Generation Extends Biiwobik Zone by 150 m, intersects 8.0 m of 3.06% CuEq 350 m north of Marathon Deposit
Generation Extends Biiwobik Zone by 150 m, intersects 8.0 m of 3.06% CuEq
350 m north of Marathon Deposit
TORONTO--(BUSINESS WIRE)--April 23, 2024--Generation Mining Limited (TSX:GENM)
("Gen Mining" or the "Company") is pleased to announce results from the first phase of drilling
at the Biiwobik prospect, immediately north of the Marathon palladium-copper deposit in
Northwestern Ontario. The Company recently announced plans for a multi-phased exploration
program that will target copper dominant and higher-grade palladium group metals (PGM)
prospects within its 26,000 hectare land package (see news release dated March 7, 2024).
Results from the first phase of drilling have returned positive results including 8.0 metres of
0.85% Cu, 2.48 g/t Pd, 0.57 g/t Pt, 0.22 g/t Au (3.06% Copper Equivalent), within a broader 30
metre interval grading 0.41% Cu, 1.02 g/t Pd, 0.24 g/t Pt, and 0.10 g/t Au (1.33% CuEq) in MB-
24-058. Hole MB-24-059 intersected mineralization over 5.0 metres at 0.56% Cu, 1.12 g/t Pd,
0.21 g/t Pt, and 0.15 g/t Au (1.59% CuEq) within a 22 metre interval grading 0.19% Cu, 0.9 g/t
Pd, 0.24 g/t Pt, and 0.10 g/t Au (0.98% CuEq).
Additional drill holes from this program such as MB-24-054 encountered a variety of
mineralization styles including 34 metres of oxide cumulates grading up to 1.37 g/t Pd, 0.13%
Cu, 0.23% Pt and 0.10 g/t Au, as well as a notable 11 metre interval of massive sulphides
containing elevated Pd and Cu values of 0.50 g/t and 0.39% respectively. This along with several
other massive to semi-massive intercepts support the model for back-draining and subsequent
settling of massive sulphides in a feeder conduit setting, and can be used to help vector towards
higher grade intervals in the future. Results from the first phase of the 2024 Biiwobik drill
program are summarized in Table 1 below.
Jamie Levy, President and CEO says, “This is a great start to the drill program. We were
anticipating that the Biiwobik zone drilling would give us an improved understanding of the
potential to extend the current pit included in our Feasibility Study into this area and potentially
increasing mine life and average copper grade. These significant intercepts mark a substantial
step-out of 150 metres from previous drilling and indicates that the overall copper grade
appears to increase in this direction.”
These holes at the Biiwobik zone effectively extend the mineralization approximately 450 metres
north of the Marathon deposit Mineral Resource and confirm that the deposit is open to the north
and at depth. The results also confirm that zones of higher copper mineralization are present and
can be successfully identified. Further drilling programs will aim at extending this zone, with the
possibility of adding an Inferred Mineral Resource in the future with additional drilling success.
The company is confident, that the addition of these six drill holes at Biiwobik will assist in
better understanding the northern extension of the deposit.
Table 1: Summary of results from phase one of the 2024 Biiwobik drill program
HoleID* From To Length (m) Cu (%) Pd (g/t) Pt (g/t) Au (g/t) Ag (g/t) CuEq***
(%) PdEq** (g/t)
MB-24-054 240 256 16 0.08 0.33 0.08 0.04 0.39 0.38 0.56
and 262 296 34 0.11 1.02 0.17 0.08 0.29 0.96 1.41
including 262 282 20 0.13 1.37 0.23 0.1 0.33 1.27 1.85
and 374 385 11 0.39 0.50 0.09 0.04 2.25 0.84 1.22
and 388 416 28 0.34 0.49 0.13 0.05 1.36 0.80 1.17
and 436 450 14 0.33 0.77 0.21 0.05 1.36 1.02 1.49
Including 440 450 10 0.38 0.93 0.26 0.05 1.53 1.21 1.76
MB-24-055 172 198 26 0.07 0.16 0.08 0.04 0.4 0.26 0.38
and 242 272 30 0.11 0.31 0.08 0.05 0.6 0.41 0.60
including 242 262 20 0.04 0.42 0.1 0.05 0.26 0.42 0.62
and 262 272 10 0.25 0.09 0.03 0.04 1.28 0.37 0.55
and 378 384 6 0.15 0.26 0.1 0.06 0.6 0.43 0.64
and 402 430 28 0.11 0.34 0.1 0.03 0.46 0.42 0.62
MB-24-056 168 174 6 0.12 0.5 0.14 0.08 0.5 0.60 0.88
and 194 212 18 0.07 0.33 0.07 0.03 0.4 0.36 0.53
and 422 428 6 0.19 0.39 0.12 0.05 1.87 0.58 0.85
MB-24-057 164 188 24 0.03 0.32 0.09 0.03 0.11 0.32 0.47
and 362 378 16 0.3 0.68 0.15 0.07 1.97 0.92 1.35
MB-24-058 194 208 14 0.11 0.62 0.2 0.07 0.67 0.70 1.02
