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Generation Mining begins 8,000 Metre drill program at Marathon

Feb 23, 2021

“We are excited to follow up on the positive drill results from the summer 2020 program," Gen Mining’s CEO Jamie Levy said. "The 2020 program also gave us two very prospective off hole conductor targets further down dip within the Central Marathon Feeder zone, which will be part of this program. We are also very excited to test the possible down dip extension in the high Pd grade Southern W-Horizon as well as begin evaluating the Chonolith Zone. All three areas have the potential to host ramp accessible resources immediately adjacent to the Marathon Deposit.”

Generation Mining Limited has signed a contract with Boart Longyear Canada for an 8,000-metre exploration drilling program on its Marathon palladium-copper project in Northwestern Ontario. The drill and crew have mobilized to site and drilling is underway on the first hole at the Central Feeder Zone target. Two phases of drilling are planned. The winter program is underway; targets for the summer drill program are in the development stage.

The winter phase of the program will comprise approximately 3,000 metres and is designed to follow up on high grade, ramp accessible, drill results obtained from the recently completed 2020 drilling program of the Central Feeder Zone. Highlights from the 2020 drill program (see news release of January 5th, 2021) include drill intercepts* of up 8 metres grading 3.86 grams per tonne (“g/t”) palladium (“Pd”), 1.36 g/t platinum (“Pt”), 0.43% copper (“Cu”) within 43 metres grading 2.82 g/t palladium equivalent** (“PdEq”). The 2020 program also located, by way of downhole electromagnetic surveys completed by Crone Geophysics, two off-hole electromagnetic conductors which may be in response to massive sulphide accumulations on the floor of the Central Feeder Zone. These conductors may be similar to the 16-metre interval of net textured to massive sulphides intersected in hole M-20-543 (see news release of October 29th, 2020).

Initial testing of two other areas is also planned for the winter drill program. These include the Chonolith Zone, located north of the Main Zone, where historical drilling (2006) in this area yielded results which suggest the potential for wide zones of Pd and Cu mineralization, similar to hole BO-06-20 which assayed 0.93 g/t Pd and 0.58% Cu over a 100.5 m interval (from 215.8 m to 316.3 m downhole). The collar location of the planned hole in this area is a 50 m southerly step-out from hole BO-06-20.

Additionally, three holes are planned to test the westerly down dip extension of the Southern W Horizon of the Marathon Deposit. The high-grade Southern W Horizon is defined by a cluster of more than 20 drill holes with the Marathon Deposit. The best intercept from within the 20-hole cluster was 0.83 g/t gold, 4.79 g/t Pt, 15.77 g/t Pd and 0.21 % Cu over 10 metres in hole M-07-304, from 6.0 m to 16.0 m downhole and equivalent to 20.34 g/t PdEq (see news release of October 8th, 2019). The three holes will be drilled from one set-up situated approximately 100 m west of the deposit’s western margin.

All three exploration drill target areas are external to the resource inventory provided by the most recent Preliminary Economic Assessment (“PEA”) completed on the Marathon Deposit by P&E Mining Consultants Inc. which has an effective date of January 6th, 2020 and is available on SEDAR.

All three areas would be potentially ramp-accessible from any potential future open pit operations which are currently the subject of a Feasibility Study which is scheduled to be released during Q1-2021.

* 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 $1,300, $900, $1275 were used, respectively, for Au, Pt and Pd and a $3/lb value was assigned for Cu.

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