Generation Mining reports on Biiwobik Prospect drilling and summer surface exploration results Drills 10 metres of 0.97 g/t Pd and 0.59% Cu near surface
Generation Mining reports on Biiwobik
Prospect drilling and summer surface
exploration results
Drills 10 metres of 0.97 g/t Pd and 0.59% Cu near surface
Toronto, Ontario – November 8, 2021 – Generation Mining Limited (TSX: GENM; OTCQB:
GENMF) (“Gen Mining” or the “Company”) is pleased to announce results from the remaining
eight holes drilled this summer in the Chonolith and Powerline zones at the Biiwobik Prospect,
situated immediately north of the Marathon palladium-copper deposit in Northwestern Ontario.
The Biiwobik Prospect name originates from the Biigtigong Nishnaabeg’s First Nation dialect of
the Nishnaabe language meaning “metal”.
The Company also reports on the results of summer prospecting, mapping, and trenching
activities carried out along the northeast margin of the Coldwell Complex between the Redstone
and Four Dams prospects, including detailed work immediately east of the Sally Deposit
encompassing the Willie Zone and the Boyer Prospect (see location map included as Figure 1, all
figures are included at the end of this news release).
The Company completed a positive feasibility study (see March 3rd, 2021 news release) which
contemplates the development of an open-pit mining operation with robust project economics
over a 13-year mine-life. As with recently completed work on the Central Feeder Zone (see
2021 news releases of January 25th, May 10th and August 17th) current exploration activities are
focused on evaluating the potential for additional resources which could, in the future,
potentially extend the life of the proposed operation.
Biiwobik Prospect Drilling
Results from GenMining’s initial drill program at the Biiwobik Prospect are very encouraging.
The near surface Powerline Zone has Pd and Cu grades that are similar to the Main Zone of the
Marathon Deposit the northern extremity of which is situated approximately 300 m to the south.
Drill density in this part of the property is low and surface exploration limited. With additional
drilling and detailed surface sampling, there is excellent potential to define open-pit accessible
resources at the Biiwobik Prospect.
Jamie Levy, Gen Mining’s CEO, stated “We are excited by these results as there is the potential
to develop additional resources near the Marathon Deposit”.
Results from the first three holes drilled this year in the Powerline and Chonolith zones were
reported in the Company’s September 2nd, 2021, news release. Assay results for an additional
eight holes are provided below in Table 1.
Drill density is such that the true width of drill intercepts is estimated to be about 75% of the
length of the drill core sampled. Results are consistent with earlier drilling in this area. With
reference to Table 1, broad intervals, herein defined as composited drill intercepts of >10 m,
range up to 72 m of 1.01 g/t PdEq in the deeper Chonolith Zone in hole MB 21-46. In terms of
grade the best broad interval intercept was in hole MB 21-52 which intersected 1.96 g/t PdEq
over 10m in the near surface Powerline Zone.
Drill hole collars and the location of vertical sections 5406450N and 5406650N are shown in
Figure 2. Vertical sections 5406450N and 5406650N are shown in figures 3 and 4, respectively.
The Biiwobik Prospect comprises two discrete mineralized zones which are hosted by Marathon
Series rocks that are primarily Two Duck Lake gabbro. The upper zone, referred to as the Power
Line Zone, comprises a near surface intrusion controlled by a footwall embayment (a thermally
eroded channel) like the structural setting of the Main Zone of the Marathon deposit. The lower
zone referred to as the Chonolith Zone appears to be a channelized chonolith structure (a magma
tube) within the Archean footwall.
Table 1 – Significant Assay Results Holes MB 21-46 to MB 21-53, inclusive.
Hole From To Length* Zone** Pd
(g/t) Pt (g/t) Au
(g/t)
Ag
(g/t)
Cu
(%)
PdEq
(g/t)***
Min.
