Toronto, Dec 10 — Generation Mining Limited (TSX:GENM, OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce the acquisition of 451 contiguous mining claims to its current land package in Marathon, Ontario (the “Marathon District”). The Marathon District, which includes the Marathon Copper-Palladium Project, now represents a land package of 1,617 claims and 47 mining leases. This represents an increase from an area of 26,814 hectares (268 km2) to 36,398 hectares (364 km2), or an increase of approximately 36%.
The acquisition further enhances the Company’s regional exploration footprint and the opportunity to advance the geological understanding of the Marathon District.
The new claims were acquired through two separate agreements with a local prospector group (the “Vendor”). The details of the agreements, geological potential, and location are described in further detail below.
Jamie Levy, President and CEO states “Growing our land package by approximately 36% strengthens our strategic land position and opens new targets for potential discoveries near the Marathon Deposit – crucial at a time when the world is increasingly focused on securing critical metals.”
Martinet Agreement
Gen Mining has acquired 236 claims, comprising approximately 5,011.5 hectares, located along the northern margin of current exploration activities (the “Martinet Claims”). Under the terms of the agreement, the Company will make an initial payment of $100,000, followed by three subsequent payments of $100,000 over the next three years. The Vendor retains a 2% net smelter return royalty (“NSR”), of which Gen Mining has the right to purchase 1% of the NSR for $500,000 at any time.
Recent exploration activities on the northern margin of the Marathon District, or Coldwell Complex, have identified Coldwell-related intrusions beyond the established Archean country rock contact. The newly acquired Martinet Claims includes historic drilling of two shallow drill holes completed in 1990 conducted by Noranda, which are proximal to major fault systems that radiate outwards from the Coldwell Complex into the surrounding country rock.
Foxtrap and South River Agreement
The Company also acquired a combined 215 claims consisting of approximately 2,974.4 hectares (Foxtrap – 140 claims) (the “Foxtrap Claims”) and 1,597.7 hectares (South River – 75 claims). Under the terms of the agreement, the Company will make an initial payment of $50,000, followed by three subsequent payments of $50,000 over the next three years. The Vendor retains a 2% NSR, of which Gen Mining has the right to repurchase 1% of the NSR for $500,000 at any time.
The Foxtrap Claims, situated on the western margin of the Marathon District, or Coldwell Complex, have no record of prior exploration, however this area is considered prospective. The Eastern Gabbro Suite, host to the mineralized Marathon Series rocks, is known to utilize the Archean contact for its intrusion, and although not currently mapped at surface, similar gabbroic units are present along the western rim, as indicated by extensions of Layered Series hanging-wall gabbroic rock. Gen Mining is committed to advancing exploration at established prospects within the Coldwell Complex, as well as innovating exploration strategies with new opportunities.
See attached Figure 1: Generation Mining’s Property Map
Qualified Person
The scientific and technical content of this news release was reviewed and approved by Chanelle Boucher, P. Geo, Senior Geologist of Generation PGM Inc., a wholly owned subsidiary of the Company, and a Qualified Person as defined by Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects.