Exploring Highly Prospective Targets in the Yukon’s Tintina Gold Belt
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Generic Gold Corp. (CSE:GGC) is a junior exploration company that owns multiple, well-positioned properties in the Tintina Gold Belt in the Yukon, Canada. Based on recent discoveries, the Yukon Territory is undergoing a second gold rush, which has prompted government funding initiatives and mining-friendly policies for early stage permitting. High grade gold discoveries have attracted numerous active mining companies that might indicate further discoveries and merger and acquisition opportunities in the future.
Generic Gold owns nine properties that total 39,820 hectares of land in the Yukon. All of the company’s projects have been prioritized for exploration, but the company’s focus is on developing the VIP and Goodman gold projects. The VIP property is approximately 25 kilometers from Goldcorp’s (TSX:G) Coffee Gold deposits, which host proven and probable reserves of 2.16 million ounces of gold, an indicated resource of 780,000 ounces and an inferred resource of 1.15 million ounces. The VIP property is along trend and showing similar geology and structures to the Coffee Gold deposits.
The Goodman project is located on the same mineralization fault trend that the Victoria Gold Corp’s (TSXV:VIT) Eagle Gold deposit sits upon. The Victoria’s Eagle deposit hosts a measured and indicated resource of 3.6 million ounces gold and an inferred resource of 276,000 ounces gold. Generic Gold is also conducting exploration on their additional properties and will be drilling on the VIP and Goodman properties during the summer of 2018.
Management and insiders notably own roughly 70 percent of company shares. Generic Gold’s board of directors and management team is lead by experienced mining industry professionals with experience in exploration, finance, capital markets and mine development.
- Nine projects in the developing jurisdiction in the Yukon.
- VIP property is located proximally to Goldcorp’s promising Coffee Gold deposits.
- Goodman property is located on the same mineralized fault that Victoria Gold Corp’s promising Eagle deposit sits on.
- $600,000 set aside for exploration and drilling for summer 2018.
- Insiders and founders own ~70 percent of company shares.
VIP Gold Project
The VIP gold project is a 100 percent owned, 17,538-hectare property in the Yukon’s White Gold district and is approximately 120 kilometers south of Dawson City. The site is accessible by helicopter or barge and has access to an airstrip approximately 25 kilometers north of the property.
The VIP project is along trend and has similar geology, stratigraphy and structures to Goldcorp’s Coffee Gold deposits, which are approximately 25 kilometers away. The Coffee deposits have proven and probable reserves of 2.16 million ounces of gold, an indicated resource of 780,000 ounces and an inferred resource of 1.15 million ounces.
Prior to 2017, airborne geophysical magnetics, soil sampling, and prospecting had been the only exploration work completed on the property. In 2017, Generic Gold completed extensive field work on the project, which consisted of trenching and sampling, geoprobe sampling, geological mapping, prospecting, and soil sampling.
The results verified that the project was an extension of the Coffee Creek fault system, identified several geochemical soil targets and identified metal-bearing gossans for follow-up work. Generic Gold also discovered a 700-meter-long, open ended gold plus associated pathfinder element geochemical anomaly.
Based off of the testing completed in 2017, Generic Gold has scheduled more exploration and testing work for 2018, which will target the identified areas. The company will be conducting ground IP geophysical testing and be completing RC drilling.
The Goodman project is a wholly-owned, 7,922 hectare property approximately 40 kilometers northwest of Mayo City, Yukon. The property is accessible by truck and all terrain vehicles by the Silver Trail Highway or by helicopter.
The project is located within the Selwyn Basin, which is part of the highly mineralized area east of the Tintina Fault. The project located along the Potato Hills trend, which is a mineralized fault system that trends southwest of Victoria Gold Corp’s Eagle Gold deposit. The Eagle Gold deposit hosts a measured and indicated resource of 3.6 million ounces gold and an inferred resource of 276,000 ounces.
Similar to the VIP project, work completed before 2017 consisted of airborne geophysical testing, soil sampling, prospecting and ground IP geophysics where elemental signatures of gold, silver, zinc, lead, arsenic, bismuth, selenium, tungsten and cadmium were identified.
In 2017, Generic Gold followed up on previous exploration work with another round of ground IP geophysical testing, trenching, prospecting and initiated RC drilling on the property. The results from this fieldwork identified a significant soil anomalies that had greater than 100 ppm gold, identified that the geology is similar to Victoria Gold’s Eagle deposit and defined drill targets.
Generic Gold’s work program for 2018 includes additional RAB and RC drilling and they will be conducting diamond drilling as well. The drilling will be used to test geophysical and geochemical targets with similar signatures to the Eagle Gold mine.
Generic Gold owns additional gold properties in the Yukon. Five of these projects are early-stage and have a combined size of 9,720 hectares. Many of these projects were staked in 2011 due to regional government exploration or displayed significant unexplained placer deposits. These projects have undergone first pass prioritization exploration and will be advanced and evaluated over the next two to five years.
