お知らせ • Jul 26
Generation Mining Limited Provides Update on 2024 Summer Exploration Program
Generation Mining Limited provided an update on its multi-phased summer exploration program targeting copper dominant and higher-grade palladium group metals (PGM) prospects on its Marathon Property in northwestern Ontario. The company announced initial results from the ALS Goldspot Artificial Intelligence (AI) process. Between March and June 2024, the company engaged ALS Goldspot to review and analyse over 60 years of historic surface exploration data using their AI driven integrated targeting technique. Targets were identified by comparing overlapping geophysical and geochemical signatures to those of known mineralization on the property. The exercise resulted in a total of 46 untested exploration targets, including 6 high priority and 14 moderate priority locations. The higher priority targets were selected based on a range of criteria, such as their similarities to other known deposits and prospects, upside size potential and relatively low density of surface prospecting data which represent some of the best areas for new discoveries on the property. These results will be used to guide several surface stripping and mapping programs being initiated in the coming months. The diamond drilling portion of the 2024 exploration program has also been completed on the Marathon Property, including the Sally Deposit, Four Dams Prospect and Biiwobik Prospect. Drilling at Sally consisted of a single drillhole targeting a large Magnetotelluric (MT) anomaly down dip from the Sally Deposit. Drilling was completed to 954 m and encountered a wide interval of mineralization approximately 275m outside the currently defined deposit, highlighting the exceptional expansion potential at Sally. Highlights from this zone include 48 metres at 1.52 g/t PdEq (0.74 g/t Pd, 0.18% Cu, 0.46 g/t Pt, 0.13 g/t Au and 0.94 g/t Ag) including 6.0 metres at 3.42 g/t PdEq (1.91 g/t Pd, 0.03% Cu, 0.46 g/t Pt, 0.39 g/t Au and 0.23 g/t Ag). 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 %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. 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) in one tonne sampled 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. Drilling at Four Dams was designed to test the down dip and eastern extension of the Four Dams Prospect, including a large untested Magnetotelluric target 400 metres east of the main Four Dams occurrence. Drilling on the main Four Dams ultramafic pipe yielded mixed results. FD-24-046 encountered 74 metres of mineralized ultramafic rock grading 0.22% CuEq including 24 metres grading 0.30% CuEq as well as 2.0 metres of basal massive sulphides grading 0.65% CuEq. This mineralized sequence supports the exploration model targeting areas conducive to pooling of potentially high-grade massive sulphides at depth. FD-24-045 drilled approximately 85 metres to the east and FD-24-047 drilled approximately 100 metres to the west did not encounter similar ultramafic rocks and additional drilling will be required to adequately define the true extents of the ultramafic pipe both down dip and along strike. Follow up BHEM surveys will be conducted later in the summer to help define future targets. Two drillholes completed on the eastern MT anomaly confirmed the MT response is related to mineralization. FD-24-044 targeted the upper portion of the anomaly and yielded 0.23% Cu over 22.0 metres, including 0.47% CuEq over 4.5 metres. FD-24-048 targeted the centre of the anomaly and yielded 0.45% CuEq over 18.0 metres including 0.86% CuEq over 2.0 metres. This under-explored zone represents a significant step out from the currently defined Four Dams prospect and warrants additional drilling to determine its true extent. The survey yielded three strong off hole conductors, two of which were targeted during Phase 2 of the 2024 Biiwobik drill program (see news release dated April 23, 2024, for phase 1 results). MB-24-060 targeted a narrow conductor which extended approximately 100 metres N-NE of mineralization in MB-24-059. Drilling was carried out on the very northern extent of this conductor but did not encounter any significant mineralization. MB-24-061 targeted an off-hole conductor located near the base of the gabbro unit in MB-24-055. The hole encountered multiple mineralized intervals such as 0.58% CuEq over 50.0 metres including 1.50% CuEq over 10.0 metres. The EM target was explained by a 6.0 metre zone of semi-massive sulphides which graded 1.02% CuEq within a broader 12.0 metre zone grading 0.63% CuEq.