Generation Mining Identifies Drill Targets at Darnley Bay
Generation Mining Identifies Drill Targets at Darnley Bay
TORONTO, Oct. 16, 2018 -- Generation Mining Limited (CSE:GENM, the “Company”) is pleased to announce continuing
interpretation of results from the summer Magnetotelluric (“MT”) program at its Darnley Bay property (the “property”) near
Paulatuk, Northwest Territories. The property is underlain by the Darnley Bay Anomaly which is the largest currently known
gravity and magnetic anomaly in North America (J.E. Spratt et al; GSC Open File 8100). The program has had the dual result
of imaging the deep source of the Darnley Bay Anomaly and outlining discrete exploration targets nearer to the surface.
Analysis of the MT data has indicated four large, conductive MT anomaly locations ranging from 800-1200 meters in depth to
the top of the source. Each of the MT anomaly source locations is larger than one square kilometer and is marked by a
significant decrease in resistivity. All four drill targets are coincident with strong gravity and magnetic anomalies.
A total of 116 MT, deep searching geophysical soundings, were collected on the property, over a 2000 square-kilometer area
blanketing the Darnley Bay gravity anomaly (Figure 1). The MT data was used to estimate the electrical resistivity structure of
the Earth beneath each data station. The MT data suggests four discrete locations of significantly decreasing resistivity (ie.
increasing conductivity) in the subsurface, all closely associated with local fault structures interpreted to offset the basin
layering, and coincident with strong local gravity and magnetic peaks. Of importance to Generation Mining is that the source
rocks of these MT anomalies are located within 800-1200 meters of surface and may be associated with prospective rocks in
the sedimentary basin whose origins may be connected to a deeply seated Darnley Bay intrusive event. The vertical SW to
NE apparent resistivity section, recovered from a 2D model of 21 MT data sites (0-4 km depth, Figure 2), is annotated with
interpreted sub-horizontal layering (dashed) and local sub-vertical, north to south oriented fault structures. The B2 (Hornaday)
target area represents two individual targets in the same area, each isolated within the same broader geologic layering and cut
by a large, regional, sub-vertical fault. The B2 (Hornaday) targets have decreasing resistivity (<10 Ohm-m). The B1 (DB52)
target is even less resistive (<1 Ohm-m) and is interrupted abruptly to the SW, where another subvertical fault is interpreted to
cross the MT section. Additional 2D modelling of the 116 MT data sites has also recovered the SE target, not shown. The SE
target is slightly more resistive (>10 Ohm-m), at similar depths as the B2 (Hornaday) and B1 (DB52) targets, and is
associated with fault structures as well. Further target development using 3D interpretation tools will be undertaken prior to
finalizing the drill hole locations.
Qualified Person
Kevin M. Stevens, P. Geo, is a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for
Mineral Properties and the Company's Professional Consulting Geophysicist. He has prepared or supervised the preparation of
the information contained in this news release.
The property is held by Generation Mining under option from the Inuvialuit Regional Corporation, which holds certain back-in
and other rights. The gravity anomaly on the property has been favourably compared by the Geological Survey of Canada
("GSC") with other prominent gravity anomalies such as that at the prolific mining camp of the Sudbury Basin in Ontario. The
GSC discovered the anomaly in 1969 and its source has never been explained. It is located near Paulatuk, Northwest
Territories, on the Arctic coast. The Darnley Bay anomaly is larger and stronger than any of these comparatives by a wide
margin, measuring 100 kilometres long north to south and about 60 kilometres wide.
About Generation Mining Limited
Generation Mining Limited is a base and precious metals exploration and development company with various property
interests throughout Canada. Its primary business objective is to explore and further develop the Davidson Molybdenum project
in British Columbia and its other mineral properties, and to continue to increase its portfolio of base and precious metal
property assets through acquisitions.
For further information please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934
(416) 567-2440 (mobile)
Forward-Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release,
other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are forward-looking statements. 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 forward-looking statements. These
include market prices, exploitation and 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 statements.
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 statements, whether as a result of
new information, future events or otherwise, other than as required by law.
1700-80 Richmond Street West Phone: 416 567-2440
Toronto, Ontario, Canada M5H 2A4 Email: [email protected]
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/21d424f6-829b-40bc-b136-abf5810a6644
http://www.globenewswire.com/NewsRoom/AttachmentNg/766b7c59-2681-4b8b-9c0f-8edc7bcbe6db