Generation Mining (GENM.C) isn’t wasting too much time these days, and the company seems to be very keen on figuring out the full exploration potential of its Marathon PGM project in Ontario. It has now staked an additional 4,558 hectares, bringing the total size of the land package to almost 220 square kilometers.
Generation isn’t just adding land for the sake of adding land. The additional ground was staked based on the magnetic signature that was also encountered at the Eastern Gabbro zone and three other zones along the Coldwell complex. Additionally, the increased land package very likely also is connected to the appointment of John McBride as Generation Mining’s new senior exploration geologist. He has periodically been working on the project since 2007 and has been working on defining new PGM prospects at Marathon for Stillwater Canada.
A good guy to have on board for Generation Mining which has kicked off a 12,000 meter drill program. The majority of the drill program will be focusing on greenfield exploration, as only 1,000 meters has been earmarked for an infill drill program on the Marathon deposit. This means approximately 11,000 meters will be drilled to find additional resources on the 220 square kilometer land package.
Rather than just copying the reasons why Generation Mining has earmarked those zones for its maiden drill program, you should just read up on the strategy in Generation’s recent press release which you can find here. Drills have been turning for almost two weeks now, and we hope to see the first assay results before the end of September. Although the Marathon project already has a substantial reserve estimate, Generation’s team appears to be confident there’s more to be found.
To help fund this exploration program, Generation Mining is currently raising up to C$2.02M in a flow-through financing by offering up to 6.4 million shares at C$0.315, a small premium above the current market capitalization. It looks like Generation has already lined up the buyers as the company plans to close this financing in the next few days.
Disclosure: The author has a long position in Generation Mining. Generation also is a sponsor of the website.