GENERATION MINING REPORTS ON W-HORIZON WINTER DRILL RESULTS

Toronto, Ontario – May 10th, 2021 – Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce results from the winter drill program of targets immediately adjacent to the Marathon palladium-copper deposit in Northwestern Ontario.  The Company recently 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.  Current exploration activities are focused on evaluating the potential for high grade, ramp accessible resources which could, in the future, potentially extend the life of the proposed operation.

 

Results from the first few holes are very encouraging.  The 3,000 m winter program was cut short to 2,000 m due to early spring conditions, however, four holes were drilled and three were fully completed.  Results from the three holes completed over the western extension of the W-Horizon are provided in Table 1.   Figure 1 is a location map of the Central Feeder Zone area at the western margin of the Marathon Palladium Deposit showing the location of the three 2021 winter drill holes and the location of section 5404700N.  Figure 2 is a cross section at 5404700N and Figure 3 is a schematic 3D vertical section (or long section view) looking east and parallel to the plane of the cross section.  In all instances drill intercept lengths approximate true widths.

 

Highlights include three high grade intercepts consisting of 3.19 g/t Pd over 4 m in Hole 553 from 470 m to 474 m, 4.3 g/t Pd over 4 m in Hole 554 from 410 m to 414 m and, also in Hole 554, 3.06 g/t Pd over 4 m from 450 m to 454 m.  These intercepts sit within a broad zone of mineralization at least 100 m wide and approximately 50 to 100 metres thick and some 300 m down dip from the western margins of the Marathon Deposit. 

 

Table 1: Assay Results

 

 

* drill intercepts lengths approximate true widths

** 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.

 

Gen Mining intends to start its summer drilling program on or about May 15th, 2021.  The initial phase of the summer program will test two off-hole electromagnetic conductors as shown in Figure 4 which may be in response to massive sulphide accumulations on the floor of the Central Feeder Zone.  These conductors are located approximately 50 to 120 metres east and up-dip from the mineralized intercepts in the recently drilled holes shown in Figures 2 and 3.  These conductors may be of the same origin as the 16-metre interval of net textured to massive sulphides intersected in hole M-20-543 (see news release of October 29th, 2020). 

 

The Company plans to increase the size of it summer drill program to approximately 8,000 metres and is currently developing targets and collar locations.  Further announcements to follow.

 

Gen Mining’s CEO Jamie Levy stated, “We continue to have a great deal of success by drilling step out holes along the feeder zone corridor.  We are very excited to hit high grade down dip from the Marathon Deposit and we are beginning to see the potential to define resources in this area.”

 

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., Vice-President Exploration and a Director of the Company 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 Resource in North America. 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 owns an 80.7% interest in the Marathon project, with the remaining interest owned by Sibanye-Stillwater. Sibanye-Stillwater has certain back-in rights that allow it to increase its interest in the Marathon project.

 

For further information please contact:

 

Jamie Levy

President and Chief Executive

Officer

(416) 640-2934

(416) 567-2440

jlevy@genmining.com