Marathon Intersects Sulphide Lenses at Coppermine Zone
MEDIA RELEASE PR35040
TORONTO, June 12 /CNW-AsiaNet/ --
(MAR:TSX): Marathon PGM Corporation ("Marathon") today announced the completion
of a 6 hole, 549 m drill program on the Coppermine Zone located in the western
end of the Bird River Project in southeast Manitoba. Lenses of sulphides were
intersected in 5 holes, which confirms the results of prospecting and an EM
geophysical anomaly.
Highlights:
- sulphides encountered in drilling are down dip of samples with
anomalous PGM and base metal values
- mineralization at Coppermine extends over a strike length of over
800 m in 5 holes
- drilling is part of Marathon's assessment work which puts all of the
Bird River Project in good standing until 2012
- best copper values intersected coincide with geophysical anomaly
- mineralized intersections are within 80 m of surface
David Good, P.Geo, VP of Exploration stated "It is interesting to see
that the western end of the Bird River sill has a more favourable palladium to
platinum ratio of 2.27 vs. 4.35 as well as higher values of PGM relative to
base metals when compared to the eastern end of the sill."
First Steps at Coppermine Zone
Marathon's initial prospecting in 2007 extended the strikelength of
mineralization to over 800 m. Marathon's sampling returned anomalous PGM and
base metals with values reported up to 0.21 % nickel, 0.44 % copper and 3.30
g/t PGM+Au. A single hole at the Coppermine Zone was drilled by Canex Placer
Ltd in 1973 and contained an intersection grading 0.24 % nickel, 0.42 %
copper, 1.02 g/t platinum and 1.19 g/t palladium over 12.2 m. Additional
prospecting was carried out by Marathon along strike from this hole, yielding
a total of 77 grab samples, of which 20 returned values of greater than 0.5
g/t platinum plus palladium, including 8 samples in the range of 1-3 g/t
platinum plus palladium (please see Marathon press release of 11-June-07).
Drilling Results - Coppermine Zone
-------------------------------------------------------------------------
Total
True PGM +
Hole From To Width Pd Pt Au Au Cu Ni
(m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%) (%)
-------------------------------------------------------------------------
MC-09-01 51 57 6 0.46 0.21 0.13 0.79 0.23 0.13
-------------------------------------------------------------------------
MC-09-02 71 77 6 0.32 0.15 0.06 0.52 0.16 0.11
-------------------------------------------------------------------------
MC-09-03 44.5 50 5.5 0.35 0.17 0.16 0.68 0.71 0.07
-------------------------------------------------------------------------
MC-09-04 31 33 2 1.38 0.37 0.20 1.95 0.36 0.02
-------------------------------------------------------------------------
MC-09-04 59 67 8 0.03 0.01 0.09 0.13 0.36 0.02
-------------------------------------------------------------------------
MC-09-06 15 37 22 0.51 0.30 0.11 0.92 0.20 0.11
-------------------------------------------------------------------------
MC-09-06 21 29 8 0.87 0.50 0.16 1.53 0.29 0.19
-------------------------------------------------------------------------
(1) MC-09-05 intersected no significant values
On Going Activities
In addition to the drilling at Coppermine, prospecting is being carried
out at the Chrome and Galaxy zones to follow up geophysical anomalies. The
Coppermine drilling separated by 15 km strike of the Bird River Sill from the
last known drill hole at the Chrome Zone. This 15 km of strike length is
highly prospective and warrants future drilling. Reinterpretation of the Page
and Ore Fault drill databases and relogging of select Ore Fault and Page holes
from as far back as the 1970s will assist in further refinement of the model
of mineralization and identify new directions for exploration.
Marathon's drilling will add to the Bird River resource base. Marathon
successfully delineated over 5 mt of in-pit resource at the Ore Fault and Page
Zones in 2008.
2009 Exploration Program
Marathon is operator of the Bird River Project and owns approximately 55%
of the joint venture with Gossan Resources Ltd ("Gossan"). The Project covers
over 20 km of the highly prospective Bird River Sill, which is host to two
past producing mines and numerous mineralized zones of base and precious
metals. Marathon has only explored the eastern 3 km of strike on the Bird
River Sill with drilling in the Page Zone and Ore Fault Zone, with both zones
now having resources.
The planned work is a required part of the assessment process. Additional
work planned for the remainder of the year consists of geological mapping and
data compilation, both of which are low cost. Marathon has access to a
considerable amount of data from previous operators, much of which is yielding
new showings for ground follow-up.
Samples consist of NQ-size drill core that are split by diamond saw on
site, prepared at ALS Chemex Thunder Bay, and assayed by fire assay with an
ICP-OES finish (for Pt, Pd and Au) and acid dissolution and ICP-OES finish for
base metals at ALS Vancouver. Marathon's quality assurance-quality control
(QA-QC) program consists of insertion of standards of known PGM content and
duplicates every 40 samples. After sampling, the remaining half core is
retained on site for future verification and reference purposes.
David Good, P.Geo., VP of 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 completed a definitive feasibility study on the Marathon PGM-Cu
deposit in December of 2008. 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, 2008.
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.
On Behalf of Marathon PGM:
"Phillip C. Walford"
Phillip C. Walford, P.Geo.
President, Chief Executive Officer
Tel: +1.416.987.0711
gen(at)marathonpgm.com
SOURCE: Marathon PGM Corporation
CONTACT: David Leng, P.Geo.,
Tel: (416) 849-3432,
Fax: (416) 861-1925,
dleng(at)marathonpgm.com
(MAR.)
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