Marathon's Hole 205 Confirms Leprechaun's Heart of Gold
23.98 g/t Gold (uncut) across 4 m (true width), 0.70 oz/ton (uncut) across 13.12 feet (true width)
TORONTO, Aug. 16 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") announced that results from drilling have helped to define and confirm an area of high grade intercepts and also provide continued definition of near surface mineralization at the Leprechaun Gold Deposit, in Central Newfoundland.
Highlights:
- best drill interval contains 23.98 g/t gold across 4 m (true width)
(0.70 oz/ton gold across 13.12 feet true width) in VL-10-205 in
central high grade zone
- this high grade zone is 200 m in strike length and runs from surface
to a depth of 175 m
- multiple stacked lenses of shallow gold mineralization in both sub-
horizontal and sub-vertical vein sets in drilling to north east of
Leprechaun pond
- drilling completed to date consists of 45 holes and 4,643 meters in
summer program
- new resource estimate for Leprechaun Gold Deposit to be completed in
Q4
- click here for map
http://www.marathonpgm.com/images/valentinemapaugust2010.jpg
"Hole 205 is a very important hole because it was drilled into the heart of the Leprechaun Gold Deposit where high grade intersections (greater than 15 g/t gold) from 15 drill holes, including holes 160 and 165 have partially defined a continuous zone that is currently 200 m in strike length, and dips from near surface to 175m depth," said David Good, VP of Exploration. "Further definition and expansion of this zone will be very important for the resource estimation and so we will be adding additional step out and infill drill holes during the current program to be completed in October."
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Core True
From To Width Width Gold Gold Cut to
Section (m) (m) (m) (m) (g/t) (oz/t) 58 g/t
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VL-10-195 10,450 40.2 48 7.8 7.8 0.88 0.03 -
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" 10,450 77 79 2 1.8 2.91 0.08 -
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" 10,450 99 101 2 1.8 2.48 0.07 -
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VL-10-196 10,450 51 56 5 4.2 0.70 0.02 -
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" 10,450 157 164 7 6 4.16 0.12 -
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VL-10-197 10,500 51 55 4 4 3.78 0.11 -
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VL-10-199 10,475 63 72 9 9 1.88 0.05 -
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" 10,475 85 87 2 2 5.19 0.15 -
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VL-10-200 10,500 83.5 97 13.5 13.5 0.79 0.02 -
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" 10,500 102.5 108 5.5 5.5 0.91 0.03 -
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" 10,500 157.5 161 3.5 3.5 3.29 0.10 -
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VL-10-204 10,450 53 63 10 6 2.09 0.06 -
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VL-10-205 9,975 61 65 4 4 1.09 0.03 -
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" 9,975 162 189.2 27.2 27.2 3.92 0.11 2.80
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includes 9,975 162 166 4 4 23.98 0.70 16.37
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and 9,975 165 166 1 1 88.45 2.58 58.00
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(1) Holes VL-10-198, -201 and -203 intersected no significant values
All holes were drilled normal to the strike of mineralization, with shallower holes typically having a -45 degree dip and deeper holes having a -75 to -85 degree dip.
Holes VL-10-195, -196, -203 and -204 on section 10,450 were drilled to test the along strike and down dip extension of mineralization encountered in drill holes VL-10 -190 and VL-10-202 which graded 33.54 g/t gold across 4 m and 1.95 g/t gold across 13 m, respectively.
Hole VL-10-199 on section 10,475 successfully confirmed down dip continuity of mineralization from holes VL-10-192 and -193 which graded 15.29 g/t gold across 3 m and 9.43 g/t gold across 9 m, respectively. Hole VL-10-205 on section 9,975 successfully intersected a 200 m long zone of high grade mineralization that was identified in the winter drilling campaign. Holes VL-10-160 and-165 intersected this lens with grades of 25 m (true width) of 4.58 g/t gold (cut) and 9 m (true width) at 38.32 g/t (1.12 oz/t) gold, respectively.
Holes VL-10-197, -198 and -200 on section 10,500 successfully confirmed the along strike and down dip extension and continuity of near surface mineralization encountered in holes VL-10-192 and -193. The down dip extensions of near surface mineralization occur above the limits of the current NI43-101 resource calculated in 2005.
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:
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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