TORONTO, Oct. 08, 2019 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) (“Gen Mining” or the “Company”) is pleased to provide an update on its 12,000-metre exploration program which is testing multiple targets along more than 20 km of prospective strike length at its 51% owned Marathon deposit located 10 km from the Town of Marathon, Ontario.
The exploration program began in August using two diamond drills. To date over 21 holes have been completed amounting to 7700 metres. Initial drilling focused on twinning two holes in the W Horizon and two holes in the Main Zone, both of which form part of the Marathon Deposit, as well as drilling one infill hole. Additional drilling has been conducted on the Geordie East and Geordie North targets, the West Feeder Zone, and the Boyer Zone. Apart from Geordie East none of these targets have been previously drilled. Assay results from these holes are expected in the second half of October.
Additionally, a passive seismic survey was conducted on the Sally Zone where a resource calculation is currently being undertaken. The survey is designed to pinpoint the potential source of massive sulphides found in the area as well as a grab sample taken in 2017 which assayed 183 grams per tonne total PGEs + Au and 9.1% copper. Results of the survey are expected within two weeks and may generate additional drill targets.
Assay results are available for the first three holes on the Marathon W Horizon.
Rod Thomas, P. Geo. Gen Mining’s Vice President Exploration commented that “although platinum group metal enrichment is common in layered magmatic intrusions such as Stillwater and the Bushveld, zones of extreme enrichment such as the W Horizon are considered exceptional, making it among the world’s highest grade localities of PGM in disseminated sulphides.”
The W Horizon accounts for approximately 20% of the 7.1 million ounces of palladium equivalent resources in the Marathon Deposit (see press release of Sept. 9, 2019).
Results are tabulated below. Recently completed Hole M-19-530 is a twin of M-07-304 which was drilled in 2007. Similarly, Hole M-19-532 is a twin of Hole M-07-306. Hole M-19-531 is an infill hole.
Sample lengths approximate true widths and variations in widths and grade between the current drill program and the 2007 program were not unexpected and are characteristic of the W Horizon. Variations in PGM content are largely attributable to the nugget effect. Regardless, and notwithstanding the known high variability of the W Horizon, the twinned holes largely replicate the mineralized intervals and yield characteristically high grade PGM values.
| DDH # | From (m) | To (m) | Length (m) | Approx. True Width (m) | Au (ppm) | Pt (ppm) | Pd (ppm) | Pd+Pt+Au (ppm) | Cu (%) |
| M-19-530 | 5 | 35 | 30 | 30 | 0.15 | 0.99 | 2.76 | 3.90 | 0.095 |
| Including | 7 | 15 | 8 | 8 | 0.35 | 3.08 | 8.97 | 12.40 | 0.124 |
| M-07-304 | 6 | 16 | 10 | 10 | 0.83 | 4.79 | 15.77 | 21.39 | 0.213 |
| M-19-531 | 15 | 33 | 18 | 18 | 0.08 | 0.36 | 1.21 | 1.65 | 0.068 |
| Including | 17 | 21 | 4 | 4 | 0.18 | 0.78 | 3.34 | 4.30 | 0.084 |
| M-19-532 | 145 | 171 | 26 | 26 | 0.14 | 0.57 | 2.37 | 3.08 | 0.058 |
| Including | 147 | 149 | 2 | 2 | 0.61 | 3.09 | 13.7 | 17.40 | 0.040 |
| M-07-306 | 150 | 170 | 20 | 20 | 0.92 | 4.94 | 17.54 | 23.42 | 0281 |
| Including | 150 | 156 | 6 | 6 | 2.33 | 15.02 | 52.12 | 69.47 | 0.599 |
Gen Mining’s President and Chief Executive Officer Jamie Levy commented, “We are excited to receive assay results from these intercepts at the W Horizon which confirm the high-grade nature of the zone. I look forward the results from the first drill holes into the untested zones, particularly from the newly discovered Boyer Zone, which has a lot of characteristics similar to the W Horizon.”
QA/QC
The QA/QC procedure (“quality assurance and quality control”) for the 2019 drilling assay protocol involves 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 1m or 2m lengths dependent on the mineralized zone. The core samples are split on site using a diamond saw where half core is sent to for analysis and the other half is stored on site for later reference. All samples are shipped to ALS Minerals in Thunder Bay for processing.
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 Persons for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Generation Mining Limited
Generation Mining Limited is a precious and base metal exploration and development company with various property interests throughout Canada. Its primary business objective is to develop the large Marathon palladium-copper project through exploration and an upcoming Preliminary Economic Analysis to be followed, if warranted, by a Definitive Feasibility Study. Gen Mining owns a 51% interest in the Marathon project and has an option to increase that interest to 80% by spending $10 million before July 9, 2023. The Company’s common shares trade on the Canadian Securities Exchange (“CSE”) under the symbol GENM.
For further information please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934
(416) 567-2440
jlevy@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.