Marathon's Drilling Confirms Near Surface Gold Mineralization at Leprechaun
Deposit
TORONTO, March 17 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("MAR" or "the Company") reports that multiple stacked zones of gold mineralization were recently intersected by drilling at the Leprechaun Gold Deposit ("Leprechaun Deposit"), located in Central Newfoundland. Intervals of gold mineralization located up dip from the current resource will help to improve open pit mining potential. The Leprechaun Deposit is the most highly developed of several known gold occurrences within the Valentine Lake Gold Project ("Valentine Lake"). Valentine Lake is an option and joint venture agreement between Marathon and Mountain Lake Resources Inc (TSX.v:MOA").
Highlights:
- hole VL-10-147 intersected 3.57 g/t Au over 12 m
- holes VL-10-141, -142, -143, -145 and -149 will enlarge the envelope
used in the previous resource estimate
- intersections are near surface and confirm continuity with historic
drilling
- the Leprechaun Deposit is the most highly developed of several known
gold occurrences within the 30 km strike length of Valentine Lake
- the Leprechaun Deposit drilling map can be viewed by clicking here
(http://www.marathonpgm.com/images/leprechaundepositdrillplan.jpg)
"We are finding that the multiple gold zones intersected at depth continue to surface. This is important for open pit mining evaluation of the Leprechaun Deposit," stated Phillip Walford, President and CEO of Marathon. "These results are very encouraging as they are confirming our geological model and validating our goal of defining an open pit gold deposit."
Second Set Results from Leprechaun Gold Deposit
-------------------------------------------------------------------------
Core True
Hole Zone From (m) To (m) Width (m) Width (m) Au (g/t)
-------------------------------------------------------------------------
VL-10-140 Main 26 29.1 3.1 3.0 3.03
-------------------------------------------------------------------------
VL-10-141 HW 30 37.9 7.9 4.0 0.59
-------------------------------------------------------------------------
" Main 62 67.5 5.5 2.8 2.63
-------------------------------------------------------------------------
VL-10-143 HW 31.85 44 12.15 6.0 1.45
-------------------------------------------------------------------------
" Main 63 87.7 24.7 12.0 2.87
-------------------------------------------------------------------------
including 81 85 4 2.0 12.33
-------------------------------------------------------------------------
VL-10-144 Main 100 110 10 6.0 0.55
-------------------------------------------------------------------------
VL-10-145 Main 95.29 111.07 15.78 8.0 2.48
-------------------------------------------------------------------------
VL-10-147 HW 40 49 9 6.8 1.11
-------------------------------------------------------------------------
" Main 105 120.6 15.6 12.0 3.57
-------------------------------------------------------------------------
" 114.3 120.6 6.3 4.9 8.27
-------------------------------------------------------------------------
" Main 157 160.5 3.5 2.7 1.84
-------------------------------------------------------------------------
VL-10-149 Main 20.5 29.5 9 6.0 2.70
-------------------------------------------------------------------------
NB - none of the reported assay values were cut; 6 assays
exceeded 25 g/t Au; historically the cutting factor is 58 g/t Au
Leprechaun Deposit Drilling
The first phase of drilling ended March 9th with completion of 3,998 m in 33 holes. Assays for the final twenty holes of the program are pending. Holes were spaced at 25 m intervals for purposes of resource definition for an open pit resource estimate. The program focused on the top 100 m of the deposit which only had 6 drills holes as well as deeper mineralization requiring definition. The drilling was focused on an area covering 400 m strike length to a depth of 200 m. The gold mineralization remains open along strike and to depth.
Leprechaun Deposit
The Leprechaun Deposit 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).
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. 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, 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]
Share this article