Generation Mining (TSX: GENM) has completed its 2026 regional exploration program across its Marathon property in northwestern Ontario.
According to the company, the Four Dams and Lacobeer prospects currently provide the most continuous coverage of assay results received to date. Early results include 12 soil samples returning greater than 300 parts per million of copper, including eight samples exceeding 500 parts per million, with a maximum value of 3,280 parts per million of copper.
So far, assay results have been received for 909 of the 1,786 soil samples collected during the program, representing about 51% of the total samples.
Jamie Levy, Generation’s president and CEO, called the initial results encouraging.
Located 10 kilometres north of the Town of Marathon, Ont., the project is a large, underdeveloped copper-palladium deposit. The company’s November feasibility study estimated a net present value (NPV) of $1.07 billion (US$750 million). Over a 13-year mine life, Marathon is expected to produce around 2.1 million ounces of palladium and 532 million pounds of copper.
Generation’s shares dipped 1.92% early Wednesday morning in Toronto.
Construction
The announcement follows Friday’s news that construction has officially started on the property.
The first phase of construction — the early works program — is expected to run through Q4 of 2026 and into 2027. It includes upgrades to site access roads, clearing and grubbing of the site, construction of the early water management structures, initial bulk earthworks and aggregate production, and more.
“We have spent years getting this project ready, and our entire team is excited to be building the next critical minerals mine in Ontario,” added Levy.
Financial assurance
The company says financial assurance for the project is posted in phases under Ontario’s Mining Act. The structure allows Generation to commence construction with financial assurance matched to each specific task.
For the construction phase, the company has posted $6.5 million (US$4.56) in financial assurance.
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