Marathon PGM Drills 3.94 g/t Gold Over 9 Metres Near Surface at Leprechaun
Gold Deposit
TORONTO, Feb. 19 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("MAR" or "the Company") reports that a wide interval of gold mineralization - grading 3.94 g/t Au over 9 metres - was encountered near surface at the Leprechaun Gold Deposit in Central Newfoundland. Coarse visible gold was seen in drill core from holes VL-10-143, -145, 147, -149 and -150. The Leprechaun Deposit is the only gold resource defined to date within the entire 30 km strike length of the Valentine Lake ("Valentine Lake") Gold Project. Valentine Lake is an option and joint venture agreement between Marathon and Mountain Lake Resources Inc (TSX.v:MOA").
Highlights:
- hole VL-10-139 intersected 3.94 g/t Au over 9.0 m at a depth of 50 m
below surface
- hole VL-10-137 hit the top of the Main Zone on section 10,000
- hole VL-10-138 intersected 2.97 g/t Au over 9.38 m at a depth of 70 m
below surface
- 3.92 g/t Au over 2 m and quartz veining in hole VL-10-138 validates
the upside potential of sediments as a previously little tested host
rock
- the Leprechaun Deposit is to date the only resource defined within
the entire 30 km strike length of Valentine Lake
- a photo of the visible gold in core from hole VL-10-145 can be viewed
by clicking here
- the Leprechaun Deposit drilling map can be viewed by clicking here
"Overall, the initial results are very encouraging," stated Phillip Walford, President and CEO of Marathon PGM Corporation. "The presence of visible gold in several drill holes is very positive as is the presence of parallel gold zones in the hanging wall rocks and footwall sediments."
First Drilling Results from Leprechaun Gold Deposit
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Core True
Hole From (m) To (m) Width (m) Width (m) Au (g/t)
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VL-10-137 27.00 27.50 0.50 0.34 1.01
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VL-10-137 44.00 44.50 0.50 0.34 1.78
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VL-10-138 40.00 44.50 4.50 3.02 2.70
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" 48.50 49.50 1.00 0.67 3.74
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" 57.00 58.00 1.00 0.67 11.24
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" 64.00 78.00 14.00 9.38 2.97
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including 64.75 68.00 3.25 2.18 6.35
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and 70.40 72.90 2.50 1.68 5.71
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107.80 109.80 2.00 1.34 3.92
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VL-10-139 11.00 20.25 9.25 6.20 2.77
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" 45.00 57.30 12.3 9.00 3.94
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NB - none of the reported assay values were cut; 1 assay exceeded 25 g/t
Au; historically the cutting factor is 58 g/t Au
Leprechaun Deposit Drilling
Marathon's drill program at the Leprechaun Deposit is making good progress. The purpose of this drilling is to intersect the area of low drill density up dip and along strike from the current Leprechaun Deposit resource. The plan is to explore the upper areas and assess the open pit potential of the Leprechaun Deposit and improve the resource.
The significance of the 3.92 g/t Au over 2 m in hole VL-10-138 is that it is 25 m southwest of 1.82 g/t Au over 4 m in hole VL-04-86 and shows potential for sediment hosted gold mineralization. The promise of this additional host environment has largely not been tested. Visible gold occurs in quartz-tourmaline-pyrite veining was seen in hole VL-10-147.
Visible gold was also seen in quartz-tourmaline-pyrite veining in drill holes VL-10-143 and VL-10-145 which are located approximately 90 and 65 m west of hole VL-05-110, which was reported by Mountain Lake on August 31, 2005. Please click here to access the press release. Visible gold also occurs in holes VL-10-147, VL-10-149, and VL-10-150, located between holes VL-05-111 and 112. Assay results for these samples are pending.
Leprechaun Deposit Resource Estimate
The Leprechaun Deposit, which has an NI 43-101 compliant inferred mineral resource of 1,314,780 tonnes grading 10.50 grams per tonne (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).
Two drills are carrying out the on-going drill program, testing 600 m of strike that has been drilled to a depth of 150 m and is open in all directions. Adding to the expansion potential is the fact that there are numerous parallel zones of mineralization in the hanging wall and the mineralized assemblage is 200 m wide. Drilling will be focused at filling drilling gaps between blocks used to calculate the resource with 3,700 metres planned over 40 holes to evaluate the potential for developing an open pit resource. The upper 100 metres of the deposit has not been sufficiently tested. Valentine Lake is 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. 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, 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, 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: David Leng, P.Geo:. Tel: (416) 849-3432, Fax: (416) 861-1925, [email protected]
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