Marathon infill drilling hits multiple high-grade W horizon intersections, 10m grading 8.09g/t PGM and gold and 0.09% copper
Tue Jun 10, 8:32 AMTORONTO, June 10 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) is pleased to announce the latest results from infill and condemnation holes in the Main Zone of the Marathon Project. The 2008 campaign is designed to close gaps in drilling and improve overall drilling density. This should increase the total tonnes of the resource and reduce the overall strip ratio. Results from this year's campaign will be included into a new resource estimate. The new resource will be the basis for the ore reserves in the Definitive Feasibility Study, which is on track to be completed in Q3.
Highlights:
- hole M-08-434 intersected 3.95 g/t PGM and Au over 30m (from 50-80m),
including 8.09g/t PGM and Au and 0.09% Cu over 10m (from 64-74 m)
- hole M-08-427 intersected 4.04g/t PGM and Au and 0.14% Cu over 4m
(from 188-192m)
- reported intersections will permit inclusion of previously excluded
holes into the pitshell for the upcoming resource estimate
- increased drilling density will improve overall tonnage and resource
classifications
"These holes confirm our geologic model for the W Horizon and as seen in
hole 434 continue to add excitement to the project", says David Good, VP of
Exploration.
Results from Marathon Drilling
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True Total PGM
From To Thickness Pd Pt Au and Au Cu
Hole (m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%)
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M-08-427 188 192 4 2.89 0.97 0.18 4.04 0.14
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M-08-427 202 212 10 0.93 0.35 0.15 1.43 0.08
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M-08-427 232 246 14 0.16 0.08 0.05 0.29 0.24
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M-08-427 262 266 4 0.26 0.07 0.07 0.40 0.26
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M-08-428 188 192 4 0.06 0.03 0.04 0.14 0.19
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M-08-428 196 204 8 0.08 0.04 0.03 0.15 0.24
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M-08-430 164 172 8 0.11 0.04 0.05 0.21 0.22
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M-08-430 180 184 4 0.22 0.11 0.05 0.37 0.16
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M-08-431 64 70 6 0.98 0.44 0.14 1.56 0.12
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M-08-433 226 254 28 0.34 0.13 0.06 0.52 0.09
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M-08-433 264 286 22 0.34 0.32 0.06 0.71 0.26
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M-08-434 50 80 30 2.84 0.89 0.21 3.95 0.10
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included 64 74 10 5.88 1.85 0.36 8.09 0.09
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M-08-436 72 76 4 1.36 0.36 0.12 1.83 0.04
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M-08-438 7 13 6 0.96 0.06 0.02 1.03 0.02
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M-08-438 115 123 8 1.43 0.35 0.29 2.06 0.48
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(1) Hole M-08-432 contained no significant values
Current Drilling
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Marathon holes M-08-431, -434, -436 and -438 were drilled at the neck of the BR zone and have all hit the high-grade W horizon along strike or down dip from previously released intersections. The potential to increase the resource is very high, as these intersections are located just outside of the current pitshell limits.
Marathon holes M-08-427, -428, -429 and -430 were collared within the Main Zone. The W horizon intersections in M-08-427 between 188m and 212m are located just below the planned pit floor and have the potential to increase the resource. Holes M-08-428 to -430 are situated along the basement footwall ridge and contain relatively lower grade material. There is potential to find mineralization further west and down dip. Marathon's drilling has identified thick intersections of mineralization down dip of the footwall ridge elsewhere.
Marathon's Drilling Strategy
Marathon's drilling is being carried out in a systematic fashion, with a drill spacing that permits for the majority of drill identified resource to be reported in measured and indicated classifications. Marathon's approach is intentional in order to minimize the amount of inferred resource. The Company has always maintained this approach to drilling so that the balance of tonnes will be preserved when reserves are initiated.
Drilling on the Marathon property will be complete in late June, when the drill is expected to move north and resume drilling on the ground under joint venture with Benton Resources.
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.
On Behalf of Marathon PGM:
"Phillip C. Walford"
Phillip C. Walford, P.Geo.
President, Chief Executive Officer
Tel: +1.416.987.0711
ContactsDavid Leng
P.Geo: Tel: (416) 849-3432
Fax: (416) 861-1925
dleng@marathonpgm.com
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