Generation Mining Announces High Grade Results From W Horizon Drilling
December 16 2020 - 7:00AM
Generation Mining Limited (TSX:GENM) (OTCQB: GENMF) (“Gen Mining”
or the “Company”) is pleased to announce additional results from
its 12 hole - 5,068 meter exploration drill 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 drill program was designed to test the
potential for near surface, ramp accessible mineralization. Results
from the first four holes of the program were released on October
29th, 2020. Hole M-20-547 intersected multiple mineralized
intervals down dip from the Marathon Palladium Deposit and within
the heart of the deposit’s feeder zone bounded by the 4900 N and
4500 N faults. Assay results are shown in Table 1 and a plan view
of drill collar locations and 2020 drill program results are
included in Figure 1. Section 5404725 N has been updated to include
results for hole M-20-547 and is shown in Figure 2.
Table 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0319506e-dc7d-4a55-b795-80a061d72ec4
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/06232101-6acb-48f9-8f3f-0ff316b87299
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ecbf315-1fcd-4ffa-beb8-c3641be93219
In Hole M-20-547 the 4 m interval of 1.44 g/t
palladium equivalent (“PdEq”) from 58 m to 62 m down hole
corresponds to a unit of oxide melatroctolite (a magnetite bearing
olivine rich rock). The 26 m interval intersected in
hole M 20-547 corresponds to W Horizon mineralization including a 6
m interval grading 2.35 g/t PdEq. The 92 m thick mineralized unit
from 338 m to 430 m grades 1.41 g/t PdEq and includes W Horizon
mineralization at the top of the unit from 338 m to 344 m which
assayed 4.97 g/t PdEq. Both W Horizon intervals contain visible
bornite (a copper sulfide) which is usually a visual indicator of
elevated palladium grades.
Results for Hole M-20-542 are similar to Hole
M-20-547 and included a near surface 2 m interval of melatroctolite
grading 2.28 g/t PdEq and a broad zone of W Horizon mineralization
from 282 m to 314 m including a 14 m interval from 282 m to 296 m
which returned 2.12 g/t PdEq.
The W Horizon is recognized in the scientific
literature as a zone of extreme Pd enrichment substantiating the
significance of results from holes M-20-547 and M-20-542. These
results confirm the downdip potential for Pd grades of the same
magnitude as those intersected up dip (see Figure 2) 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.
A down hole Pulse Electromagnetic survey of
M-20-547 and M-20-543 detected three off hole conductors which may
correspond to sulfide mineralization. Geophysical survey results
and 2020 drill hole collars and traces are shown in a 3D schematic
image shown in in Figure 3. In this figure the top of the page
coincides with the western margin of the Marathon Deposit the bulk
of which sits immediately east and beyond the top edge of the page.
The deposit is hosted by the purple colored Two Duck Lake gabbro
which is underlain by basement which is green in color. The geology
is complicated however the area in between the two east-west
trending basement ridges (one extends from the legend to the narrow
north – south trending basement ridge at the top of the page and
the other is in the lower left-hand corner) are believed to define
the valley walls of a portion of the main feeder zone channel.
Drill density is low and this area is highly prospective for both W
Horizon mineralization as well as net textured to massive sulfide
accumulations on the floor of the channel similar to the 16 m
interval of net textured to massive sulfides, which grades 1.47 g/t
PdEq, intersected in hole M-20-543 (see October 29th, 2020 news
release).
Figure 3 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ad0cc395-f184-4ecb-9e6b-b5d47b04cfb4
Assay results for the last three remaining holes
of the program, holes M-20-548, M-20-549 and M-20-550 are
pending.
Jamie Levy, President and CEO of Gen Mining
states: “Noting that the 2020 exploration drill program results
will not be part of the ongoing feasibility study we are excited to
see that the feeder zone model for higher grade mineralization has
been validated. The 16-metre massive to semi-massive sulphides
intercept in Hole 543 and the elevated palladium, platinum and
copper grades in Hole 547 has added some exploration upside to our
already large resource.”
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. On
November 30th, 2020 Gen Mining announced it had acquired an
additional 29% interest in the Project by completing a PEA and by
spending $10 million of all joint venture expenditures within the
4-year Sole Funding Period. As a result, Gen Mining and Sibanye
Stillwater will be required to fund future expenditures on a pro
rata basis (80% funded by Gen Mining and 20% by Sibanye) in order
to maintain their respective interests in the Project, subject to
standard dilution provisions. Upon completion of the
feasibility study, Sibanye Stillwater has certain back-in rights
that can bring its interest in the property back to 51% (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.
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