Generation Mining Ltd. (GENM:TSX; GENMF:OTCQB) announced in a news release preliminary results from the recent SPARTAN Magnetotellurics (MT) survey of the prospective parts of the 22,000-hectare Marathon project near Marathon, Ontario, "which are believed to have provided a favorable environment for enriched palladium mineralization."
The expanse that was surveyed at Marathon included the W Horizon, Marathon, Four Dams and Sally areas. Results are pending for the latter two.
Initial results for W Horizon and Marathon showed one potential target "which consists of a discrete, previously undrilled, conductive MT anomaly situated at a vertical depth of approximately 650 meters downdip and immediately west of the Marathon palladium copper deposit," the release described.
The company stated that anomaly is more conductive than the mineralization in the deposit. Also, the anomaly coincides with the suspected downdip extension of Marathon Series Gabbros, which is significant because Gabbros hosts the mineralization at Marathon and encompasses the feeder zones to that mineralization. Therefore, the MT anomaly is now a high priority drill target for Generation Mining.
The MT survey results also highlighted the area that is right next to the anomaly as containing extensions to the W Horizon, and W Horizon is a zone of extreme palladium enrichment.
Generation Mining stated that it intends to follow up the MT survey results with a drill program, scheduled to start this month.
Generation Mining noted that it "acquired a 51% interest in the Marathon Property from Sibanye Stillwater on July 10th, 2019 and can increase its interest to 80% by spending $10 million over a period of four years. As of Q1, 2020, approximately $4 million of the $10 million has already been spent. Sibanye Stillwater has certain back-in rights that can bring its interest in the Property back to 51% after such time Gen Mining has earned its 80% interest."
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Generation Mining. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
