Marathon intersects 44 m of 1.48 g/t PGM and gold and 0.36% copper
outside of existing resource pit
Toronto, Ontario, September 11th, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") is pleased to announce the most recent results from the 2007 exploration campaign at the Company's 100% owned Marathon PGM-Cu Project, located 10 km northwest of Marathon, Ontario. Two wide intersections of mineralization, both located over 100 m west of the existing resource, pose the strong likelihood of expanding the existing resource.
David Good, VP of Exploration noted, "Resource expansions are often built upon results like these. Considering that holes 373 and 375 are 100 m outside the existing resource and separated by 500 m, and also that we have over 180 holes for the upcoming resource update scheduled to start in October, we have every reason to be upbeat about the new figures."
Click here to view full press release with Marathon PGM/Cu Project's Drill Hole Map.
W Horizon Drilling
The best intersection occurs in hole M-07-375 which contains 14 m of 2.23 g/t PGM and gold and 0.03% copper including 8 m of 2.99 g/t PGM and gold and 0.05% copper. Hole M-07-371 also returned good results with 4 m of 3.76 g/t PGM and gold and 0.01% copper. The high-grade area being explored by these holes will require additional drilling to fully assess the potential for resource expansion, as this area has provided some very promising results.
Main Zone Drilling
Hole M-07-373 intersected 44 m of 1.48 g/t PGM and gold and 0.36% copper, including 12 m of 3.18 g/t PGM and gold and 0.53% copper. This hole is located 150 m west of the existing resource and increases the potential of expanding the resource. Holes M-07-372 and M-07-374 are definition holes located at the southeast end of the Southern Resources Area. They are located south of known mineralization, and while they contain lower values of PGM and gold and copper, they confirm the continuity of mineralization between the Malachite and Main Zones. This particular area warrants further drilling as a result.
Table 1: Significant Drill Hole Results
|
Hole |
From (m) |
To (m) |
True Thickness (m) |
Pd (g/t) |
Pt(g/t) |
Au (g/t) |
Total PGM and gold (g/t) |
Cu (%) |
|
M-07-370 |
73 |
75 |
2 |
1.39 |
1.20 |
0.17 |
2.76 |
0.004 |
|
M-07-371 |
116 |
120 |
4 |
2.88 |
0.84 |
0.04 |
3.76 |
0.01 |
|
M-07-372 |
58 |
64 |
6 |
0.57 |
0.22 |
0.08 |
0.87 |
0.10 |
|
M-07-373 |
327 |
371 |
44 |
1.07 |
0.31 |
0.09 |
1.47 |
0.36 |
|
includes |
329 |
341 |
12 |
2.36 |
0.67 |
0.15 |
3.18 |
0.53 |
|
M-07-374 |
17 |
21 |
4 |
0.24 |
0.15 |
0.08 |
0.47 |
0.06 |
|
M-07-375 |
146 |
160 |
14 |
1.66 |
0.47 |
0.10 |
2.23 |
0.03 |
|
includes |
152 |
160 |
8 |
2.18 |
0.65 |
0.16 |
2.99 |
0.05 |
Since January 2007, Marathon has drilled a total of 36,000 m and expects to drill an additional 2,500 m by the end of September. Presently, only one drill is required on the property and is active in the vicinity of the Main Zone. As of today, Marathon is awaiting assay data from 25 drillholes.
All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ont., to be assayed using fire assay and other standard techniques.
Bird River Sill and Steel Mountain Properties
Marathon is continuing prospecting at the Steel Mountain PGM and Cu-Ni property in western Newfoundland. Results of samples from the initial phase of the exploration program are pending. Prospecting, sampling and mapping at the Bird River PGM and Cu-Ni property in southeastern Manitoba is on-going at the Coppermine and Page Zones.
All exploration work is being performed under the guidance and supervision of Phillip C. Walford, President and Chief Executive Officer of the Company, a professional geologist and Qualified Person as defined by National Instrument 43-101. Mr. Walford has approved the contents of this press release.
About Marathon PGM Corporation
The Company has a 100-per-cent interest in the Marathon PGM -- Cu project, located about 10 kilometers north of Marathon, Ont. The project is currently undergoing a definitive feasibility study and a 35,000 m drill campaign. As announced previously, the company has completed a revised preliminary economic assessment in compliance with the provisions of National Instrument 43-101, showing a measured resource of 39.2 million tonnes containing 1.6 million ounces of PGM and gold and 285 million pounds of copper, and an indicated resource of 28.9 million tonnes containing 1.1 million ounces of PGM and gold and 178 million pounds of copper. An additional low-grade resource was also identified in the report completed by P&E Mining Consultants Inc. and filed on SEDAR on April 5, 2007.
As part of its growth strategy, in April 2007, Marathon entered into an option agreement with Gossan Resources on the Bird River Sill PGM and Cu-Ni property, located in southeastern Manitoba. Prospecting and data compilation of the Bird River property is focused over several key areas, including the Coppermine, Page East, Page West and Galaxy Zones. Marathon can earn-in up to a total 70% interest by completing a bankable feasibility study and arranging project financing. In August 2007, Marathon acquired the Steel Mountain PGM and Cu-Ni property in western Newfoundland and has commenced the initial phase of exploration on this 227.5 km2 property. The Company holds a 100% interest in the Steel Mountain property.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forwa
rd-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. 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, 2006. Circumstances or management's estimates or opinions could change, and management disclaims any obligation to revise or update forward-looking statements, whether for new information, future events or otherwise. The reader is cautioned not to place undue
reliance on forward-looking statements.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
|
On Behalf of Marathon PGM:
"Phillip C. Walford"
Phillip C. Walford, P.Geo.
President, Chief Executive Officer
gen@marathonpgm.com
Tel: +1.416.987.0711 |
For more information, please contact:
David Leng, P.Geo: dleng@marathonpgm.com
Tel: +1.905.537.5377
Fax: +1.416.861.1925
www.marathonpgm.com
TEL: +1.514.939.3989 |
