Generation Mining Begins Deep Sensing Geophysical Survey On Darnley Bay Anomaly
Toronto, Ontario – July 19, 2018 - Generation Mining Limited (CSE:GENM)( the “Company”) is pleased to announce the large ground magnetotelluric (MT) geophysical survey has commenced at the Company’s property near Paulatuk, N.W.T. The Company’s plan is to collect MT data from over 100 MT stations over a 40 x 50 km area blanketing the Darnley Bay geophysical anomaly, which covers most of the strongest known land-based gravity anomaly in the world together with a coincident magnetic anomaly. The program is being managed by Quantec Geoscience. The information collected from this survey will be analyzed together with all the past exploration work to help better define drill targets.
Magnetotellurics is a natural source, low environmental impact, geophysical method of imaging the earth’s subsurface by measuring at the earth’s surface natural variations of electrical and magnetic fields generated by the passage of the magnetic and electromagnetic energy from cosmic radiation, sunspot activity and terrestrial thunderstorm activity. The method allows for the deep imaging of the structure and composition of the earth’s subsurface to depths greater than conventional airborne and ground geophysical exploration surveys. Since the 1990s, MT has been successfully used to locate deep conductive mineral deposits at depths exceeding 1500 metres in the Sudbury nickel camp, base metal deposits in South America, the western cordillera of North America and in Precambrian Shield areas around the world. In the last 10 years, this technique has seen a number of improvements, particularly with the development of modern 3-D inversion. It is now routinely used in the oil industry to better define deep drilling targets, and to supplement or replace seismic in areas where seismic is not permitted for environmental reasons and/or provides poor resolution due to volcanic cover.
The property is held by Generation Mining under option from the Inuvialuit Regional Corporation, which holds certain back-in and other rights. The gravity anomaly on the Company’s property has been favorably compared by the Geological Survey of Canada (“GSC”) with other prominent gravity anomalies such as those at the prolific mining camps of Noril’sk in Russia and Sudbury Basin in Ontario. It is located near Paulatuk, Northwest Territories, on the Arctic coast. The Darnley Bay anomaly is larger and stronger than any of these comparatives by a wide margin, measuring 100 kilometres long north to south and about 60 kilometres wide. The GSC discovered the anomaly in 1969 and its source has never been explained.
Rod Thomas, P. Geo, is a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Properties and the Company’s Vice President - Exploration and Director. He has prepared or supervised the preparation of the information contained in this news release.
About Generation Mining Limited
Generation Mining Limited is a base and precious metals exploration and development company with various property interests throughout Canada. Its primary business objective is to explore and further develop the Davidson Molybdenum project in British Columbia and its other mineral properties, and to continue to increase its portfolio of base and precious metal property assets through acquisitions.
For further information please contact:
President and Chief Executive Officer (416) 567-2440
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors are encouraged to review the Company’s public filings at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, other than as required by law.