Generation Mining Announces Additional High-Grade Results From Marathon Drilling
January 05 2021 - 7:00AM
Generation Mining Limited (TSX:GENM) (OTCQB: GENMF) (“Gen Mining”
or the “Company”) is pleased to announce final results from its
12-hole, 5,068-metre 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 2020 exploration drilling results will not be
incorporated in the Feasibility Study, which is ongoing and should
be released during the first quarter of 2021.
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 and further results on December 16th, 2020.
Results from hole M-20-548, provided below in
Table 1, and results from previously released hole M-20-547
(October 29th, 2020), which are both shown in figures 1 and 2,
confirm the existence of a high-grade zone of palladium
mineralization within the heart of the deposit’s main feeder zone
approximately 250 m down dip from the Marathon Deposit. Drill
density is low in this area which is highly prospective, both along
strike and down dip, for high grade W Horizon mineralization as
well as net textured to massive sulphides (see October 29th, 2020
news release).
Jamie Levy, President and CEO of Gen Mining
states: “Ending our 2020 exploration program with our best drill
intercept of high grade PGM’s plus copper will make for an
interesting exploration program in 2021, and with the recent
financing, we now have the funds for this.”
Table 1 – Assay Results
Hole ID |
From |
To |
Length |
Au |
Pt |
Pd |
Cu |
PdEq** |
|
|
|
m |
g/t |
g/t |
g/t |
% |
g/t |
M-20-548 |
104 |
108 |
4 |
0.08 |
0.14 |
0.82 |
0.13 |
1.21 |
|
326 |
336 |
10 |
0.01 |
0.63 |
0.45 |
0.01 |
0.92 |
|
360 |
403 |
43 |
0.19 |
0.59 |
1.81 |
0.25 |
2.82 |
(and incl.) |
360 |
387 |
27 |
0.22 |
0.74 |
2.37 |
0.34 |
3.66 |
(and also incl.) |
366 |
374 |
8 |
0.43 |
1.36 |
3.86 |
0.62 |
6.26 |
M-20-549 |
No significant assays |
M-20-550 |
19 |
23 |
4 |
0.11 |
0.12 |
0.98 |
0.19 |
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.
Figure 1: Marathon Project ‐ Drill Location
Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/2218b87e-5162-4449-bc3c-b07b5e27075f
Figure 2: Marathon Project – Vertical Section
5404675 N
https://www.globenewswire.com/NewsRoom/AttachmentNg/10ea3de1-168c-444b-97bc-76e04daefb1b
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 and a positive production decision, 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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