Generation Mining Ltd. (GENM:TSX; GENMF:OTCQB; 9GN:FSE), in a news release announced "initial results from its exploration drilling program focused on the down-dip western extension of the W Horizon portion of the Marathon Palladium Deposit." The firm noted that the W Horizon area makes up around 14% of the mineralization by volume in the Marathon Palladium Deposit, which is currently undergoing a Feasibility Study.
Generation Mining stated that its drill program, which began on August 24, 2020, and was completed on October 24, 2020, was implemented to test the potential for near surface, ramp accessible mineralization. The company advised that during this two month period it drilled a total of 5,068 meters in 12 holes.
The firm noted that four inclusive holes intersected mineralized intervals down dip from the Marathon Palladium Deposit and south of the 4,900 N Fault. The company indicated the assay results from three of these holes have been received and one is still pending.
The company stated that an 8-meter sample from a depth of 23-31 meters in hole M-20-540 returned 1.42 g/t Pd eq that consisted of 0.11 g/t Au, 0.26 g/t Pt, 0.87 g/t Pd, 0.16% Cu and 0.03% Ni.
Hole M-20-541 yielded 4-meter segment of 2.40 g/t Pd eq, a second one measuring 31m of 1.53 g/t Pd eq., along with a third 14m segment of 1.84 g/t Pd eq. that included a 7-meter segment of 2.38 g/t Pd eq, which consisted of 0.13 g/t Au, 0.38 g/t Pt, 1.80 g/t Pd, 0.11% Cu and 0.02% Ni.
The results for the third hole, M-20-543, included 8m of 1.75 g/t Pd eq and 16m of 1.47 g/t Pd eq.
Generation Mining's CEO Jamie Levy remarked, "We are very excited that the exploration drilling program has intersected intervals of palladium mineralization immediately west of the known Marathon deposit and to have also identified a 16 m thick horizon of net textured to massive sulphide mineralization at the base of the Marathon Series rocks. Although this drilling is external to the known resource, and will have no impact on the ongoing Feasibility Study, it is encouraging to see that going forward, there is the potential to define additional resources in the immediately vicinity of the Marathon deposit."
The company noted it previously received results for a fourth hole, Hole M-20-539. The results were not deemed to be successful and the firm said it does not plan to proceed with additional work there at this time. The firm added that the assay results for the remaining eight holes have not been received yet.
Generation Mining stated that it is well financed with $10.2 million cash on hand available to fund the next several phases of work that are currently underway at the Marathon Palladium Copper Project. This work includes the completion of a feasibility study and the restart of the permitting process.
Generation Mining explained that the Marathon Deposit covers around 22,000 hectares and is the largest undeveloped platinum group metal mineral resource in North America. The company stated that it 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 a period of four years. The firm noted that through the end of Q3/20, it has already spent around $8.7 million of that $10 million.
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