including 198 208 10 0.13 0.77 0.23 0.08 0.76 0.85 1.24
and 348 378 30 0.41 1.02 0.24 0.1 1.88 1.33 1.95
including 364 372 8 0.85 2.48 0.57 0.22 4 3.06 4.47
and 394 404 10 0.25 0.46 0.07 0.07 0.94 0.67 0.98
MB-24-059 216 250 34 0.05 0.4 0.14 0.08 0.19 0.46 0.68
including 230 236 6 0.11 1.35 0.41 0.19 0.3 1.40 2.04
and 324 346 22 0.19 0.9 0.19 0.08 0.89 0.98 1.43
including 324 329 5 0.56 1.12 0.21 0.15 2.92 1.59 2.32
* Interval lengths of interceptions are assumed to be approximate to true width.
** The Palladium Equivalent (“PdEq”) calculation expressed in g/t is calculated as the sum of
the theoretical in situ value of the constituent metals (Au + Pt + Pd + Cu + Ag) per tonne
divided by the value of one gram of palladium. The calculation makes no provision for expected
metal recoveries or smelter payables. USD per ounce commodity prices of $1,500, $1,100,
$1,800, $26 were used, respectively, for Pd, Pt, Au, Ag and a $3.20/lb value was assigned for
Cu.
*** The Copper Equivalent (“CuEq”) calculation expressed in % is calculated as the sum of the
theoretical in situ value of the constituent metals (Au + Pt + Pd + Cu + Ag) in one tonne
sampled divided by the value of one percent of copper in such one tonne sample. The calculation
makes no provision for expected metal recoveries or smelter payables. USD per ounce
commodity prices of $1,500, $1,100, $1,800, $26 were used, respectively, for Pd, Pt, Au, Ag and
a $3.20/lb value was assigned for Cu.
As part of the initial phase of the Biiwobik program, a geophysical surveying crew have
mobilized to site and will be completing borehole electromagnetic surveys on two of the six
recently drilled holes. The goal of this program is to vector in on zones of higher grade
disseminated to massive sulphides at depth which will be targeted during the next phase of
drilling at Biiwobik.
See attached Figure 1: Plan view of Biiwobik Prospect, showing location of 2024 drilling.
See attached Figure 2: Long section looking east through the entire Biiwobik prospect, showing
the notable intersections from the first phase of 2024 drilling.
Sally Deposit
The company is also pleased to announce that drilling is underway at its Sally deposit, on a
single 1000 metre drillhole where a 2019 borehole electromagnetic survey and subsequent
magnetotelluric survey carried out in 2020 indicate the presence of a large untested conductor
occurring between 600-900 meters depth. Results from this program will be released in the
coming months.
Four Dams
Upon completion of drilling at the Sally deposit, drilling will immediately commence on
multiple targets at the company’s Four Dams prospect. The primary target at Four Dams is a
250-metre-wide by 60-metre-thick ultramafic pipe where drilling by previous operators has
indicated a prospective environment for the settling of high grade massive sulphides at depth (see
news release dated March 7th, 2024).
Property Map and 2024 Exploration Areas
See attached Figure 3: Map of Marathon Palladium project showing locations of 2024
exploration programs.
Quality Assurance/Quality Control
Quality assurance and quality control protocols for the 2024 drilling assay program were
unchanged from previous years and involve 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 1 m or 2 m lengths
dependent on the nature of the mineralized zone. The core samples are split on site using a
diamond saw where half of the core is sent for analysis and the other half is securely stored on
site for future reference. All samples are shipped to the ALS Global laboratory in Thunder Bay,
Ontario for processing. Pulp sample material was then sent to the Vancouver ALS facility for
analysis. ALS Minerals is independent of Generation Mining and operates with a quality
management system and complies with the requirements of ISO9001:2008. The quality
management system of ALS is audited both internally and by external parties. The samples were
prepared and sent for multi-element analyses. Palladium, platinum and gold were analysed using
method PGM-ICP23 using a nominal sample weight of 30g. Copper and silver were analysed
using method ME-ICP41 (4 acid digest). Copper and silver grades above 1% and 100 g/t
respectively, triggered an overlimit analysis by method OG46-OL.
