Generation Mining Ltd. (GENM:TSX; GENMF:OTCQB) announced in a news release preliminary results from the recent SPARTAN Magnetotellurics (MT) survey of the prospective parts of the 22,000-hectare Marathon project near Marathon, Ontario, "which are believed to have provided a favorable environment for enriched palladium mineralization."
The expanse that was surveyed at Marathon included the W Horizon, Marathon, Four Dams and Sally areas. Results are pending for the latter two.
Initial results for W Horizon and Marathon showed one potential target "which consists of a discrete, previously undrilled, conductive MT anomaly situated at a vertical depth of approximately 650 meters downdip and immediately west of the Marathon palladium copper deposit," the release described.
The company stated that anomaly is more conductive than the mineralization in the deposit. Also, the anomaly coincides with the suspected downdip extension of Marathon Series Gabbros, which is significant because Gabbros hosts the mineralization at Marathon and encompasses the feeder zones to that mineralization. Therefore, the MT anomaly is now a high priority drill target for Generation Mining.
The MT survey results also highlighted the area that is right next to the anomaly as containing extensions to the W Horizon, and W Horizon is a zone of extreme palladium enrichment.
Generation Mining stated that it intends to follow up the MT survey results with a drill program, scheduled to start this month.
Generation Mining noted that it "acquired a 51% interest in the Marathon Property from Sibanye Stillwater on July 10th, 2019 and can increase its interest to 80% by spending $10 million over a period of four years. As of Q1, 2020, approximately $4 million of the $10 million has already been spent. Sibanye Stillwater has certain back-in rights that can bring its interest in the Property back to 51% after such time Gen Mining has earned its 80% interest."
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