Marathon Barge Drilling Fills 100 m Gap in Centre of Leprechaun Gold Deposit
TORONTO, Sept. 29 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") announced the second set of results from barge drilling at the Leprechaun Gold Deposit, in Central Newfoundland continue to define an area of near surface mineralization and fills a large void in the historic drilling pattern.
Highlights:
- best drill interval contains 2.28 g/t gold across 11 m (core width)
in VL-10-217 in the main zone
- multiple lenses of near-surface (hanging-wall) gold mineralization
will improve the potential of a possible open pit operation
- drilling completed on September 25th, with 62 holes totaling 6,910 m
and 11 holes pending
- new NI 43-101 compliant resource estimate is on track for Q4 delivery
- click here for map
http://www.marathonpgm.com/images/valentinemapseptember2010.jpg
"These holes have played an important role by successfully filling a large gap in the middle of the Leprechaun Gold Deposit. This void existed because drilling was previously not possible due to accessibility," said David Good, Marathon's VP of Exploration.
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From To Core Width True Width Gold
Section (m) (m) (m) (m) (g/t)
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VL-10-213 10,175 7 12 5 5 1.22
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" 10,175 70 74 4 3.2 3.77
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" 10,175 98 102 4 3.2 1.19
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Vl-10-214 10,150 11 13 2 2 2.34
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" 10,150 55 59 4 3.5 0.51
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VL-10-215 10,150 93 96 3 3 4.22
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VL-10-216 10,125 94 100 6 5 1.75
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VL-10-217 10,100 36 47 11 9.5 2.28
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" 10,100 56 59 3 2.5 1.38
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" 10,100 83 85 2 2 14.45
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VL-10-218 10,075 21 50 29 23 1.14
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including 10,075 21 22 1 0.8 16.77
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VL-10-219 10,062.5 31 35 4 3 1.22
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VL-10-220 10,062.5 33 42 9 6 1.94
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These eight holes were drilled at 90 degrees to the strike of mineralization, typically having a -75 to -85 degree dip. Holes were drilled further west from the first set of barge holes, along the mineralized trend from the barge on Leprechaun Pond. These intersections demonstrate good continuity of mineralization up-dip and along-strike.
The top intersections of VL-10-213 and -214 have confirmed a sub-horizontal vein set of mineralization. Hole VL-10-215 intersected 4.22 g/t gold (core width) over 3 m at the contact between the metasediments and granodiorite. Other mineralized intersections within the metasediments confirm that the sediments represent an important host for mineralization and additional exploration.
Mineralization in hole VL-10-216 correlates with deeper mineralization in VL-10-157 and confirms down-dip continuity of mineralization in VL-10-149. Intersections in VL-10-218 confirm up-dip continuity of mineralization from VL-10-152 and -155. Mineralization in hole VL-10-219 is continuous up-dip from VL-10-220 and on strike from VL-10-218.
Mineralization in VL-10-217, -218, -219 and -220 are all continuous along strike and confirm the shallow mineralized zone at less than 50 m depth.
Proving continuity of mineralization up-dip and along strike from the current resource is important because it builds a more complete model of the mineralization to be used during the upcoming resource estimate.
Marathon is the operator, exploring Valentine Lake under an option and joint venture agreement between Marathon and Mountain Lake Resources Inc (TSX.V:MOA). Please see Marathon's OJVA press release of December 23, 2009 by clicking http://www.marathonpgm.com/news/2009/231209.pdf
All of the samples were sent to Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Results from fire assay are used for drill hole planning only. Duplicate assays were made on all assays above 30 g/t. Assay results for the planned updated resource estimate will be determined by a metallic screening process to be conducted at a later date.
David Good, P.Geo., Vice President 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 actively developing resources in the immediate vicinity of the Marathon Deposit to expand the 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 the development of additional nearby resources. Marathon's optimized P+P reserve of approximately 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 approximately 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, 2009.
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: David Leng, P.Geo: Direct: +1.416.849.3432, Mobile: +1.905.537.5377, [email protected]
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