Generation Mining has an agreement with the Inuvialuit Regional Corporation dated 2009 and assigned to the Company in 2018 for the rights to explore the largest land-based gravity anomaly in the world, located on the Arctic coast of Canada near the town of Paulatuk. Previous operators spent in excess of $20 million on the property since the 1990s, including a program which discovered a number of diamondiferous kimberlite pipes. However, the main target remains discovering the source of the large gravity anomaly, which measures some 100 X 60 kilometres. Geophysics has also outlined a large, coincident magnetic anomaly. Base metal deposits are often detected using gravity and magnetic surveys.
Over the years a number of geophysical programs have given the Company a deep understanding of the anomaly, including magnetotellurics programs in 2013 and 2018 which outlined several three to four kilometre-long structures which were not drilled due to lack of funds. The independent Geological Survey of Canada has conducted a number of programs on the anomaly as well, and has stated “The Norilsk exploration model is applicable by almost every criterion.” The Norilsk mine is located in Siberia and is the largest nickel-copper-PGM deposit in the world, originally containing some 2 billion tonnes grading 1.77% nickel, 3.57% copper and 9.5 grams per tonne PGMs.
Generation Mining is considering various options for future property development, including additional geophysical surveys and drilling, subject to funding.