Generation Mining – Targets Copper in Two Phased Exploration Program including Drilling and AI
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Figure 1 – Map of Marathon Palladium project showing locations of 2024 exploration programs. (Graphic: Business Wire)
The drill and crew have mobilized to site and drilling has commenced. The aim of the first hole at Biiwobik is to better define the extent of the Powerline and Chonolith domains which will aid in determining the potential to expand the Marathon Palladium-Copper deposit or develop a fourth pit increasing the life of the mine beyond 13.5 years.
The winter phase of the program will comprise approximately 3,000 metres and is designed to potentially extend the northern
The summer phase of the program will comprise approximately 2,000 metres of exploration drilling at the Four Dams prospect and 1,000 metres at the Sally deposit.
The Four Dams prospect (Figure 3) hosts an approximately 250-metre-wide by 60-metre-thick ultramafic pipe which contains abundant higher density minerals such as olivine and apatite along with semi-massive to massive sulphides occurring at its base. The concentration of these higher density minerals as well as massive sulphides is interpreted to be the result of gravity driven accumulation of heavier minerals which often leads to the pooling of larger massive sulphide bodies at depth. A combination of down-dip drilling and borehole electromagnetic surveying will be used to vector towards these bodies. The last drill program targeting the main Four Dams pipe occurred between 2005-2006 with results including 0.56% copper over 62.2 metres, 0.38% copper over 100.05 metres and 0.35% copper of 73.5 metres. The pipe has only been drilled to a vertical depth of 200 metres and remains open at depth.
A second target will be drilled approximately 275 metres southeast of the main pipe, where three holes drilled between 2013 and 2017 encountered similar rock units that make up the main Four Dams pipe, with the best results being 0.27% copper over 64 metres. Borehole electromagnetic surveys carried out in 2017 and a subsequent magnetotelluric survey completed in 2020 both indicate the presence of an untested conductor immediately down dip from this intercept, which will be a focus of the 2024 drill program.
Drilling at the Sally Deposit (Figure 4) will utilize a helicopter portable drill rig and consist of a single hole totalling approximately 1000 metres. This hole will follow up on the successful drill program carried out by Gen Mining in 2019 (see news release dated
Additional surficial field programs are planned at Sally as well as the region between the Sally and Geordie deposits, where mapping and sampling by past operators has indicated the potential for economic copper mineralization (Figure 1).
The company has also engaged ALS Goldspot to carry out a 2D prospectivity analysis of the Company’s entire exploration land package. This project is the culmination of over four years of data compilation by Gen Mining and will include over 60 years of exploration data from various past operators. Gen Mining will work closely with Goldspot’s team of geologists, geophysicists and geochemists to prepare the data for analysis using their proprietary artificial intelligence (AI) and machine learning technology. Results from this program will help to guide exploration programs in 2024 and beyond. Pending results, a 3D analysis will be carried out following the 2024 drill program to better define prospective targets at depth.
Gen Mining’s CEO
* drill intercepts lengths approximate true widths
*Metal prices of
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Gen Mining’s focus is the development of the
The Feasibility Study Update estimated a Net Present Value (using a 6% discount rate) of
The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Gen Mining owns a 100% interest in the
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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 life of mine; mineral production estimates; payback period; and financial returns from the
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development at the
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President and Chief Executive Officer
(416) 640-2934 (O)
(416) 567-2440 (M)
jlevy@genmining.com
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