News 47 g/t (1.38 oz/ton) Gold Across 2.5 m
Marathon Hits 47 g/t (1.38 oz/ton) Gold Across 2.5 m (8.2 feet) at Leprechaun Gold Deposit
Tue Jun 15, 7:00 AM
TORONTO,June 15 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") reportsthe first two holes of the spring drilling campaign hit multipleintersections of near surface gold mineralization at the LeprechaunGold Deposit, Central Newfoundland ("Leprechaun Deposit"). Assays arestill pending on the other 6 holes drilled to date. The Valentine LakeGold Project is being explored under an option and joint ventureagreement between Marathon and Mountain Lake Resources Inc (TSX.v: MOA).
Highlights:
- best interval contains 2.5 m (true width) at 47.19 g/t (1.38 oz/ton)
gold in VL-10-170
- initial indications suggest that in-fill drill holes will improve the
resource and bring hanging wall mineralization into the pit-shell
- campaign comprises 8,000 m of drilling combined with an IP survey
along the 2 km structure
- historical drilling on strike to the northeast suggests that the
Leprechaun deposit may extend for 2 km with only 700 m drilled in any
detail to date
- other gold occurrences throughout the 30 km long Valentine Lake
property are being investigated by Marathon
"The continuity of mineralization is proving up quite well. The areawe are drilling is near surface and outside the old resource. This is avery good start to the program of expanding the resource," said PhillipWalford, President and CEO.
-------------------------------------------------------------------------
Core True
Best Main From To Width Width Gold Gold Cut to
Zone Results Section (m) (m) (m) (m) (g/t) (oz/t) 58 g/t
-------------------------------------------------------------------------
VL10-170 10,312 9.5 12 2.5 2.5 47.19 1.38 35.02
-------------------------------------------------------------------------
" 10,312 26 31 5 4.8 3.18 0.09 -
-------------------------------------------------------------------------
VL10-171 10,312 10 13 3 1.5 1.21 0.04 -
-------------------------------------------------------------------------
" 10,312 38 50 12 7.0 1.41 0.04 -
-------------------------------------------------------------------------
(*) 1 of the reported assay values was cut to the historical cut value
of 58 g/t Au
Leprechaun Deposit Spring Drilling
Marathon has completed 8 drill holes totaling 608 m of NQ core thusfar. Quartz-tourmaline-pyrite veins which are known to carry gold atthe Leprechaun deposit have been intersected in all holes to date.Visible gold has been noted locally from the drilling completed so far.Many intersections are near surface where no gold was indicated beforeand will add to the resource.
Leprechaun Deposit
To date, the Leprechaun Deposit is the first defined gold resourcewithin the highly prospective Valentine Lake Gold Project ("ValentineLake"). The Leprechaun Deposit has an NI 43-101 compliant inferredmineral resource of 1,314,780 tonnes grading 10.50 g/t gold using a 5g/t gold minimum cut-off and a 3 metre minimum width for a totalestimated mineral resource of 443,000 ounces of gold. Cuttingindividual 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 thecut grade. The Leprechaun Deposit is open at depth and along strike.The resource estimate for the Leprechaun Deposit presented in the NI43-101 Technical Report dated January 12, 2005, was performed by LarryPilgrim, P. Geo. a Qualified Person (see: NI 43-101 Valentine LakeTechnical Report).
Marathon is exploring Valentine Lake under an option and jointventure agreement between Marathon and Mountain Lake Resources Inc(TSX.v:MOA"). Please see Marathon's OJVA press release of December 23,2009 by clicking https://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 collectionfire assay with AA (atomic absorption) finish. Results from fire assayare used for drill hole planning only. Duplicate assays were made onall assays above 30 g/t. Assay results for the planned updated resourceestimate will be determined by a metallic screening process to beconducted at a later date.
David Good, Ph.D., P.Geo., VP of Exploration is Marathon's QualifiedPerson in compliance with National Instrument 43-101 with respect tothis release. Dr. Good has reviewed the contents for accuracy and hasapproved this press release on behalf of Marathon.
About Marathon PGM Corporation:
Marathon is actively developing resources in the immediate vicinity ofthe Marathon Deposit to expand the life of the planned large tonnage,open pit mining operation. The Marathon Deposit is one of the largestPGM-Cu reserves in Canada and is expected to grow with the developmentof additional nearby resources. Marathon's optimized P+P reserve ofapproximately 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 2.44million ounces of Pd, 696,000 ounces of Pt, 251,000 ounces of Au, 497million lbs of Cu and 4.23 million ounces of Ag. Marathon also hasdevelopment and exploration stage properties in southeastern Manitobaand western Newfoundland respectively. Marathon's Management plans tobuild on its experience through the advancement of its properties andby examining other strategic opportunities.