In January 2020 the company announced the signing of Pic River PGM Option Agreement to acquire 100% interest in the Pic River PGM Project in Foxtrap Lake and Grain Township, Thunder Bay Mining District, in Ontario (Figure 1).
The Pic River Platinum Group Metals (PGM) Project consists of a total of 105 claims, consisting of 82 Single Cell Mining Claims and 23 Boundary Cell Mining Claims, and covers an area of approximately 2126 hectares in Foxtrap Lake and Grain Township, Thunder Bay Mining District, in Ontario.
Mapping by Walker et al (1993) indicates the favourable layered gabbro series (the basal portion of the Coldwell Complex) of rocks that host the PGE-Cu-Ni mineralized zone of Generation Mining Inc.’s Sally, Willie, Skipper, Four Dams zones and the Marathon Deposit trend onto the Pic River PGM-Cu-Ni property (Figure 2).
Previous ground magnetic surveys indicate magnetic highs that may correspond to the higher magnetic zones within the gabbroic rocks (Figure 3).
According to Generation Mining’s webpage, the Marathon deposit is “one of” the largest undeveloped platinum group metal mineral resources in North America hosting several PGM-Copper deposits, including the 7.1 million ounce palladium-equivalent Marathon Deposit. On January 6, 2020, Generation Mining Limited released a preliminary economic assessment (PEA) giving Marathon an after-tax net present value (NPV) of $871 million (Press Release Generation Mining January 6, 2020).
Mineralization hosted on the Marathon property is not necessarily indicative or representative of mineralization hosted on the Company’s property.
The Generation Mining Inc.’s Sally Area 41 zone is indicated to be on strike to the Pic River PGM-Cu-Ni property. This PGM-Cu-Ni drill defined mineralized zone is located on the northern margin of the East Gabbro and is comprised of four mineralized zones.
Exploration by Plato will focus on defining the gabbroic units on the Pic River PGM-Cu-Ni property and determining the PGM-Cu-Ni mineralization.