About Generation Mining Limited
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped palladium-
copper deposit in Northwestern Ontario, Canada. The Company released the results of the
Feasibility Study Update on March 31, 2023.
The Feasibility Study Update estimated a Net Present Value (using a 6% discount rate) of
C$1.16 billion, an Internal Rate of Return of 25.8%, and a 2.3-year payback. The mine is
expected to produce an average of 166,000 ounces of payable palladium and 41 million pounds
of payable copper per year over a 13-year mine life (“LOM”). Over the LOM, the Marathon
Project is anticipated to produce 2,122,000 ounces of palladium, 517 million lbs of copper,
485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of silver in payable
metals. For more information, please review the Feasibility Study Update dated March 31, 2023,
filed under the Company’s profile at www.sedarplus.com or on the Company’s website at
https://genmining.com/projects/feasibility-study/.
The Marathon Property covers a land package of approximately 26,000 hectares, or 260 square
kilometres. Gen Mining owns a 100% interest in the Marathon Project.
Qualified Person
The scientific and technical content of this news release, including the sampling, analytical and
test data underlying the technical content, was reviewed, verified, and approved by Mauro
Bassotti, P.Geo, Vice President Geology of the Company, and a Qualified Person as defined by
Canadian Securities Administrators’ National Instrument 43-101 - Standards of Disclosure for
Mineral Projects.
Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements,
as defined in applicable securities laws (collectively referred to herein as "forward-looking
statements"). Forward-looking statements reflect current expectations or beliefs regarding future
events or the Company’s future performance. All statements other than statements of historical
fact are forward-looking statements. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "continues", "forecasts", "projects”, “predicts”, “intends”, “anticipates”,
“targets” or “believes”, or variations of, or the negatives of, such words and phrases or state
that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will”
be taken, occur or be achieved, including statements relating to the final location and depth of
drill holes, surveys and targets; the ability of the current or future exploration programs to
extend feeder zones, target higher grade mineralization, extend mine life, expand or alter
potential mine pit designs; the possibility of future drilling adding to an inferred mineral
resource or increasing potential metal grades in reserves or resources; and the anticipated life
of mine; mineral production estimates, payback period, and financial returns from the Marathon
Project.
Although the Company believes that 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 timing for a construction decision; the progress of development at
the Marathon Project, including progress of project expenditures and contracting processes, the
Company’s plans and expectations with respect to liquidity management, continued availability
of capital and financing, the future price of palladium and other commodities, permitting
timelines, exchange rates and currency fluctuations, increases in costs, requirements for
additional capital, and the Company’s decisions with respect to capital allocation, and the
impact of COVID-19, inflation, global supply chain disruptions, global conflicts, including the
wars in Ukraine and Israel, the project schedule for the Marathon Project, key inputs, staffing
and contractors, commodity price volatility, continued availability of capital and financing,
uncertainties involved in interpreting geological data, environmental compliance and changes in
environmental legislation and regulation, the Company’s relationships with First Nations
communities, results from planned exploration and drilling activities, local access conditions for
drilling, and general economic, market or business conditions, as well as those risk factors set
out in the Company’s annual information form for the year ended December 31, 2022, and in the
continuous disclosure documents filed by the Company on SEDAR+ at www.sedarplus.ca.
Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may
affect forward-looking statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking statements in this news release speak only as
of the date of this news release or as of the date or dates specified in such statements.
Exploration results that include geophysics, sampling, and drill results on wide spacings may not
be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that
further work will establish sufficient grade, continuity, metallurgical characteristics and
economic potential to be classed as a category of mineral resource. Forward-looking statements
are based on a number of assumptions which may prove to be incorrect, including, but not
limited to, assumptions relating to: the availability of financing for the Company’s operations;
operating and capital costs; results of operations; the mine development and production
schedule and related costs; the supply and demand for, and the level and volatility of commodity
prices; timing of the receipt of regulatory and governmental approvals for development projects
and other operations; the accuracy of Mineral Reserve and Mineral Resource Estimates,
production estimates and capital and operating cost estimates; and general business and
economic 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 on SEDAR+ at www.sedarplus.ca. 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.
Contacts
For further information:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934 (O)
(416) 567-2440 (M)