Generation Mining Limited (TSX:GENM) (OTCQB: GENMF) (“Gen Mining”
or the “Company”) is pleased to announce initial results from its
exploration drilling program focused on the down-dip western
extension of the W Horizon portion of the Marathon Palladium
Deposit which is currently the subject of a Feasibility Study. The
W Horizon contains approximately 14%, by volume, of the
mineralization in the Marathon Palladium Deposit.
The drill program, designed to test the
potential for near surface, ramp accessible mineralization,
commenced August 24th, 2020 and was completed on October 24th,
2020. Twelve holes were drilled for total of 5,068 meters.
Holes M-20-540 – M-20-543 inclusive, intersected
mineralized intervals down dip from the Marathon Palladium Deposit
and south of the 4,900 N Fault. Assay results for hole M-20-542 are
pending. Assay results for holes M-20-540, M-20-541 and hole
M-20-543 have been received and significant down hole intervals are
compiled in Table 1 below:
Table 1 – Significant Assay
Results Holes
M-20-540, M-20-541 and
M-20-543
Hole M-20-540 |
|
|
|
|
|
|
|
|
|
Interval (m) |
|
Down-hole length (m)* |
|
Au(g/t) |
Pt(g/t) |
Pd(g/t) |
Cu(%) |
Ni(%) |
PdEq(g/t)** |
23-31 |
|
8 |
|
0.11 |
0.26 |
0.87 |
0.16 |
0.03 |
1.42 |
|
|
|
|
|
|
|
|
|
|
Hole M-20-541 |
|
|
|
|
|
|
|
|
|
Interval (m) |
|
Down-hole length (m)* |
|
Au(g/t) |
Pt(g/t) |
Pd(g/t) |
Cu(%) |
Ni(%) |
PdEq(g/t)** |
48-52 |
|
-4 |
|
0.17 |
0.49 |
1.47 |
0.25 |
0.04 |
2.4 |
300-314 |
|
14 |
|
0.1 |
0.28 |
1.38 |
0.09 |
0.01 |
1.84 |
(Incl. 302-309) |
|
-7 |
|
0.13 |
0.38 |
1.8 |
0.11 |
0.02 |
2.38 |
354-385 |
|
31 |
|
0.07 |
0.2 |
0.64 |
0.42 |
0.03 |
1.53 |
|
|
|
|
|
|
|
|
|
|
Hole M-20-543 |
|
|
|
|
|
|
|
|
|
Interval (m) |
|
Down-hole length (m)* |
|
Au(g/t) |
Pt(g/t) |
Pd(g/t) |
Cu(%) |
Ni(%) |
PdEq(g/t)** |
297-305 |
|
8 |
|
0.08 |
0.2 |
0.78 |
0.47 |
0.03 |
1.75 |
433-449 |
|
16 |
|
0.05 |
0.14 |
0.55 |
0.47 |
0.05 |
1.47 |
Table 1 – Footnotes
* True width approximates Down-hole length (m)**
The Palladium Equivalent (“PdEq”) calculation expressed in g/t is
the sum of the theoretical in situ value of the constituent metals
(Au + Pt + Pd + Cu) divided by the value of one gram of palladium.
The calculation makes no provision for expected metal recoveries or
smelter payables. USD per ounce commodity prices of $1,300, $900,
$1275 were used, respectively, for Au, Pt and Pd and a $3/lb value
was assigned for Cu. Ni values were not used to calculate
PdEq.
Drill hole locations and sections are shown on
the attached figures:
Figure 1 accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/5e911c69-6046-4e8b-b272-1c280ba3c655
Figure 2 accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/c23aa6bb-9ed5-40e2-b537-d26a33e057ef
Figure 3 accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/1838486c-cb83-4cea-b751-ed782a0c217f
The 8-metre and 4-metre intervals in holes
M-20-540 and M-20-541, respectively, corresponds to a unit of oxide
melatroctolite (a magnetite bearing olivine rich rock) south of the
4,900 N Fault. Oxide melatroctolite makes up about 2%, by volume,
of the mineralization estimated in the (Amended) Technical Report,
Updated Mineral Resource Estimate and Preliminary Economic
Assessment of the Marathon Deposit by P&E Mining Consultants
Inc. (filed on SEDAR July 7, 2020).
