Geordie Lake Drilling Includes 16 m grading 0.86% Cu, 1.54 g/t PGM+Au and 7.1
g/t Ag
TORONTO, March 2 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("MAR" or "the Company") reports that grades and intervals from recent drilling of the Geordie Lake Deposit continue to surpass expectations. The 100% owned Geordie Lake PGM-Cu Deposit ("Geordie Lake") is located 10 km northwest of the town of Marathon, Ontario. These intersections confirm along strike continuity of mineralization. A basal zone of enriched PGM-Cu mineralization has been identified by Marathon PGM and now extends over 500 m and is open along strike on a north-south trend and down dip.
Highlights:
- hole G-10-11 intersected 16 m of 0.86 % Cu, 1.54 g/t PGM and Au and
7.1 g/t Ag
- the basal zone of enriched PGM-Cu mineralization is from 10 to 28 m
thick and contains 0.6 % to 1.0 % Cu
- Geordie Lake mineralization is open along strike on a north-south
trend and down dip
- updated resource estimate for Geordie Lake expected in Q2
- drill map of Geordie Lake campaign can be viewed by clicking here
(http://www.marathonpgm.com/images/geordielakedrillmap.jpg)
"The higher grades and thicker intervals of this enriched basal zone are adding to the value of Geordie Lake. The basal zone of higher grades is still open to further expansion and will be a focus of further drilling programs," said Phillip Walford, President and CEO.
Results from Geordie Lake Drilling
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Total
True PGM and
Hole From To Width Pd Pt Au Au Ag Cu
(m) (m) (m) (g/t) (g/t) (g/t) (g/t) (g/t) (%)
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G10-07 98.0 116.0 18.0 0.62 0.05 0.05 0.72 1.4 0.43
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G10-08 100.0 112.0 12.0 1.24 0.07 0.09 1.40 2.4 0.70
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G10-09 60.0 64.0 4.0 0.37 0.01 0.03 0.41 0.5 0.24
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" 86.0 110.0 24.0 0.70 0.06 0.07 0.83 1.9 0.49
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includes 100.0 110.0 10.0 0.99 0.08 0.10 1.18 2.7 0.74
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G10-10 144.0 148.0 4.0 0.44 0.03 0.05 0.51 3.7 0.24
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" 176.0 192.0 16.0 1.10 0.11 0.09 1.30 5.4 0.53
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includes 178.0 186.0 8.0 1.56 0.13 0.12 1.82 8.1 0.79
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G10-11 178 208 30 0.93 0.07 0.07 1.07 5.3 0.60
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includes 188 204 16 1.35 0.10 0.10 1.54 7.1 0.86
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G10-12 75 87 12 0.32 0.04 0.03 0.37 3.6 0.22
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" 113 121 8 1.39 0.06 0.09 1.54 5.7 0.81
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Geordie Lake: Geology, Drilling and Resource Estimate
PGM-Cu mineralization is hosted within the Geordie Lake Gabbro in zones up to 60 m thick that dip at 45 degrees to the west. Mineralization is identified over a north-south strike length of 1.5 km and is open down dip and along strike to the north and south. Prospecting by Marathon in mid 2009 outlined anomalous copper values in rock samples to the north over a 2 km strike length.
The program of improving the grade, tonnage and classification of the resource is proceeding on schedule with very good results. There is considerable exploration potential elsewhere on the property.
The Geordie Lake measured and indicated mineral resource is 25.99 million tonnes grading 0.35 % Cu, 0.55 g/t Pd, 0.03 g/t Pt, 0.05 g/t Au, and 2.35 g/t Ag, and containing 195.7 million lbs of Cu, 456,800 ounces of Pd, 28,400 ounces of Pt, 45,800 ounces of Au, and 1.94 million ounces of Ag. The resource estimate of the Geordie Lake Property was performed by independent geological consultants and Qualified Persons, G.H. Giroux, P.Eng of Giroux Consultants of Vancouver, British Columbia ("Giroux") and Alan Stanley, P.Geo, and presented in the NI 43-101 Geordie Lake Technical Report press release dated July 8, 2008. Marathon is pursuing the Geordie Lake resource as a possible satellite deposit to the larger Marathon PGM-Cu deposit located 14 kilometers to the east, where the Company has completed a feasibility study recommending a processing rate of 22,000 tpd. The Geordie Lake Deposit could add significantly to the operating life of the Marathon PGM-Cu project.
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, Ph.D., 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 exploring resource development potential in the immediate vicinity of the Marathon deposit to expand mine life of the planned large tonnage, open pit mining operation. The Marathon deposit is one of the largest PGM-Cu reserves in Canada and is expected to grow with development of additional nearby resources. Marathon's optimized P+P reserve of 91.45 million tonnes grading 0.832 g/t Pd, 0.237 g/t Pt, 0.085 g/t Au, 0.247% Cu and 1.44 g/t Ag, contains 2.44 million ounces of Pd, 696,000 ounces of Pt, 251,000 ounces of Au, 497 million lbs of Cu and 4.23 million ounces of Ag. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland, respectively. Marathon's management plans to build on its experience through the advancement of its properties and by examining other strategic opportunities.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. 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, 2008.
Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.
%SEDAR: 00020574E
For further information: please contact: David Leng, P.Geo:. Tel: (416) 849-3432, Fax: (416) 861-1925, [email protected]
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