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Generation Mining Signs Binding Letter to Option the Marathon PGM Deposit
TORONTO, April 17, 2019 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) (OTC:GENMF) (“Gen Mining” or the “Company”) is pleased to announce that it has
About this update from Generation Mining Ltd.
[{"type":"text","content":" TORONTO, April 17, 2019 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) (OTC:GENMF) (“Gen Mining” or the “Company”) is pleased to announce that it has signed a Letter of Intent (the “LOI”) with Sibanye Gold Limited, trading as Sibanye-Stillwater (“Sibanye-Stillwater”) which allows the Company to earn an initial 51% interest (and potentially up to an 80% interest) in Sibanye-Stillwater’s Marathon PGM deposit located near Marathon, Ontario (the “Property”). The Property consists of 44 mining leases totaling 3,013 hectares, and an additional 82 contiguous mining claims covering 13,312 hectares. The LOI gives Gen Mining until June 15, 2019 to complete its confirmatory due diligence review, negotiate a definitive agreement, raise the required funds and complete the earn in of an initial 51% interest in the Property (as described below). Gen Mining Chief Executive Officer Jamie Levy commented, “We are very pleased to have the opportunity to acquire an interest in an advanced project with a substantial mineral resource of platinum group metals in a safe jurisdiction with excellent infrastructure surrounding the project. It’s one of the few large undeveloped palladium deposits in North America. Our team likes the potential near-term development of this project along with the potentially considerable exploration upside.” About the Property The Property was developed from 1985 to 2010 by various companies and was eventually owned by Marathon PGM Corporation. Stillwater Mining Company (“Stillwater”) acquired Marathon PGM Corporation in 2010 for US$118 million. In 2017, the Property was acquired by Sibanye-Stillwater when it purchased Stillwater. The Property is located in north-western Ontario approximately 215 km east of Thunder Bay and 10 km north of Marathon, Ontario, on the eastern margin of the Coldwell Complex, a Proterozoic layered intrusion. The palladium, platinum and copper mineralisation in the Property occurs principally in the Two Duck Lake gabbro. The known zones of significant mineralisation have a total north-south strike length of approximately 3km and dip 30° to 40° toward the west. The mineralisation has a true thickness ranging from 4m to 100m. More than 146,000 metres of drilling in 790 holes have been drilled to date on the Property, which has been the subject of feas...