Marathon Finishes 2010 Drilling at Leprechaun Gold Deposit on a high with 19
m (true width) at 6.94 g/t of Gold
TORONTO, Oct. 19 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") announces the final set of drill results at the Leprechaun Gold Deposit in Central Newfoundland. The summer drill program was highly successful in verifying Marathon's deposit model and proving up continuity over the current 700 meter strike length of the deposit which is open along strike and down dip. In addition, we have shown the Insight-DCIP survey to be very effective at targeting potential gold mineralization on the property.
Highlights:
- The best intersections include 6.94 g/t gold over 17 m in hole
VL-10-226 and 2.44 g/t gold over 19 m in hole VL-10-231. All
intersections are true width.
- A total of 95 holes totaling 10,938 m of NQ core were drilled in 2010
and will be incorporated into the resource estimate which is on track
for delivery in the 4th Quarter
- An Insight DCIP Geophysical Survey completed in August correlates
chargeability with pyrite and gold mineralization and will be very
useful for target definition along strike and to a depth of 400 m
(http://www.marathonpgm.com/images/insightsection2010.jpg)
- click here for map
http://www.marathonpgm.com/images/valentinemapoctober2010.jpg
"Completion of our 2010 drill program with good mineralization in each of the last 6 holes, including one of the best intersections of the year in hole VL-10-226, is a great way to end the season," said Sherry Dunsworth, Project Manager for Marathon. Phill Walford, President and CEO of Marathon commented that "our entire exploration team did a fantastic job this year in advancing the project further than we thought possible in such a short amount of time."
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From To Core Width True Width Gold
(m) (m) (m) (m) (g/t)
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VL-10-226 29 30 1 1 16.01
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" 78 103 25 17 6.94
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includes 90 103 13 8.8 11.81
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VL-10-227 44 48 4 4 1.33
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" 67 69 2 1.2 4.17
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" 82 94 12 7 2.20
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VL-10-228 74 83 9 6 3.07
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VL-10-229 78 85 7 5 1.01
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" 99 104 5 3.6 4.59
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VL-10-230 67 70 3 2 0.81
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VL-10-230 111 114 3 2 3.60
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VL-10-231 226 248 22 19 2.44
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includes 237 241 4 3.5 4.84
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The 2010 exploration program was designed with three main objectives: (1) to prove increased continuity in the Leprechaun gold deposit, (2) to verify and if necessary modify the existing deposit model, and (3) to evaluate geophysical tools that correlate with known mineralization. These three objectives are critical in planning future exploration along the remaining 11 km of strike length between the Sprite prospect and the Valentine East Gold zones. We successfully achieved all three of these objectives and are very well positioned to expand our exploration targets into the rest of the Valentine Lake property.
Holes VL-10-226, -227, -228 and -229 were drilled to establish both lateral and vertical continuity of a large near surface mineralized lens at the west end of the deposit and hole VL-10-231 was drilled to fill a 112 meter wide gap between drill holes VL-04-93 and VL-04-94 at a vertical depth of 200 to 230 meters. These holes demonstrate that the gold system continues to depth.
The mineralization in hole VL-10-226 is significant as it correlates with historical holes VL-04-87 and VL-31 which contained 6.15 g/t over 12.3 meters and 6.1 g/t over 12.2 meters, respectively (please refer to Valentine Lake NI43-101 Technical Report on SEDAR, dated March 23rd, 2009). Both intervals were cut to 58 g/t and have estimated true thicknesses.
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:
In September 2010, Stillwater Mining Company and Marathon PGM announced an acquisition agreement with Stillwater acquiring Marathon's platinum group assets and Marathon to spin out its gold assets. Subsequent to shareholder approval of the proposed Stillwater transaction, the new company will be called Marathon Gold Corporation. The Valentine Lake Gold Project will be the main focus of resource development, the Finger Pond and Baie Verte Projects will be exploration properties.
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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