Marathon Hits Four Gold Intervals Over 65 g/t (1.90 oz/t) Within Broader 9 m
Interval of 38.32 g/t (1.12 oz/t) at Leprechaun Deposit
TORONTO, April 13 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") reports further significant intersections of gold mineralization in the final 7 drill holes of the winter program at the Leprechaun Gold Deposit, Central Newfoundland ("Leprechaun Deposit"). The Valentine Lake Gold Project is being explored under an option and joint venture agreement between Marathon and Mountain Lake Resources Inc (TSX.v: MOA).
Highlights:
- best interval contains 9 m (true width) at 38.32 g/t (1.12 oz/t) gold
in VL-10-165
- highest grade intersection ever recorded 321.05 g/t (9.36 oz/t) gold
over 0.8 m in VL-10-165, including 506.15 g/t (14.76 oz/t) over
0.4 m; VL-10-165 is 75 m northeast of high-grade hole VL-10-160
announced last week
- majority of drill holes intersected mineralization on the margin or
outside the current resource envelope, which will improve open pit
potential
- the next phase of drilling is set to commence in May
- historical drilling on strike to the northeast encountered
mineralization over 2 km
- other gold occurrences exist throughout the 30 km long Valentine Lake
property
"Since I joined the gold mining sector in 1980, I have personally been involved with the development of several gold mines. From the first time I viewed the property, I felt that Valentine Lake had the potential to host a significant gold deposit. Everything we've achieved to date confirms this view," said Phillip Walford, President and CEO.
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Best Main Core True
Zone From To Width Width Gold Gold Cut to
Results Section (m) (m) (m) (m) (g/t) (oz/t) 58 g/t
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VL-10-163 10,025 58.7 81.4 22.7 8 1.45 0.04
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including 10,025 62.9 68.9 6 2 4.00 0.12
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VL-10-164 9,925 126 131.6 5.6 5.6 9.35 0.27
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VL-10-165 10,000 164 173 9 9 38.32 1.12 *13.40
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including 10,000 167 167.8 0.8 0.8 321.05 9.36 58.00
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including 10,000 167 167.4 0.4 0.4 506.15 14.76 58.00
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and 10,000 170.5 171 0.5 0.4 76.22 2.22 58.00
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and 10,000 171.5 172 0.5 0.5 67.34 1.96 58.00
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VL-10-166 10,225 37.9 42 4.1 4.1 1.62 0.05
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10,225 129.5 135.2 5.7 5.7 0.91 0.03
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VL-10-167 10,000 183 187.38 4.38 4 0.95 0.03
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10,000 199 206.4 7.4 6.2 0.69 0.02
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VL-10-168 10,325 20.5 24.6 4.1 2.2 3.49 0.10
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10,325 32.1 39.2 7.1 4 1.38 0.04
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VL-10-169 10,325 12 22.5 10.5 10 2.27 0.07
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(*) 5 of the reported assay values were cut to the historical cut
value of 58 g/t Au; All assay results over 30g/t are assayed twice
and the resultant average is shown in the table; M - Main Zone,
HW - Hanging Wall, Sed - Sediments
Leprechaun Deposit Drilling
Marathon completed 33 drill holes totaling 3,998 m of NQ core during phase 1 of the 2010 drilling program (drill hole location map (http://www.marathonpgm.com/images/valentinelakedrillmap.jpg)). Visible gold was noted in the majority of drill holes of this drilling campaign. Many intersections are near surface where no gold was indicated before and will add to the resource. Visible gold is associated with 2-5 % fine disseminated to coarse cubic pyrite in a quartz-tourmaline stockwork was identified in all holes.
Exploration Resource Growth Potential
Gold mineralization has been identified by this drilling campaign over a strike length of 400 m. Mineralization is open down dip and on strike to the northeast and southwest. Newly discovered mineralization in footwall sediments represents a new environment to host gold mineralization.
Leprechaun Deposit
To date, the Leprechaun Deposit is the first defined gold resource within the highly prospective Valentine Lake Gold Project ("Valentine Lake"). The Leprechaun Deposit has an NI 43-101 compliant inferred mineral resource of 1,314,780 tonnes grading 10.50 g/t gold using a 5 g/t gold minimum cut-off and a 3 metre minimum width for a total estimated mineral resource of 443,000 ounces of gold. Cutting individual assays to 58 g/t gold, the average grade is 8.51 g/t gold, for a total estimated mineral resource of 359,000 ounces of gold at the cut grade. The Leprechaun Deposit is open at depth and along strike. The resource estimate of the Leprechaun Deposit presented in the NI 43-101 Technical Report dated January 12, 2005 was performed by Larry Pilgrim, P. Geo. a Qualified Person (see: NI 43-101 Valentine Lake Technical Report).
Marathon is 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 gpt. Assay results for the planned updated resource calculation will be determined by a metallic screening process to be conducted at a later date. Due to the coarse nature of the gold at the Leprechaun Deposit, the metallic screening method has demonstrated an increase in the gold values of up to 30 % over standard fire assay 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. Mountain Lake has a 30% interest in the Valentine Lake Gold Property with an option to acquire the remaining 70% interest from Richmont Mines Inc. and a subsequent sub-option and joint venture agreement whereby Marathon PGM Corp. can earn a 50% in the property.
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., Tel: (416) 849-3432, [email protected]
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