TORONTO, Feb. 07, 2019 (GLOBE NEWSWIRE) — Generation Mining Limited (CSE:GENM, the “Company”) is pleased to announce additional results from the 2018 airborne VTEMTM survey on the western portion of the Rawdon property in Nova Scotia, where 976 line kilometres of VTEMTM survey were flown in late 2018 (Figure 1).
The VTEM survey discovered four conductive responses of primary interest, all of them proximal to the Rawdon Fault Zone (RFZ) which is believed to have placed the prospective (for Zn, Pb and Cu mineralization) lower units of the variably conductive Windsor Group rocks in faulted contact with the basement rocks of the older, and magnetic Meguma Super Group. These discoveries are supported by an extensive database of historic airborne/ground geophysical and drill hole data, including gravity, magnetic, EM and 2D seismic, and are now drill-ready. Figure 2 shows the plan view of the location of one discrete magnetic and VTEM anomaly on the northeast side of the property. The area of the magnetic and conductive sources lies along the surface trace of the RFZ. The VTEM conductors of primary interest lie within the prospective lower units of the Windsor group rocks, coincident with discrete basement magnetic anomalies and a broader magnetic expression indicating near-surface proximity to the basement rocks.
Generation Mining has compiled a large geoscience database for the Kennetcook-Windsor and Shubenacadie basins in central Nova Scotia, for the purposes of identifying exploration properties permissive for the accumulation of economic base metal deposits. Reinterpretation of historical structural and geophysical data indicates that specific locations along the RFZ and associated structures are prospective for structurally controlled Zn-Pb base metal deposits. The RFZ is more than 100 kilometres long and up to 1km wide, on the Rawdon West property. The Rawdon West property includes a 40km section of the RFZ where the Lower Windsor Group evaporitic rocks, to the north, have been structurally emplaced against the Fe-S rich slates, shales and sandstones of the Meguma rocks, to the south. A significant vertical component of motion is interpreted between the two rock groups, resulting in an upward folding, additional faulting and brecciation of the lower Windsor rocks in the vicinity of the RFZ and in direct contact with the Meguma rocks. Generation Mining believes that the structural deformation and uplifting of Lower Windsor Group rocks along the RFZ has facilitated migration of metal rich fluids and created an environment favourable for the accumulation of economic base metal deposits.
On the northern region of the Rawdon West property, the VTEM survey has detected a large area (greater than 2.5km by 1.5km) of discrete, conductive source rocks, associated with an unexplored area of the RFZ, that are believed to be prospective for Zn-Pb deposits. Figure 3 shows a 6km segment of the historic 2D seismic profile (WND-007, Figure 1) which crosses the RFZ near to this area of interest. To the southeast, the layered Horton Group sediments, overlay the folded, irregular, and much older Meguma Basement. The south block of rocks is in sharp structural contact with the south side of the sub-vertically oriented RFZ. To the NW the Lower Windsor Group is in sharp contact with the north edge of the RFZ. A line of 15 historical ground gravity stations data collected along a profile directly above the magnetic anomaly confirm the presence of a dense source at modelled depths consistent with that estimated for the magnetic source at the same location. The VTEM response at the north edge of the RFZ and coincident with the magnetic/gravity anomaly, indicates a zone of very low resistivity beginning at approximately 200m depth (Figure 3). Shown in Figure 4 the total magnetic intensity (TMI) profile clearly shows the presence of a magnetic contact to the west. The magnetic peak occurs off center west of the estimated location of the VTEM anomaly source, imaged as the very low resistivity zone of approximately 1km strike length, in the modeled VTEM section below the TMI profile. Consequently, the responses may be indicative of a location permissive to base metal mineralization beginning at 200m from the surface.
Generation Mining has also identified three other areas of exploration interest within the Rawdon West property and subject to financing the Company is planning a drilling program later in 2019.
Notable deposits hosted in the Lower Windsor Group Rocks are the Walton Ba-Pb-Zn-Cu-Ag deposit (located 20 km west of the Rawdon West property), which produced 4.3 million tons of barite along with 412,000 tons of sulphide mineralization grading 4.28% lead, 1.29% zinc, 0.52% copper and 350 grams/tonne silver; the Gays River mine (located 30 km southeast) which has a current measured and indicated resource of 12,205,000 tonnes grading 2.76% zinc and 1.60% lead in several deposits; and the Smithfield deposit (located within the Rawdon East property on claims not owned by Generation Mining) which produced briefly in the 1880s, and in the 1950s reported a 500,000 ton deposit grading 3.5% zinc and 2.7% lead.
Qualified Person
Kevin M. Stevens, P. Geo, is a “qualified person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Properties and the Company’s Professional Consulting Geophysicist. He has prepared or supervised the preparation of the information contained in this news release.
References
VTEMTM Trade-mark, VTEM (Versatile Time-Domain EM), Geotech Ltd., Aurora, Canada.
Khalid Mehmood Kavaid, 2011, Development and Structure of the Kennetcook-Windsor, Basin, Nova Scotia., Uninterpreted NW-SE 2D Seismic Line WND-007, Figure 4.16, pg 103, University of Alberta.
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:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934
(416) 567-2440
[email protected]
Forward-Looking Information
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.
1700-80 Richmond Street West
Toronto, Ontario, Canada M5H 2A4
Images accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/aa4d6c1e-7871-41ac-b27f-e324004cacf2
http://www.globenewswire.com/NewsRoom/AttachmentNg/d7c104d0-8ffa-44da-8ab2-4127f9e84a67
http://www.globenewswire.com/NewsRoom/AttachmentNg/62a2a2f3-971f-4bbd-8666-39f3a70c8431
http://www.globenewswire.com/NewsRoom/AttachmentNg/ba8579f6-ce7a-41f1-8783-2f30c6418f2e
http://www.globenewswire.com/NewsRoom/AttachmentNg/4f998c4e-374c-4952-b7d4-24fc479443a5