The 14-metre interval intersected in hole M
20-541 corresponds to W Horizon mineralization. The down dip
continuation of the W Horizon in this area is considered very
encouraging. The W Horizon is recognized in the scientific
literature as a zone of extreme Pd enrichment and consequently
there is potential in this area for Pd grades similar to those
intersected up dip in holes M-08-423 (2.2 g/t Pd over 12 m),
M-07-391 ( 3.3 g/t Pd over 10 m) and M-08-424 (3.3 g/t Pd over 2 m)
previously drilled in 2006 – 2008. Additionally, the 31 metre
continuously mineralized interval in hole M-20-541 corresponds to
typical Main Zone mineralization, wider than previously encountered
in the area south of the 4,900 N Fault.
The 16-metre interval intersected in hole
M-20-543 corresponds to an interval of net textured to massive
sulphides situated (See Figure 4) at the base of the Marathon
Series rocks which host the Marathon Palladium deposit. These
cumulate-style sulphide accumulations in hole M-20-543 are the
thickest drilled to date and representative of sulphide
accumulations that could form at the base of the feeder zone to the
Marathon deposit. Crone Geophysics has completed a down hole Pulse
EM survey of this hole to search for additional, potential sulphide
bodies in the immediate area. Results are being processed.
Figure 4 accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bba104b9-1e9d-4e9f-8ef4-ceb6555ff89a
Jamie Levy, President and CEO of Gen Mining
states: “We are very excited that the exploration drilling program
has intersected intervals of palladium mineralization immediately
west of the known Marathon deposit and to have also identified a 16
m thick horizon of net textured to massive sulphide mineralization
at the base of the Marathon Series rocks. Although this drilling is
external to the known resource, and will have no impact on the
ongoing Feasibility Study, it is encouraging to see that going
forward, there is the potential to define additional resources in
the immediately vicinity of the Marathon deposit.”
Hole M-20-539 which was the first hole of the
2020 program tested a magnetotelluric (“MT”) anomaly situated
immediately west of and down dip from the Marathon deposit (see Gen
Mining press release of August 6th, 2020). Target depth was
estimated at 650 metres; however, the drill unexpectedly
intersected the footwall (Archean basement) at 333.4 metres which
is quite shallow in this area. Subsequent down hole Crone pulse EM
survey of hole M-20-539 yielded an off-hole anomaly to the east
situated immediately beneath hole M-07-396 (drilled in 2007) which
had been drilled into the footwall and was terminated in Archean
aged, barren, massive pyrrhotite unrelated to the mineralizing
event which formed the Marathon Deposit. No further follow up work
of the MT target in this specific area is contemplated at this
time.
Assay results for the remaining 8 holes are
pending.
The Company is well financed for the next phases
of work, including the feasibility study and the restart of the
permitting process, both of which are underway at the Marathon
Palladium Copper Project, with approximately $10.2 million in
cash.
Quality Assurance/Quality
Control
Quality assurance and quality control (“QA/QC”)
protocols for the 2020 drilling assay program were unchanged from
previous years and involve a rotating inclusion of one duplicate,
blank, low-grade standard and high-grade standard every 15 samples.
All controls are checked to be within a working limit of 2 standard
deviations. Sample intervals are selected in 1 m or 2 m lengths
dependent on the nature of the mineralized zone. The core samples
are split on site using a diamond saw where half of the core is
sent for analysis and the other half is securely stored on site for
future reference. All samples are shipped to ALS in Thunder Bay for
processing.
About the
Marathon Palladium Project
Generation Mining has begun a Feasibility Study
on the Marathon Deposit, which is 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 10th, 2019 and
can increase its interest to 80% by spending $10 million over a
period of four years. As of the end of Q3 2020, approximately $8.7
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 Project 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).
Qualified Person
Rod Thomas, P.Geo., Company Vice-President,
Exploration and a Director 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.
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 acquisition of the
Property and future work thereon, Mineral Resource and Reserve
potential, exploration activities and events or developments that
the Company expects is forward-looking information. Although the
Company believes 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 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.
Generation Mining (TSX:GENM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Generation Mining (TSX:GENM)
Historical Stock Chart
From Sep 2023 to Sep 2024