TORONTO, June 14, 2018 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM)(“Gen Mining” or the “Company”) is pleased to announce the receipt of a Land Use Permit from the Inuvialuit Land Administration, which will allow the Company to perform geophysical surveys on the Company's Darnley Bay, Northwest Territories property (the "Property"). The Company received the Permit on June 11th, 2018 and expects to commence its field exploration work by the middle of July.
The Company is following up on the successful Magnetotelluric (MT) geophysical survey completed by the Government of Canada in 2015 from their GEM program and interpreted by the Company’s consultants. The government’s 10-station survey on the Property had identified a MT anomaly 800 metres from surface coincident with Gravity and Magnetic highs. The Company is planning to conduct a large ground 100-site MT station survey over a 40 x 50 km area blanketing the Darnley Bay geophysical anomaly, which covers most of the strongest land-based gravity anomaly in the world.
The Company has engaged Quantec Geoscience of Toronto, Canada, a world leader in Magnetotellurics and non-seismic deep earth imaging geophysical technology and interpretation, to perform the work.
Magnetotellurics is a natural source, low environmental impact, geophysical method of imaging the earth's subsurface by measuring at the earth’s surface natural variations of electrical and magnetic fields generated by the passage of the magnetic and electromagnetic energy from cosmic radiation, sunspot activity and terrestrial thunderstorm activity. The method allows for the deep imaging of the structure and composition of the earth’s subsurface to depths greater than conventional airborne and ground geophysical exploration surveys. Since the 1990s, MT has been successfully used to help locate deep conductive mineral deposits at depths exceeding 1500 metres in the Sudbury nickel camp; base metal deposits in South America, the western cordillera of North America and in Precambrian Shield areas around the world. In the last 10 years, this technique has seen a number of improvements, particularly with the development of modern 3-D inversion. It is now routinely used in the oil industry to better define deep drilling targets, and to supplement or replace seismic in areas where seismic is not permitted for environmental reasons and/or provides poor resolution due to volcanic cover. Past gravity and magnetic surveys have outlined 22 targets on the Company's Property, and the MT results are expected to assist the Company in prioritizing these targets for an upcoming drill program.
The Company would like to thank the Inuvialuit Regional Corporation ("IRC") and Inuvialuit Land Administration as well as the community of Paulatuk for allowing the Company to perform this program.
The Company's Property hosts a significant gravity anomaly, which has been favorably compared by the Geological Survey of Canada ("GSC") with other prominent gravity anomalies. It is located near Paulatuk, Northwest Territories, on the Arctic coast. The Darnley Bay anomaly measures 100 kilometres long north to south and about 80 kilometres wide. The GSC discovered the anomaly in 1969 and its source has never been explained. The Company has 100% control of its exploration and potential development subject to certain back-in and other rights of the IRC, which holds the land on which the anomaly occurs.
Qualified Person
Rod Thomas, P. Geo, is a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Properties and the Company's Vice President - Exploration and Director. He has prepared or supervised the preparation of the information contained in this news release.
About Generation Mining Limited
Generation Mining Limited is a base and precious metals exploration and development company with various property interests throughout Canada. Its primary business objective is to explore and further develop the Davidson Molybdenum project in British Columbia and its other mineral properties, and to continue to increase its portfolio of base and precious metal property assets through acquisitions.
For further information please contact:
Jamie Levy
President and Chief Executive Officer
(416) 567-2440
jlevy@genmining.com
Forward-Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. 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 forward-looking statements. These include market prices, exploitation and 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 statements. 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.
| 1700-80 Richmond Street West Toronto, Ontario, Canada M5H 2A4 | Phone: 416 567-2440 Email: jlevy@genmining.com |