Generation Mining (GENM.TO) announced it has acquired 451 contiguous mining claims, increasing the total size of the project by approximately 36% to 364 square kilometers. According to CEO Levy, the land acquisition could result in finding new targets for potential discoveries near the Marathon deposit.
The 236 Martinet claims will be acquired for C$400,000 in cash (payable in tranches of C$100,000 per year over a three year period) while the vendor will retain a 2% NSR, but Generation Mining can repurchase half of that royalty for C$500,000 in cash. These claims are located on the northern end of the Marathon district with very little exploration other than two holes drilled by Noranda, 35 years ago.
The 215 Foxtrap claims will be acquired for C$200,000 in cash (again in four equal yearly tranches of C$50,000) with the same terms for the 2% NSR on these claims (including the buyback provision). Although there are no records of historical exploration on the Foxtrap claims, the technical team of Generation Mining considers these claims to be prospective.
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