Style
MB-21-46 87 99 12 PL 1.06 0.22 0.09 0.53 0.13 1.43 Oxide
And 268 340 72 CH 0.54 0.12 0.05 1.23 0.27 1.01 Main
Incl. 298 308 10 CH 0.91 0.20 0.06 1.78 0.40 1.60 Main
MB-21-47 80 94 14 PL 0.82 0.19 0.08 0.31 0.06 1.08 Oxide
And 154 172 18 PL 0.52 0.14 0.08 1.90 0.23 0.98 Footwall
And 361 364 3 CH 1.61 0.37 0.19 3.37 0.49 2.64 Footwall
And 369 372 3 CH 0.83 0.30 0.10 2.67 0.37 1.58 Footwall
MB-21-48 121 127 6 PL 1.32 0.30 0.09 0.47 0.13 1.74 Oxide
And 261 303 42 CH 0.47 0.16 0.05 0.89 0.17 0.84 Footwall
And 309 329 20 CH 0.61 0.23 0.05 0.97 0.18 1.03 Footwall
Incl. 313 315 2 CH 2.16 0.81 0.15 1.40 0.28 3.12 Footwall
And 335 371 36 CH 0.52 0.13 0.06 1.02 0.22 0.93 Main
MB-21-49 77 97 20 PL 0.27 0.07 0.03 0.22 0.06 0.41 Main
And 289 298 9 CH 0.22 0.05 0.04 1.00 0.13 0.45 Main
And 306 310 4 CH 1.86 0.45 0.30 6.60 0.68 3.23 Footwall
MB-21-50 No Significant Intercepts
MB-21-51 4.1 14 9.9 PL 0.31 0.15 0.16 0.94 0.20 0.79 Oxide
And 37 47 10 PL 0.73 0.19 0.13 0.92 0.19 1.20 Main
Incl. 43 47 4 PL 1.27 0.30 0.23 1.50 0.31 2.04 Main
And 71 75 4 PL 0.82 0.27 0.08 0.25 0.05 1.10 Oxide
And 187 201 14 CH 0.25 0.06 0.02 0.44 0.08 0.41 Footwall
And 219 223 4 CH 0.70 0.20 0.05 0.95 0.17 1.09 Main
And 261 269 8 CH 0.51 0.31 0.03 0.25 0.05 0.77 W-Style
MB-21-52 24 64 40 PL 0.55 0.10 0.07 1.42 0.30 1.07 Main
Incl. 40 50 10 PL 0.97 0.17 0.13 2.74 0.59 1.96 Main
And 70 78 8 PL 0.61 0.13 0.07 0.55 0.09 0.87 Main
And 216 234 18 CH 0.24 0.04 0.03 0.99 0.23 0.58 Main
And 256 340 84 CH 0.55 0.16 0.06 1.29 0.27 1.06 Main
Incl. 266 294 28 CH 0.88 0.22 0.08 2.04 0.45 1.67 Main
MB-21-53 11 47 36 PL 0.29 0.06 0.06 1.13 0.24 0.69 Main
And 73 87 14 PL 0.23 0.06 0.03 0.71 0.13 0.47 Main
And 161 169 8 PL 0.34 0.07 0.04 1.28 0.23 0.73 Footwall
And 181 197 16 PL 0.49 0.12 0.05 1.56 0.24 0.92 Footwall
Incl. 181 185 4 PL 0.94 0.16 0.07 3.05 0.47 1.73 Footwall
And 239 265 26 CH 0.91 0.20 0.08 1.92 0.38 1.61 Main
Incl. 247 253 6 CH 1.23 0.29 0.11 2.50 0.51 2.16 Main
Also Incl. 257 259 2 CH 2.18 0.35 0.21 2.50 0.51 3.22 Main
* True width of intercept is approximately 75% of the length of the interval sampled
** PL corresponds to the Powerline Zone and CH refers to the Chonolith Zone
*** The Palladium Equivalent (“PdEq”) calculation expressed in g/t is the sum of the theoretical in situ value of the constituent metals (Au + Pt +
Pd + Cu) 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 $1,725, $1,000, $1,400 were used, respectively, for Pd, Pt and Au and a $3.20/lb. value was assigned for Cu
Summer Surface Exploration
In addition to the drill program, a three-person surface exploration crew actively explored the area
between the Redstone and the Four Dams prospects (see Figure 5). This area comprises a 14 km
long portion of the Coldwell Complex margin, which includes the Sally Deposit and Boyer
Prospect. The area has the potential to host ultramafic intrusions with high- grade
mineralization. Previous drilling and surface sampling has returned extremely high -grade assays
from apatite bearing pyroxenites which have assayed up to 2.59 g/t Au, 0.48 g/t Pt, 185 g/t Pd,
9.11% Cu and 0.60% Ni (see February 25th, 2020, news release).
