Generation Mining expands resource at Marathon deposit

The Marathon project was acquired by Stillwater Mining in 2010 and it felt fell into the hands of Sibanye in 2017, when it bought Stillwater for $2.2 billion. (Image courtesy of Sibanye-Stillwater)

Generation Mining of Toronto has completed a new resource estimate showing a 20% increase in contained palladium equivalent – 7.13 million oz. – for the Marathon copper-palladium deposit 10 km north of the town of Marathon. The estimate was prepared by P&E Mining Consultants using drill hole data from 1985 to 2014 to create a new block model from scratch.

The Marathon project is now thought to have 179 million measured and indicated tonnes within a pit constrained deposit grading 0.56 g/t palladium, 0.18 g/t platinum, 0.20% copper and 1.6 g/t gold. The inferred portion is 668,000 tonnes grading 0.37 g/t palladium, 0.12 g/t platinum, 0.19% copper and 1.4 g/t gold. (A net smelter royalty cut-off of C$13/tonne was used)

Generation acquired a 51% interest in the property for C$6 million from Sibanye Stillwater in July 2019, and can increase its interest to 80% by spending C$10 million at the property over four years. Sibanye has certain back-in rights that would return Generation’s interest back to 51% if exercised.

(This article first appeared in the Canadian Mining Journal)

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