Generation Mining (GENM.C) has published the first batch of results from its ongoing 12,000 meter drill program it’s currently conducting on its 51%-owned Marathon PGM deposit in Ontario. Generation Mining has now already completed approximately 2/3rd of the drill program, and a total of 21 holes have been completed.
The results of an initial three holes (two twin holes and one infill hole) has now been completed, and kudos to Generation Mining to also provide the original assay results from 12 years ago for the two twin holes, and you can compare both twin holes with the original assay results here below. The current holes tend to be a bit lighter on grade, but generally confirm the thickness of the mineralization.
The infill hole, (hole 531) also successfully intersected shallow PGM mineralization with 18 meters containing 1.21 g/t Palladium, 0.36 g/t Platinum, 0.08 g/t gold and 0.068% copper starting at just 15 meters down hole. All three holes were drilled on the Marathon W Horizon, which hosts roughly 1/5th of the total resource estimate at Marathon. Generation Mining refers to its 7.1 million ounce palladium resource using a cutoff grade based on a rock value of C$13/t, but we are currently working on an economic model and will use the more conservative resource which used a cutoff grade based on C$25/t.
Despite the strong PGM prices, Generation Mining has performed pretty weak this month. This was undoubtedly due to the end of the 4 month hold period on October 6th when the 28.6M shares of the June bought deal (priced at C$0.28) became sellable.
Disclosure: The author has a long position in Generation Mining. Generation Mining is a sponsor of the website.