Toronto, Ontario – August 19, 2019 – Generation Mining Limited (CSE:GENM) (“Gen Mining” or the “Company”) is pleased to announce that it has signed a contract with Chibougamou Drilling for a 12,000-metre drilling program on its Marathon palladium project in northern Ontario. Two drills and crews have been mobilized to site and drilling commenced August 14th, 2019. The program is designed to test several high-priority sites on the 219.65 sq. km. property along a strike length of more than 40 km.
Targets for the 2019 Exploration Program
- 3,000 metres testing the West Feeder Zone near the Main Zone Deposit
- 1,000 metres of confirmation/in fill drilling on the Marathon Deposit
- 2,700 metres exploration drilling on two Georgie Deposit offsets
- 2,600 metres of greenfield exploration drilling on Boyer Area
- 2,700 metres of drilling for the source of the extremely high grade samples and massive sulphides at Sally Area
Gen Mining’s CEO Jamie Levy stated “As promised, we are hitting the ground running on the Marathon project which was acquired only a month ago. This project has been under-explored for the past several years during a time of unprecedented palladium prices. Our goal is to expand the current resource base while examining the economics of a potential mine.”
West Feeder Zone Target
Past drilling has identified two of the likely conduits for the magma that originally formed the Main Zone and W Horizon deposits, which contain the majority of the historic resources on the Marathon Property. Also known as feeder zones, two of these conduits were the subject of a passive seismic survey in 2018.
The survey outlined two potential targets at depth along the feeder zones (see Target A and B in the attached idealized plan figure which presents seismic velocities at a depth of 650 m). The largest of these – Target A - is located about one km west of the Main Zone proximal to the Main Feeder Zone Fault, and measures approximately 800 metres by 400 metres horizontally, and is shown at about 650 metres in depth with the top of the target at approximately 500 metres below surface in the accompanying idealized section view in Figure 2. In 2018 a gravity survey was completed over Target A and the gravity profile is also shown at the bottom of Figure 2. Of particular interest is the positive residual gravity feature coincident with Target A which will be drill tested as part of the current drill program.
The Geordie deposit is located approximately 20 km west of the Main Zone and was the subject of a resource estimate in 2010 by a past operator (now considered a historic resource). Surface mapping and geophysics have identified the Geordie East and Geordie North zones, which are both in excess of one km in length and are made up of gabbroic rocks similar to the Geordie Lake deposit. The Geordie Lake deposit and the East and North Zones have distinct magnetic signatures facilitating drill targeting. The Geordie North zone has never been drilled while the Geordie East zone has had one historic drill hole which returned low grade PGM values.
The Boyer Target is located 10 km north of the Main Zone along strike. This area has been the subject of intensive sampling over the past several years, with more than 250 surface samples 700 channel samples taken. The sampling has indicated strongly anomalous PGM assay values along a strike length of 1.2 km, selected samples are included in Table 1. In recent years four trenches have been completed, with selected results compiled in Table 2. The Boyer zone has not been drilled in the past.
Table 1 – Selected Prospecting Samples:
|Sample (grab)||Au (ppm)||Pt (ppm)||Pd (ppm)||TPGM (ppm)||Cu (%)|
Table 2 – Selected Trenching Results:
|Trench||Length (m)||Au (ppm)||Pt (ppm)||Pd (ppm)||TPGM (ppm)||Cu (%)|
As previously reported, The Sally project area has been the focus of exploration efforts since the early 2000s with the completion of 72 drill holes from 2005 to 2017. In aggregate, 14,943 meters of core drilling has been done with the longest hole being 465 meters. Additionally, 23 trenches were completed between 2006 to 2016 and contain more than 2000 channel assays. Mineralization at Sally extends over a 1.2 km interval. Mineralization occurs over intervals of between 5 m and 56 m and dips 40 degrees south. Favorable geology and mineralization have been mapped over a 3 km strike (see Gen Mining news release dated July 25, 2019).
The property is currently the subject of a passive seismic survey, the goal of which is to identify a feeder zone which is potentially the source of a half-metre interval of massive sulphide mineralization identified in a shallow drill hole. Depending on the results from the passive seismic survey, exploration for a potential zone at depth will be conducted as part of the 2019 drill campaign.
Targets planned for drilling may change as the project evolves and results are received.
Rod Thomas, P.Geo., is a qualified person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects, and the Company’s Vice-President, Exploration, and a Director. He has prepared or reviewed and approved the scientific and technical information contained in this news release.
About Generation Mining Limited
Generation Mining Limited is a base metal exploration and development company with various property interests throughout Canada. Its primary business objective is to explore and further develop these properties, and to continue to increase its portfolio of base and precious metal property assets through acquisition. The Company’s common shares trade on the Canadian Securities Exchange (“CSE”) under the symbol GENM.
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President and Chief Executive
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.