Marathon's Initial Barge Drilling Hits Near Surface Gold Mineralization at
Leprechaun; 4.68 g/t Gold across 10 m (core width)
TORONTO, Sept. 2 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") announced that the initial results from barge drilling at the Leprechaun Gold Deposit, in Central Newfoundland are defining an area of near surface mineralization by filling in a large void in the historic drilling pattern. Results to date are excellent.
Highlights:
- best drill interval contains 4.68 g/t gold across 10 m (core width) in
VL-10-211 in the main zone
- multiple lenses of near-surface (hanging-wall) gold mineralization
will improve the potential of a possible open pit operation
- drilling completed to date consists of 56 holes and 5,800 meters in
summer program
- click here for map
http://www.marathonpgm.com/images/valentinemapseptember2010.jpg
"There are two great pieces of news here. First is that the 25 meter wide intercept grading 2.06 g/t in hole 206 is located 25 m to the northeast along strike from the 27.2 meters at 3.92 g/t intersected in hole 205 as reported (see Marathon release from August 16, 2010). Secondly, drilling from the barge on Leprechaun Pond is successfully filling in a large drilling gap over the central part of the deposit and more importantly showing good continuity of the sub horizontal vein zones within the steeply dipping mineralized envelope," said David Good, Marathon's VP of Exploration.
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Zone Section From To Core Width True Width Gold
(m) (m) (m) (m) (g/t)
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VL-10-206 HW 9,975 30 37 7 6 1.48
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" HW 9,975 111 114 3 3 4.92
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" MZ 9,975 161 186 25 23 2.06
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includes MZ 9,975 170 173 3 3 9.51
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VL-10-208 HW 10,275 46 50 4 2.4 2.40
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VL-10-209 HW 10,250 33 36 3 1.4 0.83
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VL-10-210 HW 10,225 12 17 5 3.6 0.77
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" HW 10,225 24 29 5 3.6 0.54
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VL-10-211 MZ 10,225 44 91 47 38 2.38
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includes MZ 10,225 44 54 10 7 4.68
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includes MZ 10,225 70 91 21 14 2.87
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and MZ 10,225 97 104 7 4 0.63
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VL-10-212 HW 10,200 36 39 3 2 1.40
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" MZ 10,200 70 84 14 9 3.60
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" MZ 10,200 93 98 5 3 1.85
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(1) Holes VL-10-207 intersected no significant values
(2) HW and MZ refer to Main Zone or Hanging Wall mineralization
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.
Hole VL-10-206 on section 9,975 successfully confirmed continuity of mineralization from VL-10-205 which intersected 23.98 g/t gold across 4 m (true width) (0.70 oz/ton gold across 13.12 feet true width).
Holes VL-10-208, -209, -210, -211 and -212 are located in the eastern half of the Leprechaun Pond and test up-dip and on-strike continuity of mineralization. This drilling is showing that the current geological model with inferred mineralization that continues across the length of the pond is correct.
Mineralized intersections that are up-dip and on-strike from the limits of the current resource will be incorporated into the updated resource estimate, which is expected in Q4.
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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