Promising First Results from Bird River Property for Marathon PGM Corp
Monday June 11, 11:30 am ET
biz.yahoo.com
MONTREAL, June 11 /CNW Telbec/ - Marathon PGM Corporation (MAR :TSX) ("Marathon" or the "Company") is pleased to announce it has commenced the 2007 exploration campaign on the Bird River Sill (http://files.newswire.ca/357/targets.doc; "BRS" or "Bird River"), located in southeastern Manitoba. Marathon PGM is earning a 50 % interest in the property from Gossan Resources Ltd., and has the right to earn 70% by completing a feasibility study. Marathon has identified a number of targets that warrant diamond drilling.
Positive Initial Results from Prospecting
Marathon has started a detailed compilation of historical work and has mobilized geological staff to the Bird River Sill. Initially, prospecting will be the main focus of work, which will verify some of the airborne geophysical targets and evaluate the numerous occurrences. Marathon's prospecting has yielded positive initial results, as a number of rock samples collected over a strike length of 100 meters exhibit high values of PGM and variable nickel and copper values. Collected in the far western end of the BRS, some 21 km west of the Page Zone, the chemistry of the samples clearly demonstrates that PGM mineralization is known to occur in multiple environments over the entire property.
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Sample Au Pt Pd PGM+Au Ag Cu Ni
(g/t) (g/t) (g/t) (g/t) (g/t) (%) (%)
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C377509 0.04 0.37 0.35 0.76 0.2 0.01 0.02
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C377511 0.70 1.21 1.39 3.30 1.2 0.44 0.21
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C377514 0.34 0.38 0.78 1.50 1.1 0.39 0.22
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C377519 0.09 0.35 0.70 1.14 0.7 0.27 0.19
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C377520 0.23 0.67 1.48 2.17 0.4 0.09 0.32
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C377521 0.14 0.45 0.84 1.43 1.1 0.21 0.02
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The Page Zone
The Page Zone is the most advanced target within Marathon's BRS property,
having several holes containing nickel, copper, platinum and palladium values
over a strike length of 1km. Most of the historic drill holes were not assayed
for PGM. The Page Zone is approximately 4 km North West of Mustang Minerals
Maskwa mine, which is at present undergoing a prefeasibility study. The total
potentially mineable material (prepared by Micon International, September
2006) at Maskwa is 9,048,200 tonnes at 0.62% Ni, 0.13% Cu, 0.02% Co,
0.15 g/t Pt and 0.58 g/t Pd.
Marathon has given the Page Zone highest priority for drilling due to both
its proximity to the past producing Maskwa and Dumbarton mines and the
similarity of the contact style of mineralization. Numerous showings of
similar Ni+Cu and PGM mineralization exist along the sill for much of the
21 km of the property's strike length. A ground geophysical program is planned
to optimize drilling on the Page Zone as well as locate on the ground the
airborne geophysical targets for planned drilling later in the year.
David Good, VP of Exploration, noted "Taking into account that
mineralization at the Page Zone has been intersected over a 1 km strike length
on surface, and is open to a depth of 200 metres is the prime reason we're
focusing on the Page immediately. We are excited about the potential the Page
represents, in addition to the exploration potential from the PGM
mineralization now having been recognized in more than one environment."
Table 1: Some Significant Historical Drillhole Results from Bird River
Sill Page Zone
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Location Hole From To Inter- Ni Cu Co
(m) (m) val (m) (%) (%) (%)
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Page Zone BR-05-01 42.90 51.10 8.20 0.48 0.15 0.03
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BR-05-02 43.68 61.40 17.72 0.96 0.45 0.04
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BR-06-09 42.90 58.90 16.00 0.66 0.42 0.03
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BR-06-10 77.90 86.60 8.70 0.92 0.45 0.05
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HUDBAY 3 71.48 76.21 4.73 1.43 1.38 0.06
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Total
Location Hole Pd Pt Au PGM
(g/t) (g/t) (g/t) (g/t)
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Page Zone BR-05-01 0.46 0.12 0.02 0.60
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BR-05-02 0.65 0.24 0.03 0.92
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BR-06-09 0.42 0.14 n/a 0.56
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BR-06-10 0.89 0.26 n/a 1.15
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HUDBAY 3 1.49 inc n/a 1.49
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Notes to Table 1 - Assaying from HUDBAY hole 3 was sporadic, resulting in
"inc" indicating assaying was incomplete. Designation of "n/a" indicates
element not assayed for.
All of the samples from the "BR" holes were sent to Accurassay, an accredited laboratory in Thunder Bay, Ont., to be assayed using fire assay and other standard techniques. All of the "HUDBAY" holes were analysed by Hudson Bay Smelting and Mining Company's internal assay laboratory. The "C" series of rock samples were submitted to ALS Chemex, an accredited laboratory in Vancouver, BC., to be assayed using fire assay and other standard techniques.
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 the Marathon PGM - Cu Project
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-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(at)marathonpgm.com
Tel: +1.416.987.0711
For further information
David Leng, P.Geo: dleng@marathonpgm.com, (905) 537-5377, Fax: (416) 861-1925
www.marathonpgm.com
For media inquiries, please contact: Vanessa Napoli, vnapoli@renmarkfinancial.com, (514) 939-3989
Source: MARATHON PGM CORPORATION |