A total of 95 personnel -days were devoted to surface mapping and prospecting. The bulk of the
effort (73 days) was focused on prospecting the Willie Zone which is situated between the Sally
Deposit and Boyer Prospect. Additionally, crews spent 31 days mapping and sampling three
trenches at the Boyer Prospect. The most anomalous surface assays were obtained from the Willie
Zone and assays results are compiled in Table 2 below:
Table 2 : Surface Samples of Two Duck Lake Gabbro – Willie Zone (>0.5 g/t PdEq*)
Sample Easting Northing Elev. Au
(g/t)
Pt
(g/t)
Pd
(g/t)
Cu
(%)
PdEq
(g/t)*
K004927 540038 5412223 363.22 0.17 0.36 1.55 0.388 2.37
K006361 539117 5412298 282.01 0.15 0.12 0.27 0.204 0.7
K006362 539103 5412303 288.44 0.08 0.11 0.2 0.267 0.67
K004597 539822 5412350 285.81 0.05 0.19 0.34 0.084 0.59
K004926 540046 5412219 365.55 0.06 0.13 0.35 0.048 0.52
*The Palladium Equivalent (“PdEq”) calculation expressed in g/t is the sum of the theoretical in situ value of the constituen t metals (Au + Pt +
Pd + Cu) 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 $1,725, $1,000, $1,400 were used, respectively, for Pd, Pt and Au and a $3.20/lb. value was assigned for Cu.
**Lithologies sampled are Marathon Series 2d coarse grained olivine gabbro and 3b coarse grained ophitic gabbro.
Prospecting at Willie was designed to follow up and expand historic showings east of the Sally
Deposit. The Willie Zone is situated between the Sally Deposit and the Boyer Prospect and
comprises a 300 m east- west oriented mineralized trend of Two Duck Lake gabbro along the
eastern margin of Willie Lake and a 200 m southwest-northeast oriented mineralized lineament
on the western margin of Willie Lake.
During mapping and sampling at Willie 167 grab samples were obtained; a list of significant
assays (>0.5 g/t PdEq) are provided in Table 2. The best assay received was from a sample of
Two Duck Lake gabbro (sample no. K004927) which assayed 1.55 g/t Pd and 0.39% Cu which is
comparable to grades within the Marathon deposit situated approximately 15 km to the southeast.
