Marathon Intersects 1.05g/t PGM and Au and 0.30% Cu over 32m on BCF JV Property
Wed Aug 27, 8:31 AMTORONTO, Aug. 27 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) is pleased to announce the newest 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 northern margin of the Company's Marathon Project north of Marathon, Ontario.
Highlights:
- hole MB-08-19 intersected 32m grading 1.05g/t PGM and Au and 0.30% Cu
- hole MB-08-23 intersected 28m grading 0.57g/t PGM and Au and 0.23% Cu
- downdip continuity of mineralization established
- new resource/reserve estimation is nearing completion
Marathon holes MB-08-19 and -23 are down dip from the Main Zone and located 75 m south and along strike from the 100m intersection found in hole MB-08-10. Infill drilling on the BCF property is a high priority for Marathon, as mineralization on the northern end of the Marathon deposit will provide additional tonnes to the upcoming reserve. This work is important for the Marathon Feasibility Study, as Marathon has the right to mine up to 200 meters into the BCF property prior to the JV being completed.
"These results demonstrate how extensive mineralization is, well beyond the current resource pitshell," said David Good, VP of Exploration. "Occurrences of mineralization are found for several kilometres along strike to the northwest, which will provide excellent future exploration potential."
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-08-18 200 206 6 0.43 0.18 0.07 0.68 0.16
MB-08-19 170 178 8 0.73 0.27 0.07 1.07 0.14
MB-08-19 228 238 10 0.66 0.21 0.06 0.93 0.33
MB-08-19 242 250 8 1.05 0.29 0.10 1.44 0.29
MB-08-19 266 270 4 0.36 0.12 0.11 0.59 0.19
MB-08-19 276 308 32 0.73 0.24 0.08 1.05 0.30
MB-08-20 195 199 4 0.34 0.09 0.09 0.52 0.18
MB-08-20 210 216 6 0.31 0.15 0.04 0.50 0.17
MB-08-22 224 234 10 0.77 0.20 0.08 1.04 0.08
MB-08-23 273 301 28 0.39 0.13 0.05 0.57 0.23
MB-08-23 297 301 4 0.55 0.29 0.04 0.89 0.30
MB-08-23 307 311 4 0.91 0.09 0.03 1.03 0.56
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(1) Holes MB-08-17 and -21 intersected no significant values.
Please click on http://www.marathonpgm.com/newsmaps/2008-39.jpg to view a
drill map.
Current Drilling
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Marathon's drilling and trenching programs for 2008 on the BCF property will provide critical information for both furthering exploration and mine planning. Details of geology assist and guide exploration, while the mineralized boundaries will be used for mine development and planning.
Collaborating in exploration is of mutual benefit to Marathon and Benton. Information being shared between geologists is assisting prospecting further along strike, as well as adding to the knowledge base. Marathon's holes have enlarged the boundaries of mineralization, assisted by historical holes drilled by Fleck and Anaconda as well as recent drilling by Benton.
Drilling intersected mineralization that is characteristic of the Marathon deposit. Continuity of mineralization was confirmed on and across section, as well as down-dip. Marathon's drilling on the BCF property is expected to resume in 2009, where the focus will be expanding the resource along strike to the northwest.
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, which is on track for completion in September. 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
gen@marathonpgm.com
ContactsDavid Leng
P.Geo: Tel: (416) 849-3432
Fax: (416) 861-1925
dleng@marathonpgm.com
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