Marathon Hits Second 100+ m Thick Section Of Mineralization On Marathon/Benton JV Property
Thu Jun 5, 8:33 AMTORONTO, June 5 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) is pleased to announce the second phase of drilling results from the Bamoos-Claw Lake-Four Dams ("BCF") Property, which is being explored under an option and joint venture agreement with Benton Resources (TSX.v:BTC). The BCF property adjoins the Company's Marathon Project near Marathon, Ontario.
Marathon hole MB-08-10 hit mineralization 134m in thickness, on-strike and 125m southeast of Benton hole BO-06-20, which intersected 102m of mineralization grading 1.26 g/t PGM and gold and 0.58% copper. Exploration of this area is a priority for drilling, as no drilling has been conducted between these two drill holes. There is high potential to rapidly expand the size of the resource in this area. The northern end of the Marathon deposit has an overall higher than average grade compared to the rest of the Main Zone to the south. Marathon has a right to mine within 200m of the BCF boundary before the JV is completed.
Highlights:
- hole MB-08-10 intersected 0.90 g/t PGM and Au and 0.27% Cu over 134m
(from 146-280 m), 125m along strike from Benton hole B0-06-20
(1.26g/t PGM and Au and 0.58%Cu over 102m)
- hole MB-08-11 intersected 2.21 g/t PGM and Au and 0.54% Cu over 20m
(from 126-146m)
- 100+ m thick intercepts added millions of tonnes during the growth of
the Marathon resource
Phillip Walford, President and CEO noted, "Drilling results from the
Benton JV ground are turning out to be a winning situation for both companies.
These thick intersections will add tonnes quickly to the resource. Marathon
has over 117 million tonnes in resource now and the results from the JV are
adding to a world class PGM deposit."
Results from Marathon-Benton JV Drilling
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True Total
From To Thickness Pd Pt Au PGM and Cu
Hole (m) (m) (m) (g/t) (g/t) (g/t) Au (g/t) (%)
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MB-08-09 123 129 6 0.73 0.24 0.06 1.03 0.23
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MB-08-09 141 155 14 1.70 0.38 0.15 2.22 0.33
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MB-08-10 146 280 134 0.63 0.20 0.07 0.90 0.27
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including 166 240 74 0.78 0.24 0.09 1.12 0.35
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MB-08-11 126 146 20 1.55 0.51 0.15 2.21 0.54
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including 138 144 6 3.08 1.15 0.28 4.51 0.65
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MB-08-11 170 186 16 0.75 0.22 0.13 1.10 0.27
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MB-08-12 146 208 62 0.56 0.18 0.07 0.81 0.17
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MB-08-12 170 174 4 2.62 0.62 0.19 3.42 0.49
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MB-08-12 186 208 22 0.73 0.21 0.08 1.02 0.11
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MB-08-12 188 202 14 0.90 0.26 0.09 1.25 0.23
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MB-08-13 112 118 6 1.19 0.28 0.11 1.58 0.35
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MB-08-13 152 168 16 0.72 0.23 0.07 1.02 0.33
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including 152 158 6 0.74 0.21 0.06 1.01 0.50
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including 162 168 6 1.12 0.38 0.12 1.62 0.35
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MB-08-14 122 128 6 1.04 0.34 0.12 1.51 0.20
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MB-08-14 132 156 24 1.14 0.32 0.13 1.58 0.34
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MB-08-16 38 62 24 1.08 0.33 0.16 1.57 0.39
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Current Drilling
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Marathon's drilling on the BCF property has yielded useful information regarding the geology and extent of mineralization. In particular, Marathon's drillholes have extended mineralization boundaries indicated by historical holes and recent drilling completed by Benton.
Hole MB-08-12 is located on section 6150, which represents the boundary between Marathon and Benton's properties. Elimination of the boundary pillar as a result of the JV enables complete extraction of resources, as the boundary pillar would have otherwise tied up substantial tonnes. Multiple wide intersections of mineralization in hole MB-08-12 extend the mineralization downdip.
Marathon holes MB08-09, -10, -11, -12, -13, -14 and -16 all intersected mineralization and have expanded the dimensions of the known mineralization.
Drilling on the BCF property is expected to resume in July. Marathon currently has two rigs drilling on the Marathon property extending the high-grade W horizon and filling in drilling gaps. Drilling of the Marathon and Benton JV properties will assist in expanding the resource.
All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ontario, to be assayed using fire assay and other standard techniques.
David Good, P.Geo., VP of Exploration is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr. Good has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
About Marathon PGM Corporation:
Marathon is in the process of completing a definitive feasibility study on the Marathon PGM-Cu deposit. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland and Labrador. Marathon's management plans to build on this focus through the advancement of its properties, focusing on resource development and by examining other strategic PGM and base metal opportunities within Canada.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the year ended December 31, 2007. Circumstances or management's estimates or opinions could change, and management disclaims any obligation to revise or update forward-looking statements, whether for new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.
ContactsOn Behalf of Marathon PGM: "Phillip C. Walford"
Phillip C. Walford
P.Geo.
President
Chief Executive Officer
Tel: (416) 987-0711
gen@marathonpgm.com For more information
please contact: David Leng
P.Geo
Tel: (416) 849-3432
Fax: (416) 861-1925
dleng@marathonpgm.com