At Boyer, three trenches opened in 2019, were mapped and sampled in 2021. The geology of the
three trenches is dominantly brecciated Two Duck Lake gabbro comprising fine grained to
pegmatitic varieties. Mineralization is largely hosted by associated pyroxenites. Trenching results
are included in Table 3 below:
Table 3: Boyer - Trench Composite Sample Results
Trench # Samples Length
(m)*
Au
(g/t)
Pt
(g/t)
Pd
(g/t)
Cu
(%)
PdEq
(g/t)**
BYT-21-007 C372269 - C372281 11.33 0.06 0.2 0.52 0.046 0.74
Incl. C372271 - C372273 1.96 0.07 0.39 1.25 0.037 1.58
And C372288 - C372327 29.99 0.09 0.21 0.53 0.067 0.81
Incl. C372289 - C372292 1.97 0.21 0.4 1.25 0.186 1.9
Also incl. C372302 - C372303 1.23 0.2 0.45 1.27 0.114 1.1
Also incl. C372304 - C372318 8.86 0.14 0.34 0.93 0.093 1.36
BYT-21-008 C372423 - C372465 28.1 0.09 0.15 0.24 0.097 0.64
Incl. C372439 - C372447 5.39 0.12 0.68 0.81 0.018 1.33
Incl. C372440 - C372440 0.71 0.42 1.29 1.84 0.031 2.96
BYT-21-009 C372520 - C372548 20.81 0.11 0.28 0.38 0.17 0.71
Incl. C372529 - C372533 2.29 0.32 0.68 0.92 0.093 1.69
*Composites calculated using a lower cut-off of $13 NSR with up to 4 m internal dilution
**The Palladium Equivalent (“PdEq”) calculation expressed in g/t is the sum of the theoretical in situ value of the constituent metals (Au + Pt +
Pd + Cu) divided by the value of one gram of palladium. The calculation makes no provision for expected metal recoveries or s melter payables.
USD per ounce commodity prices of $1,725, $1,000, $1,400 were used, respectively, for Pd, Pt and Au and a $3.20/lb. value was assigned for Cu.
Trenching results have expanded the mineralized zone at Boyer to a 1.6 km strike length. The
relatively low Cu/Pd ratio at Boyer suggests the Boyer Prospect has origins similar to the high-
grade W-Horizon at the Marathon Deposit and consequently it remains an exploration area of
interest going forward.
Quality Assurance/Quality Control
Quality assurance and quality control (“QA/QC”) protocols for the 2021 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 ALS in Thunder Bay for processing.
Qualified Person
Rod Thomas, P.Geo., Company Vice -President Exploration and a Director has reviewed and
approved the scientific and technical information contained in this news release. Mr. Thomas is a
Qualified Person for the purposes of National Instrument 43 -101 Standards of Disclosure for
Mineral Projects.
About the Company
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped platinum
group metal mineral deposit in Northwestern Ontario. The Company released the results of the
Feasibility Study on March 3, 2021 and published the NI43-101 Technical Report dated March
25, 2021. The Marathon property covers a land package of approximately 22,000 hectares, or
220 square kilometres. Gen Mining currently owns an 82.6% interest in the Marathon Project,
with the remaining interest owned by Sibanye-Stillwater.
The Feasibility Study estimated that at US$1725/oz palladium, and US$3.20/lb copper,
Marathon’s Net Present Value (at 6% discount rate) is approximately C$1.07 billion with a
payback of 2.3 years and an Internal Rate of Return of 30%. Up front capital costs were
estimated at C$665 million. The mine would produce an estimated 245,000 palladium equivalent
ounces per year over a 13-year mine life at an All-In Sustaining Cost of US$809 per palladium-
equivalent ounce. For more information, please review the detailed Feasibility Study dated
March 25, 2021, filed under the Company’s profile at SEDAR.com.
For further information please contact:
Jamie Levy
President and Chief Executive
Officer
(416) 640-2934
(416) 567-2440
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 further exploration or advancing the Marathon Project to bring it into production. All forward-looking
statements, including those herein are qualified by this cautionary statement.
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 commodity price volatility, continued
availability of capital and financing, uncertainties involved in interpreting geological data, increases in costs,
environmental compliance and changes in environmental legislation and regulation, the Company’s relationships
with First Nations communities, exploration successes, 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, 2020,
and in the continuous disclosure documents filed by the Company on SEDAR at www.sedar.com. 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.
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.sedar.com.
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.
Figure 1: Property location map showing the location of the Biiwobik Prospect and the
2021 Exploration Area.