survey carried-out by Prospectair Geosurveys Inc. was completed during the month of May 2024. The Company expects to follow-up on the results from this survey with a grab and channel sampling program on defined targets.
Dissimieux High-Resolution MAG Survey
The Company has completed an 857 line-km high-resolution magnetic survey, covering 39 km2 over its Dissimieux Property located 140 km northwest of Baie-Comeau, Québec, Canada. The survey was carried out with traverse lines oriented N303 degrees to properly map the dominant magnetic/geological strike, and with a 50 m line spacing to generate high-resolution data. This new survey will provide a better definition of the magnetic anomalies that appear to be related to phosphate mineralization. The Company will be reviewing the magnetic survey data over the next month to implement the summer field program which will consist of channel and grab sampling over target areas. This dataset will be released upon processing.
Qualified Person
The technical and scientific content in this news release has been reviewed and approved by Merouane Rachidi, Ph.D., P. Geo., independent qualified person as defined in the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About the Dissimieux Property
The Project consists of 70 claims covering 38.86 km2, and is road accessible via Provincial Highway #138 at Forestville, then driving northward on Highway #385 to Labrieville, and from there a network of secondary gravel forestry roads provides direct access to the Property on the east-southeast shore of Dissimieux Lake. The Property hosts titanium-phosphate (ilmenite-apatite) mineralization located near the southern margin of the La Blache Anorthositic Complex (the “LBAC”). The LBAC is elongated in a northeast-southwest direction and stretches over 60 km by 15 to 25 km wide, and was emplaced into a highly metamorphosed and folded package of steeply dipping, north-northeast dipping paragneisses and amphibolites of the Grenville Geological Province.
In 2012 to 2013 Jourdan Resources drilled 34 holes at Dissimieux Lake, for a total of 3949 m, demonstrating mineralization over a strike length of 2.4 kilometers. Five parallel zones of phosphate mineralization were intersected, often with intersections of mineralization greater than 100m in drilled thickness.
“Historical Resources” of 235 million tonnes at a grade of 3.65% P2O5 and 4.72% TiO2 were estimated based on the drill core results (Met-Chem, 2000, in GM58569). The estimate is considered an historic Mineral Resource and as such is not NI 43-101 compliant.
Neither has there been sufficient work completed nor has a Qualified Person reviewed or evaluated these historical resources in terms of NI 43-101 standards in Oder for the estimates to qualify as a current Mineral Resource. There is no evidence at this time to suggest that any future exploration would result in any of the estimates being converted into NI 43-101 compliant Mineral Resources. The Company is of the opinion that the estimates reflect the ilmenite-apatite and titanium-phosphate mineralization potential of the Property.
*The last major work on the Property was the Met-Chem scoping study (2000, in GM 58569). Met-Chem indicated that the ilmenite-phosphate mineralization was amenable to open-pit mining with a 1:1 ratio of waste to mineralized material. It was proposed to transport the concentrate via a pipeline at a cost of $3.28 per tonne based on a yearly transport of 457,500 tonnes of concentrate (217,500 tonnes of ilmenite and 240,000 tonnes of apatite) over a distance of 140 km. In 2009, Jourdan Resources assayed a sample from the original apatite concentrate for Rare Earth Elements (“REE’s”) and Rare Metal analysis at ALS Laboratories using the 38 element ICP-MS Analytical Method (ME-MS81) (refer to the appended table). The apatite concentrate sample contains 0.18% TREE’s, of which 72% are LREE’s (Light REE’S: La, Ce, Pr, Nd, Pm, Sm) and 28% are HREE’s (Heavy REE’s: Eu, Tb, Dy, Ho, er, Tm, Yb, Lu, Y). The most significant REE’s results are 517 ppm Cerium (Ce), 66 ppm Dysprosium (Dy), 115 ppm Gadolinium (Gd), 169 ppm Lanthanum (La), 405 ppm Neodynium (Nd), 85 ppm Praseodymium (Pr), 98 ppm Samarium (Sm), 521 ppm Strontium (Sr) and 348 ppm Yttrium (Yt).
*This information was not validated by the Qualified Person and does not meet the NI 43-101 standards.
About Genius Metals
Genius Metals is a Canadian mineral exploration company focused on the acquisition, exploration and, if warranted, development of natural resource properties of merit in Canada.
Contact Information
Genius Metals Inc.
Tel.: 579-476-7000
Pierre-Olivier Goulet
Vice-President Corporate Development
Email: pogoulet@geniusmetals.com
1-450-821-5270
Guy Goulet
President and CEO
Email: ggoulet@geniusmetals.com
1-514-294-7000
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as, “will be”, “expected” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements, including statements relating to the expected findings on the Property, are based on the Corporation’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
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