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or Name
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Generation Mining Ltd
Symbol GENM
Shares Issued 91,487,939
Close 2019-10-24 C$ 0.21
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Generation Mining files NI 43-101 report on Marathon

2019-10-24 16:06 ET - News Release

Mr. Jamie Levy reports

GENERATION MINING FILES NI 43-101 TECHNICAL REPORT FOR ITS MINERAL RESOURCE ESTIMATE ON THE MARATHON PROJECT

Generation Mining Ltd. has filed an independent technical report in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) on its 51-per-cent-owned Marathon palladium deposit. The technical report dated Oct. 24, 2019 (effective date of Sept. 9, 2019), has been prepared by P&E Mining Consultants Inc. and is available on SEDAR under Generation Mining's issuer profile.

About the Marathon palladium deposit

The Marathon deposit is the largest undeveloped platinum group metal (PGM) mineral resource in North America. The company is actively exploring extensions to the Marathon deposit, as well as the Geordie and Sally satellite deposits and the Boyer zone. The project's contiguous land package is approximately 220 square kilometres in area. Generation Mining's Marathon project is located less than 10 kilometres from the mining town of Marathon, Ont., and the Trans-Canada Highway, as well as the CPR main rail line, which runs through the project area. The new 230-kilovolt east-west tie power line from Wawa to Thunder Bay, which is expected to begin construction shortly, will also pass through part of the Marathon property.

The P&E technical report estimated that the Marathon deposit contains a measured and indicated mineral resource of 7.13 million ounces palladium equivalent (PdEq), within a 179-million-tonne pit-constrained deposit grading 1.24 grams per tonne PdEq, calculated at a $13-net-smelter-royalty-per-tonne (NSR) cut-off (includes an estimated 3.24 million ounces (oz) palladium (Pd), 1.06 million oz platinum (Pt) and 796 million pounds copper (Cu)).

As a mineral resource sensitivity and gauge of integrity, the reporting cut-off was increased to $25 NSR per tonne, resulting in a measured and indicated mineral resource sensitivity of 5.83 million ounces PdEq within a 116-million-tonne pit-constrained deposit grading 1.56 grams per tonne PdEq (includes an estimated 2.74 million oz Pd, 850,000 oz Pt and 639 million pounds of Cu). Mineral Resources which are not mineral reserves do not have demonstrated economic viability.

Generation Mining acquired a 51-percent interest in the project from Sibanye Stillwater on July 10, 2019, and can increase its interest to 80 per cent by spending $10-million over a period of four years. Sibanye has certain back-in rights that can bring its interest in the project back to 51 per cent (see the company's press release of July 11, 2019, for more details).

Qualified persons

Rod Thomas, professional geoscientist, company vice-president of exploration and a director, and Eugene Puritch, professional engineer, FEC, CET, of P&E Mining Consultants, have reviewed and approved the scientific and technical information contained in this news release. Mr. Thomas and Mr. Puritch are qualified persons for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Generation Mining Ltd.

Generation Mining is a precious and base metal exploration and development company with various property interests throughout Canada. Its primary business objective is to develop the large Marathon palladium-copper project through exploration and an upcoming preliminary economic analysis to be followed, if warranted, by a definitive feasibility study.

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