Claude:
Good drill results from GEO at its Marathon Pd project.... One stepout hole has excellent mineralization.
Very high volume since the PR came out. Remember you can get some more if you want (up to 5:00 p.m. I think) on the after hours trading on the TSE! :^)
Regards,
Howy (GEO, of course)
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Geomaque Announces Drill Results from Marathon Palladium Project
Exploration program extends mineralization beyond previously defined limits
TSE Symbol: GEO
TORONTO, March 9 /CNW/ - Geomaque Explorations Ltd. is pleased to announce the first results from a 3,000 metre exploration and infill drilling program currently underway on the advanced Marathon Palladium Project, located 10 kilometres north of Marathon, Ontario.
The objective of the drill program is to delineate the extent of economic mineralization through step-out drilling. Exploration holes are located, on average, 100 metres down dip to the west of previous intercepts and over an area covering 450 metres of strike length. "We've been successful in extending the mineralization beyond the known
limits, the exploration potential remains good, and all holes intersected mineralization where expected," said Phillip Walford, Vice-President, Exploration. "For example, hole G1 confirms that there is a flattening and thickening of the deposit to the south west that favours open pit mining. Likewise, hole G5 extends the mineralization to the south west and shows that the deposit thickens and increases in grade with depth."
Geomaque has completed 10 holes with an average depth of 200 metres. Complete assays have been returned on four holes, which are reported below; assays are pending on the balance of holes, and all holes will be reported
when received.
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Interval True
Hole From-To Thickness Palladium Platinum Pd+Pt Copper
No. Section (m) (m) (g/t) (g/t) (g/t) (%)
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G1 5375 132-226 94 0.58 0.14 0.72 0.22
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G2 5475 136-152 16 0.59 0.15 0.74 0.20
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202-208 6 0.59 0.16 0.75 0.23
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G5 5575 82-96 14 0.29 0.11 0.41 0.16
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116-186 70 0.88 0.22 1.11 0.38
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Incl. 116-158 52 1.10 0.28 1.38 0.45
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Incl. 118-134 16 1.22 0.32 1.54 0.42
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Incl. 140-152 12 1.31 0.30 1.60 0.60
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Incl. 156-168 12 1.36 0.37 1.73 0.52
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G6 5850 24-44 17 0.86 0.29 1.15 0.14
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Incl. 32-44 10 1.30 0.44 1.74 0.18
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"This deposit is tailor made for open pit mining," said John Paterson, President. "The metal distribution is homogenous which will give a high confidence level to any reserve estimate. In addition, the high copper content
will have a significant positive impact on the economics of the deposit and make mining at Marathon extremely attractive."
The Marathon Project is situated along the eastern edge of the Port Coldwell mafic igneous complex, one of the largest igneous intrusions in Ontario. The deposit has a strike length of two kilometres, and has been delineated primarily by shallow diamond drilling carried out on 60 metre spacings. Anaconda American Brass Ltd. did the majority of drilling, with the balance completed by Fleck Resources Ltd.
The current drill program will consist of approximately 15 NQ (large diameter) core holes. All drill core is photographed, logged and sawed prior to assaying. ALS Chemex in Vancouver is doing all assaying. Assaying for
precious metals is by fire assay. In addition to standard check samples being performed by ALS, four percent of samples are being sent to XRAL Laboratories in Toronto for check assays. Phillip Walford, Vice-President, Exploration, has reviewed sample preparation and assay procedures.
A scoping study to assess the economics of the deposit under current market conditions is underway, with completion expected later this month. Geomaque signed an option agreement to earn a 60% interest in the
Marathon Palladium Project with a subsidiary of PolyMet Mining Corp. in November 2000. All past press releases regarding the Marathon Palladium Project are available on the Company's web site at www.geomaque.com, as are
maps and sections relating to these results.
PolyMet Mining Corp. (CDNX: POM, OTCBB: POMGF) is a Golden, Colorado-based exploration and development company. Its primary focus is the NorthMet Project, a large-scale polymetallic deposit located in northeastern Minnesota.
Geomaque Explorations Ltd. is an international mining company which is producing gold from its 100% owned San Francisco Mine in Mexico, developing the Vueltas del Rio Mine in Honduras and exploring for precious metals in the Americas.
To view maps pertaining to this release, visit:
files.newswire.ca
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files.newswire.ca
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files.newswire.ca
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For further information: please visit our website at www.geomaque.com, or contact: Sean Stokes, Manager, Investor Relations, (416) 956-7470, e-mail sstokes@geomaque.com;
To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw. |
