CSE:GENI

Genius Metals Announces $1.5M Financing and Provides an Update on the Drilling Program at Sakami

CSE:GENI

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/

Genius Metals Inc. (CSE: GENI) ("Genius Metals" or the "Corporation") announces a non-brokered private placement offering (the " Private Placement ") for gross proceeds of $1 .5 M. The Company intends to focus on developing of the Sakami property with the proceeds raised as part of this private placement.

In regard to the Private Placement, the Corporation will issue:

  • Common share units (the " Common Share Units ") at a price of $0.20 per Common Share Unit, with each such unit being comprised of one common share and one common share purchase warrant (a " Warrant ") entitling the holder to purchase one Common Share at an exercise price of $0.35 for a period of eighteen months,

  • Flow-Through Share (the " Flow-Through Share ") at a price of $0.28 per Flow-Through Share; and

  • Flow-Through Share Units (the " Flow-Through Share Units ") at a price of $0.30 per Flow-Through Unit, with each such unit being comprised of one "flow-through" and one-half of one Warrant entitling the holder of one whole Warrant to purchase one Common Share at an exercise price of $0.40 for a period of twelve months.

Winter 2020 Geophysical Surveys

Genius Metals has completed two geophysical surveys covering the area and extensions of the Lamarche prospect during the 2021 winter season. A high-resolution MAG survey, carried out by Vision4K on a 3 km x 1.7 km grid, revealed complex structural patterns of the volcanosedimentary rocks highlighted by two principal features. Highly erratic magnetic values are associated with a silicate/sulphide facies iron formation extending for 4 km along the faulted contact between the Opinaca and La Grande sub-provinces. An important Mag high lineament, oriented NE-ENE at the center of the grid and corresponding to the Au-Zn-Ag-Cu mineralization, diverges into several branches at the southwestern end ( Figure 1 ). The high-res MAG survey was followed by a 42 line-km IP Resistivity survey on the same gridlines completed by TMC Geophysics. The data revealed moderate to high linear NE-SW-oriented chargeability zones with similarly oriented IP axis ( Figure 2 ). Both the IP axis and high chargeability zones closely match the high Mag features revealed by the previous surveys and outline the mineralization found at the Lamarche prospect. A ground-based IP survey completed in 2018 covering the Goldeneye prospect also depicted chargeability anomalies.

Drilling Program on Sakami

The results of the geophysical surveys, combined with the data obtained from field exploration campaigns completed during summer and fall 2020 (prospecting, rock and channel sampling, overburden stripping and trenching), facilitated the definition of the drill targets. Genius Metals expects to have crews on the ground in the early spring to collect additional data before conducting a minimum of 2,000m exploratory diamond drilling program on the highly gold-prospective zones which include the Lamarche and Golden Eye prospects.

Figure 1 . First Vertical Derivative contour map form the MAG UAV High-Resolution survey completed on the Lamarche prospect grid, Sakami property.

Figure 2 . Chargeability contour map and IP axis from the IP Resistivity survey completed on the Lamarche prospect grid, Sakami property.

The technical contents of this release were approved by Michel Boily , PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.

About the Private Placement***

The Corporation will use the proceeds of the Offering of Flow-Through Units to incur qualifying expenditures on its Sakami Property, and the proceeds of the Offering of Units for exploration on its mining properties and for general working capital purposes.

In connection with this ongoing Private Placement, the Corporation could pay finder's fees to arm's length third parties up to 7%.

All securities issued pursuant to the Private Placement are subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of their issuance.

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 .

The CSE has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

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 the expectations of the Corporation's management regarding the use of proceeds of the Private Placement, 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.

SOURCE Genius Metals Inc.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/April2021/08/c4491.html

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
Genius Metals

Genius Metals

Overview

Quebec hosts one of the most diverse precious base metal mining profiles in Canada. The province stands as the country’s second-biggest producer of gold, the largest producer of iron and one of the rare producers of niobium, titanium, dioxide, cobalt and platinum in the world.

With such a robust mineralization profile, it comes as no surprise that Quebec’s current mining output makes up one-fifth of the national total. Investors looking to get into the mining space stand to gain significant mining and economic upside potential in this jurisdiction of mineral discovery and mining investment opportunities.

Keep reading...Show less

Precious and Base Metal Projects inQuebec, Nova Scotia and New-Brunswick.

John Feneck, gold bars.

John Feneck: Next Gold, Silver Price Targets, 11 Stocks I'm Bullish on Now

John Feneck, portfolio manager and consultant at Feneck Consulting, shares his outlook for gold and silver prices in 2025. His next target for gold is US$3,800 per ounce, and he still expects US$50 per ounce silver by the end of the year.

He also discusses the potential he sees in junior miners.

Keep reading...Show less
Sun Summit Minerals CEO Niel Marotta.

Sun Summit Minerals Eyes "Multimillion-Ounce" Gold Deposit at JD Project

Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is advancing toward a multimillion-ounce resource at its flagship JD gold project in BC following “fantastic” results from the first drill hole, which showed high-grade, shallow mineralization, according to CEO Niel Marotta.

“The thesis here is that, if we prove up a multimillion-ounce deposit, we really think there's 10x potential in our market cap. We're trading at about a C$40 million market cap now, which is about 10 percent of our neighbors. So that, I think, is what people ought to focus on,” he said.

In a recent announcement, Sun Summit reported that the first hole completed in 2025 returned “one of the strongest intervals of consistent and near-surface gold mineralization” drilled to date at the Creek zone. Results include 78 meters of 3.72 grams per ton gold starting at 30 meters down hole. The company plans to conduct follow-up drilling this season.

Keep reading...Show less
Gold bars and coins on a dark wooden table.

Gold Sector Consolidation Ramps Up with Newmont, Alamos and First Nordic Deals

The gold sector is undergoing another wave of portfolio reshuffling.

Fresh deals across the sector signal a growing shift toward consolidation and selective asset sales as stakeholders seek further growth during the yellow metal’s historic price run.

Keep reading...Show less

Latest Press Releases

Related News

×