Marathon Step Out Drilling Expands W Horizon, 4.58g/t PGM and Au over 6m
Tue Jun 24, 8:33 AMTORONTO, June 24 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) is pleased to announce results from infill drilling of the high-grade W horizon at the Marathon Project, near Marathon, Ontario.
Highlights:
- hole M-08-443 intersected 4.58g/t PGM and Au over 6m (from 73-79m)
- step out holes confirm down dip extension along 250m section of the W
horizon
- the W horizon remains open down dip and has a north-south strike
length of 1,200m
- increased density and closing gaps in drilling will improve tonnage
and resource classifications of the high grade W horizon
David Good, VP of Exploration noted, "This successful step-out drilling will add precious metals and copper to the W horizon resource and at higher than average grades compared to the Main Zone."
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-08-438 7 13 6 0.06 0.96 0.02 1.03 0.02
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115 123 8 1.43 0.35 0.29 2.06 0.48
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M-08-440 178 186 8 1.43 1.18 0.12 2.74 0.26
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M-08-441 136 146 10 1.57 0.42 0.44 2.44 0.50
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M-08-443 73 79 6 3.18 1.25 0.15 4.58 0.08
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M-08-439 and -442 intersected no significant values.
Current Drilling
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Marathon's infill drilling on the high-grade W horizon has provided further detail into the extent of mineralization. All drill holes intersected downdip extensions of the W horizon and are outside of the current resource pitshell. This drilling is focused in an area that previously had little drilling.
Near surface mineralization in hole M-08-438 hosted within magnetite layers has the potential to play a critical role in reducing the strip ratio. Further down the hole, the high grade W horizon was intersected.
Drilling on the Marathon property for the purpose of the feasibility study is now complete, with the exception of 2 condemnation holes to be drilled in July in coordination with the feasibility study. Marathon has resumed drilling on the Benton JV property in order to expand resources.
(To view a drill map please click on http://www.marathonpgm.com/newsmaps/2008-30.jpg)
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.
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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
