Generation Mining Begins 5,000-Metre Exploration Drill Program along Western Margin of Marathon Deposit
August 24 2020 - 7:30AM
Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining”
or the “Company”) is pleased to announce that it has contracted
Vital Drilling Services to complete a 5,000-metre drilling program
along the western margin of a portion of the Company’s Marathon
palladium copper project in Northwestern Ontario. The drill
and crew began mobilizing to site on August 19, 2020 and it is
anticipated that drilling will commence shortly. The
exploration drill program is designed to test two areas of
interest.
- The magnetotelluric (MT) anomaly to
the west and down dip from the Main Zone (see Gen Mining News
Release of August 6, 2020). The anomaly is situated in the
area just north of the 4900N Fault considered to be the location of
the feeder channel for the Main Zone of the Marathon deposit.
Two holes (P1 and P2) are planned to test this area.
- The northwest extension of the W
Horizon in the area between the 4900N Fault and the 4500N
Fault. The 4500N Fault considered to be the location of the
feeder channel for the W Horizon mineralization. Nine holes
(P3 – P11, inclusive) are planned to test this area.
Drill hole locations are shown in the attached
figure.
Mineralization at the Marathon deposit is
recognized as being conduit related which manifest themselves as
the feeder channels to the Marathon Deposit. These channels
or conduits have the potential to host both disseminated and
massive sulphide mineralization with varying metal tenors and
copper-palladium ratios. Additionally, there is the potential
for extreme palladium enrichment, typical of the W Horizon, due to
upgrading by way of multiple pulses of metal rich magma passing
through the feeder channels to the Marathon Deposit.
The MT anomaly and northwest extension of the W
Horizon have the potential for higher grade mineralization that
could potentially be mined with underground methods. Gen Mining’s
CEO Jamie Levy, stated, “we are looking forward to drilling the
previously untested MT anomaly as well as the northwest extension
to the W Horizon”. Gen Mining continues to evaluate the
results of the MT survey on the Sally and Four Dams areas, located
northwest of the Main Zone.
Qualified Person
Rod Thomas, P.Geo., Vice-President, Exploration
and a Director of the Company has reviewed and approved the
scientific and technical information contained in this news
release. Mr. Thomas is a Qualified Person for the purposes of
National Instrument 43-101 Standards of Disclosure for Mineral
Projects.
About the Company
Gen Mining’s focus is the development of the
Marathon Deposit, the largest undeveloped platinum group metal
Mineral Resource in North America. The Marathon Property covers a
land package of approximately 22,000 hectares, or 220 square
kilometres. Gen Mining acquired a 51% interest in the Marathon
Property from Sibanye Stillwater on July 10, 2019 and can increase
its interest to 80% by spending $10 million over a period of four
years. As at the end of Q2 2020, approximately $5.7 million of the
$10 million has been spent. Sibanye Stillwater has certain back-in
rights that allow it to increase its interest in the Marathon
Property back up to 51% in certain circumstances and subject to
certain conditions after such time as Gen Mining has earned its 80%
interest (see the Company's press release of July 11, 2019 for more
details).
For further information please contact:
Jamie LevyPresident and Chief
ExecutiveOfficer(416) 640-2934(416) 567-2440jlevy@genmining.com
Forward-Looking Information
This news release includes certain information
that may be deemed “forward-looking information” under applicable
securities laws. All statements in this release, other than
statements of historical facts, that address listing of the
Company’s common shares on the TSX, fulfillment by the Company of
the TSX listing conditions, delisting of the Company’s common
shares from the Canadian Securities Exchange, the ability of the
Company and Sibanye Stillwater to vary their respective
participating interests in the Marathon Property, Mineral Resource
and Reserve potential, exploration activities and events or
developments that the Company expects is forward-looking
information. Although the Company believes that the expectations
expressed in such statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
statements. There are certain factors that could cause actual
results to differ materially from those in the forward-looking
information. These include, among other factors, the results of the
Company’s due diligence investigations, market prices, exploration
successes, continued availability of capital and financing, and
general economic, market or business conditions.
Investors are cautioned that any such statements
are not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking information. For more information on the Company,
investors are encouraged to review the Company’s public filings at
www.sedar.com. The Company disclaims any intention or obligation to
update or revise any forward- looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/986e28d0-e74c-4d42-bc04-f2ce9f60dab5
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