Generation Mining has raised more than $3.3 million in flow through shares for ongoing exploration of its proposed open-pit mine, the Marathon Palladium Project, in northwestern Ontario.
Mining financier Eric Sprott led the way in purchasing 2,000,000 shares in the offering, according to a Dec. 31 company news release.
Located 10 kilometres north of the town of Marathon, the project has a measured and indicated 8.6-million-ounces palladium deposit.
A feasibility study for the proposed mine is due out sometime during the first quarter of 2021. The study is a detailed economic report assessing whether a deposit can be mined profitably.
A joint federal and provincial environmental assessment of the development is underway.
This winter, the company is running a 5,000-metre drill program on an extension of the deposit, which is the subject of the feasibility study. The program is designed to test for mineralization near the surface.
The Marathon property covers a land package of approximately 22,000 hectares.
The company has an 80 per cent interest in the project in an arrangement with Sibanye-Stillwater.