The Livingstone project is 4,640 hectare property located approximately 85 kilometers from Whitehorse, Yukon. The property is accessible by plane, helicopter and winter roads. The property also hosts numerous all terrain vehicle trails developed for historic and current placer mine activity.
The Livingstone property has historically produced greater than 50,000 ounces of coarse gold nuggets since the 1890s. In 2016, a VTEM airborne geophysical testing was conducted by the Yukon government to identify possible bedrock sources of gold. The results indicate that the source of the coarse gold found in the region may originate on the Livingstone property.
In 2017, Generic Gold staked approximately 4,013 hectares in new claims on the property and completed core drilling, soil sampling and prospecting. There was a total of eight holes drilled on three targets that totaled 1,315 meters. The King zone showed significant results from the grab samples taken, which returned values of up to 10 g/t gold and 4.9 g/t silver.
Generic Gold will be developing a geophysical interpretation placer review on the property over the course of 2018.
Acquired in April 2018, the Summit project is approximately 5,000 hectares in size and contains multiple in-soil gold anomalies. Significant results from testing and prospecting in 2017 include grab samples that grade up to 11.41 g/t gold and trenching results that show 2.74 g/t gold over five meters. The property also hosts drill ready targets. However, Generic Gold will be conducting additional grab sample and trenching to expand on their 2017 discoveries.
The Seattle property hosts 96 claims and is south of the Goodman project. The property has the potential for RIRG gold or Keno-hill silver mineralizations. Generic Gold has planned regional exploration of the property for 2018. The company is hoping to expand the existing soil grid and to identify the historical trenches previously made. These trenches have reported assays of up to 48 percent lead and 10 ounces silver.
The Arizona project has shown deposits that are similar to those found on AM Gold’s Red Mountain 2 million ounce low-grade gold deposit.
Generic Gold has optioned the Josephine Placer mine to Schmidt Mining for a royalty of 10 percent for any physical gold produced on the property.
Kelly Malcolm, P.Geo. — President & CEO
Kelly Malcolm is a Professional Geologist who specializes in integration and interpretation of geological, geochemical, and geophysical data to guide exploration and development activities. He has worked in the mineral exploration industry for several junior explorers and mid-tier producers and was most recently involved in the discovery and delineation of Detour Gold’s high-grade 58N deposit. Mr. Malcolm acts as a consultant to several boutique Toronto-based finance firms and is a director of several public and private mineral exploration companies. He holds a Bachelor of Science with Honours in geology and a Bachelor of Arts in economics, both from Laurentian University.
Donald Christie, CPA — CFO, Secretary & Director
Donald Christie is the CEO and director of Norvista Capital Corporation, an investment company focussed on the resource industry. He is also CFO and a director of Nevada Zinc Corporation and a director of Rockcliff Copper Corporation and Northern Graphite Corporation. Christie was previously CFO of Continental Gold Limited and spent over 25 years as an investment banker. He holds a Bachelor of Commerce Honours degree from Queen’s University and received his Chartered Accountant designation while working for PricewaterhouseCoopers LLP.
Bruce Durham, P.Geo. — Director
Bruce Durham, a Professional Geologist, is currently President, CEO and a director of Nevada Zinc Corporation and sits on the board of several resource-related companies. Durham has been involved in the mineral exploration business for more than 40 years, primarily in the junior exploration industry exploring for precious and base metal deposits in Ontario and Quebec, but also with companies exploring across Canada, in the United States and in Africa. Durham’s career has seen him directly involved in a number of exploration programs that resulted in new mines being built, including two of the three Hemlo, Ontario gold mines, as well as Québec’s newest nickel, copper, platinum group elements (PGE) mine in the Raglan area.
Victor Cantore — Director
Victor Cantore is President, CEO, and a director of Amex Exploration, a Quebec-based exploration company. He is a seasoned capital markets professional specializing in the resource and high-tech sectors. He has more than 25 years of advisory and leadership experience having begun his career in 1992 as an investment advisor and then moving into management roles at both public and private companies. During his career he has organized and structured numerous equity and debt financings, mergers and acquisitions, joint venture partnerships and strategic alliances. Cantore serves on the boards of various companies both private and public.
Nathan Tribble, P.Geo. — Director
Nathan Tribble, B.Sc. P.Geo. (ON) is a Senior Lead Geologist for Sprott Mining Inc. and Jerritt Canyon Gold. He has over 12 years of professional experience in exploration and mining. Prior to his current role, Tribble was lead project geologist for Kerr Mines in Kirkland Lake, geologist for Northern Gold Mining in Matheson, Ontario and an exploration geologist and project geologist for Trelawney Mining and Exploration Inc. in Gogama, where he was part of the exploration team that discovered the 8.2 million-ounce Côté Lake gold deposit, prior to the $608 million takeover by Lamgold. He has also held other geologist-related positions with Lake Shore Gold and Inco. Tribble is registered as a Professional Geoscientist in Ontario and holds a Bachelor of Science in Geology from Laurentian University.
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