Proving Up Leprechaun's Heart of Gold: Marathon Intersects 27 m (core length)
Grading 6.53 g/t of Gold
TORONTO, Oct. 12 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") announced the third set of results from barge drilling at the Leprechaun Gold Deposit, in Central Newfoundland where drilling continues to define an area of near surface mineralization and improves overall drilling density. The Leprechaun Deposit is currently the only gold resource within the prospective, 30 km strike length of the Valentine Lake Gold Property.
Highlights:
- best drill interval contains 6.53 g/t gold across 19 m (true width)
in VL-10-225 in the main zone
- additional mineralization in the hanging wall and footwall improves
open pit mining potential by reducing the stripping ratio
- new NI 43-101 compliant resource estimate is on track for delivery in
the 4th Quarter
- click here for map
http://www.marathonpgm.com/images/valentinemapoctober2010.jpg
"Barge based drilling is allowing us to get to areas that were previously inaccessible thereby filling in gaps and confirming continuity of both near surface mineralization and lenses of higher grade mineralization," said David Good, Marathon's VP of Exploration.
-------------------------------------------------------------------------
Section From To Core Width True Width Gold
(m) (m) (m) (m) (g/t)
-------------------------------------------------------------------------
VL-10-221 10,050 24 30 6 4.2 1.20
-------------------------------------------------------------------------
VL-10-222 10,050 66 74 8 5.6 1.15
-------------------------------------------------------------------------
" 10,050 79 80 1 0.7 10.07
-------------------------------------------------------------------------
" 10,050 98 101 3 2.1 0.73
-------------------------------------------------------------------------
VL-10-223 10,037.5 10 17 7 4.2 1.49
-------------------------------------------------------------------------
" 10,037.5 64 68 4 2.4 1.66
-------------------------------------------------------------------------
" 10,037.5 97 108 11 7.7 7.45
-------------------------------------------------------------------------
VL-10-224 10,037.5 37 38 1 0.7 18.59
-------------------------------------------------------------------------
" 10,037.5 49 57 8 5.6 4.32
-------------------------------------------------------------------------
" 10,037.5 72 74 2 1.4 3.18
-------------------------------------------------------------------------
" 10,037.5 87 89 2 1.4 9.10
-------------------------------------------------------------------------
VL-10-225 10,012.5 30 32 2 1.4 8.83
-------------------------------------------------------------------------
10,012.5 64 91 27 19 6.53
-------------------------------------------------------------------------
includes 10,012.5 64 68 4 2.8 11.30
-------------------------------------------------------------------------
and 10,012.5 80 90 10 7.0 9.61
-------------------------------------------------------------------------
" 10,012.5 119 120 1 0.7 4.39
-------------------------------------------------------------------------
Mineralization in hole VL-10-225 correlates with deeper mineralization from VL-10-165 which graded 9 m (true width) at 38.32 g/t (1.12 oz/t) gold, (please refer to Marathon press release dated April 13th, 2010). VL-10-225 also provides a true width of mineralization in historical hole VL-05-110 which was drilled down plunge and graded 174 m (core length) at 3.87 g/t gold (please refer to Valentine Lake NI43-101 Technical Report on SEDAR, dated March 23rd, 2009).
Hole VL-10-221 provides up-dip continuity of mineralization intersected in VL-10-222. Additional up-dip continuity is established in VL-10-224 from deeper intersections in VL-10-223.
These holes, typically having a -80 to -85 degree dip, were drilled along strike and to the west of the initial barge holes but on the mineralized trend. The latest intersections appear to establish good continuity of mineralization up-dip, near surface and along-strike of earlier drilling.
Mineralized lenses encountered both up-dip and along strike from the historical resource are very important as they provide a better understanding of the distribution of mineralization and help to build a more comprehensive geological model to be used during the revising of the resource estimate.
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:
In September 2010, Stillwater Mining Company and Marathon PGM announced an acquisition agreement with Stillwater acquiring Marathon's platinum group assets and Marathon to spin out its gold assets. Subsequent to shareholder approval of the proposed Stillwater transaction, the new company will be called Marathon Gold Corporation. The Valentine Lake Gold Project will be the main focus of resource development, the Finger Pond and Baie Verte Projects will be exploration properties.
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]
Share this article