Generation Mining Ltd. [GENM-TSX; GENMF-OTCQB] reported 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 located 10 km north of Marathon, Ontario, which is currently the subject of a feasibility study. The 2020 exploration drilling results will not be incorporated in the feasibility study, which is continuing 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 Oct. 29, 2020, and further results on Dec. 16, 2020.
Results from hole M-20-548 and results from previously released hole M-20-547 confirm the existence of a high-grade zone of palladium mineralization within the heart of the deposit’s main feeder zone approximately 250 metres down-dip from the Marathon deposit. Drill density is low in this area, which is highly prospective, both along strike and downdip, for high-grade W horizon mineralization as well as net-textured to massive sulphides.
Jamie Levy, President and CEO, stated, “Ending our 2020 exploration program with our best drill intercept of high-grade PGMs plus copper will make for an interesting exploration program in 2021, and with the recent financing, we now have the funds for this.”
Highlights include drill hole M-20-548 that returned 8 metres grading 3.86 g/t palladium, 1.36 g/t platinum, 0.43 g/t gold and 0.62% copper within 43 metres grading 2.82 g/t Palladium Equivalent (PdEq).Hole M-20-550 returned 4 metres of 0.98 g/t palladium, 0.12 g/t platinum, 0.11 g/t gold and 0.19% copper, or 1.47 g/t PdEq.
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 km2. Gen Mining acquired a 51% interest in the Marathon property from Sibanye Stillwater on July 10, 2019, and can increase its interest to 80% by spending $10-million over four years. As of the end of Q3 2020, approximately $8.7-million of the $10-million has been spent.