Marathon Hits New High Grade Lens By Step Out Drilling at Leprechaun Gold
Deposit
TORONTO, July 5 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") reports three significant developments in recent drilling at the Leprechaun Gold Deposit, located in Central Newfoundland. The first development is that step out drill hole VL-10-190 has intersected abundant visible gold within a 2 meter wide interval indicating a new high grade lens within the mineralized zone. The second development is that closely spaced holes have defined a sub horizontal lens that extends outside of the main zone and into the hanging wall. Finally, assays from 7 drill holes reported here have hit multiple intersections of gold mineralization and have extended the near surface mineralization to more than 550 meters along strike.
Highlights:
- more than 20 flecks of visible gold occur from 78 to 80 meters down
hole VL-10-190
(http://www.marathonpgm.com/images/valentineVG-hole-VL10190.jpg)
- visible gold identified in 8 of 9 latest holes at depths less than 75
meters below surface for which assays are pending.
- drilling has shown continuous near surface mineralization over a 550
meter strike length and is open in both directions
- shallowly dipping mineralization extends beyond the main steeply
dipping mineralized structure and into the hanging wall.
- new assays include 8.37 g/t gold across 3.5 meters (true width) in
hole VL-10-179
- click here for drill map
http://www.marathonpgm.com/images/valentinemapjune2010.jpg
"This new find confirms our view that the 2 km long southeast main structure has the potential to host many such high grade lenses", said Phill Walford, President of Marathon PGM. David Good, VP of Exploration commented, "Early on in the project we recognized the possibility that sub horizontal mineralization could continue from the main mineralized zone and into the hanging wall and so proving up a lens with a series of closely spaced holes was a big step forward and bodes well for open pit mining potential".
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Best Results type From To Core Width True Width Gold
(m) (m) (m) (m) (g/t)
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VL-10-172 flat 14.5 18 3.5 3.5 3.03
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VL-10-172 25 26 1 1 7.26
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VL-10-173 5 8 3 3 0.76
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VL-10-173 flat 31 33 2 2 1.10
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VL-10-174 5 10 5 5 3.30
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VL-10-174 flat 25 31 6 6 1.05
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VL-10-175 29 31 2 1.5 5.21
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VL-10-175 39 41 2 1.5 2.62
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VL-10-175 53 58 5 3.75 0.84
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VL-10-175 62 66 4 3 1.01
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VL-10-175 71 77 6 4.5 2.27
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VL-10-175 92 97 5 3.75 0.80
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VL-10-175 101 103 2 1.5 2.94
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VL-10-175 109 119 10 7.5 1.58
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VL10-176 flat 9 12 3 3 0.93
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VL10-176 22 25 3 3 0.74
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VL-10-177 3 7 4 3 3.94
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VL-10-177 18 23 5 3.5 3.68
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VL10-178 39 48.5 9.5 9.5 2.30
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VL10-179 44 48 3.5 3.5 8.37
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Generalized Geology - Leprechaun Deposit and On-Strike Extensions
The Leprechaun Gold Deposit is hosted by sub horizontal and steeply dipping quartz-tourmaline-pyrite veins that occur within a major regional fault zone that strikes for over 30 km across the Valentine Lake Project area. At the southeast end of the property, gold mineralization has been identified by drilling in a zone that is up to 300 meters wide and 2 km along strike. In this area, detailed drilling has occurred along only 550 meters of the structure. The potential to improve the resource and introduce hanging wall mineralization into the up-coming resource estimate has significantly increased as a result of a better understanding of the orientation and good continuity of the mineralized veins near surface.
Closely spaced drilling has resulted in a better structural understanding of the mineralization and shallowly dipping mineralization is now recognized to extend beyond the boundaries of the main steeply dipping mineralized structure and into the hanging wall (identified as 'flat' in the table). It is possible that some of the gold intercepts occurring in the hanging wall well away from the main zone and best interpreted as sub horizontal vein sets may prove to be so with further drilling.
Drilling is focused on finding extensions of high grade lenses along the mineralized trend. To date, 2000 metres have been completed in 22 holes of the current 8000 meter program. The current plan is to continue moving the drill to the northeast and fill the 50-100 meter wide gaps between current drilling and historical drill holes VL-05-115 and VL-99-7 which intersected multiple zones including 2.96 g/t gold across 11.1 meters and 2.41 g/t gold across 11.8 m, respectively. The upcoming holes are generally near surface, less than 150 m in length and have an azimuth towards the southeast. Historical drilling has defined gold mineralization in widely spaced holes, often on the order of 100 to 200 meters between holes to the southwest and northeast suggesting that the Leprechaun mineralization extends for over 2 km with only 550 meters drilled in any detail to date.
Leprechaun Gold Deposit
To date, the Leprechaun Gold 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 Gold Deposit is open at depth and along strike. The resource estimate for the Leprechaun Gold 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 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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