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)