Marathon PGM Corporation

Published : October 04th, 2007

completes 40,000 m drilling campaign and expects new mineral resource estimate in November

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Copper | Gold | Growth |

Marathon completes 40,000 m drilling campaign and expects
 new mineral resource estimate in November 2007

Toronto, Ontario, October 4, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") is pleased to announce completion of the 40,000 m drilling campaign, and the most recent drill results from the 2007 exploration campaign at the Company's 100% owned Marathon PGM-Cu Project, located 10 km northwest of Marathon, Ontario.

Phillip Walford, President and CEO, stated "Completing the largest drilling campaign on the Marathon property is a true milestone.  The results from the 2007 drilling will be added to the upcoming resource estimate, which we expect in November.  With over 180 holes to add to the existing database and over 30 holes yet to be released, we are all looking forward to seeing the new resource."

W Horizon Drilling
The best intersections were in holes M-07-376, which contained 8 m of 3.47 g/t PGM and gold and 0.005% copper and hole M-07-378, which intersected 2 m of 6.25 g/t PGM and gold and 0.005% copper. These holes traced the continuity of the W horizon a further 300 m downdip, adding significantly to the potential to expand the resource, since these holes are less than 50 m north of the high-grade mineralization intersected in hole M-07-306 (see MAR release of April 19, 2007).
 
Main Zone Drilling
Drilling in the Main Zone returned assay values, and provided information regarding the extent of the mineralized envelope and the topography of the footwall.  Holes M-07-377, -378, -379, -380, -386 and -387 intersected multiple horizons of mineralization, generally with grades representative of the Main Zone.  These holes intersected mineralization outside of the existing resource pit, with t he potential of extending the resource up to 300 m downdip as demonstrated by hole M-07-378.  Holes M-07-384 and -385 intersected lower grades but demonstrate that the mineralized envelope is larger than expected. 

Holes M-07-382 and -383 defined an inflection point in the footwall rocks characterized by narrowing mineralization.  Hole M-07-381 was a condemnation hole required for mine planning.

(To see a map of drillholes, please go to http://www.marathonpgm.com/newsmaps/2007-30.jpg)

Table 1: Significant Drill Hole Results

Hole

Zone

From

(m)

To

(m)

Thickness

(m)

Pd

(g/t)

Pt

(g/t)

Au

(g/t)

Total PGM and Au

(g/t)

Cu (%)

M-07-376

W

174

182

8

2.51

0.91

0.05

3.47

0.005

M-07-376

Main

232

262

30

0.15

0.07

0.13

0.35

0.24

M-07-377

Main

403

407

4

0.67

0.58

0.004

1.25

0.01

M-07-378

W

204

206

2

4.38

1.82

0.05

6.25

0.005

M-07-378

Main

226

238

12

0.71

0.42

0.11

1.24

0.14

includes

Main

232

238

6

1.30

0.38

0.21

1.89

0.28

M-07-378

Main

246

250

4

0.32

0.22

0.04

0.58

0.02

M-07-379

Main

155

167

12

0.69

0.26

0.14

1.09

0.08

includes

Main

161

167

6

0.58

0.32

0.20

1.10

0.13

M-07-379

Main

175

191

16

0.15

0.13

0.12

0.40

0.11

M-07-379

Main

217

225

8

0.15

0.22

0.06

0.43

0.26

M-07-380

Main

36

40

4

1.39

0.33

0.12

1.84

0.18

M-07-380

Main

320

328

8

0.37

0.09

0.03

0.49

0.22

M-07-382

Main

210

214

4

0.45

0.01

0.13

0.59

0.30

M-07-383

Main

155

159

4

0.20

0.07

0.05

0.32

0.13

M-07-384

Main

249

255

6

0.28

0.15

0.06

0.49

0.20

M-07-384

Main

271

317

46

0.48

0.21

0.06

0.75

0.16

includes

Main

271

293

22

0.68

0.23

0.06

0.97

0.23

M-07-384

Main

335

371

36

0.46

0.14

0.07

0.67

0.46

includes

Main

363

371

8

0.80

0.26

0.12

1.18

1.05

M-07-385

Main

83

105

22

0.59

0.14

0.06

0.79

0.27

M-07-386

Main

160

166

6

0.79

0.21

0.08

1.08

0.13

M-07-386

Main

190

198

8

0.33

0.09

0.05

0.47

0.15

M-07-386

Main

210

234

24

0.54

0.22

0.09

0.85

0.47


All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ontario, to be assayed using fire assay and other standard techniques.  Assay results of 21 holes of the 2007 campaign are currently pending.

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 Labrador 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 "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. Circumst ances 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.

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 

FOR MEDIA INQUIRIES, PLEASE CONTACT:
VANESSA NAPOLI, VNAPOLI@RENMARKFINANCIAL.COM
 TEL: +1.514.939.3989

Marathon PGM Corporation

EXPLORATION STAGE
CODE : MAR.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Marathon PGM is a nickel and zinc exploration company based in Canada.

Marathon PGM holds various exploration projects in Canada.

Its main exploration properties are BIRD RIVER - PAGE BLOCK, MARATHON, BIRD RIVER - NI ZONE, BIRD RIVER - ZN & CU ZONE and GEORDIE LAKE in Canada.

Marathon PGM is listed in Canada and in United States of America. Its market capitalisation is CA$ 9.2 millions as of today (US$ 7.1 millions, € 6.2 millions).

Its stock quote reached its lowest recent point on August 14, 1998 at CA$ 0.02, and its highest recent level on June 03, 2011 at CA$ 7.50.

Marathon PGM has 17 700 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Marathon PGM Corporation
12/18/2009 Closes First Tranche of Non-Brokered Private Placement Flow...
Nominations of Marathon PGM Corporation
8/8/2007 appoints Raymond Mason as VP of Operations
Financials of Marathon PGM Corporation
8/15/2008Announces 2008 Q2 Financial Results
11/14/2007 Announces 2007 Q3 Financial Results
8/2/2007 Announces 2007 Q2 Financial Results
5/15/2007Announces 2007 Q1 Financial Results
Project news of Marathon PGM Corporation
9/12/2013(Marathon)Marathon Trenching Adds 300m Strike-length to Mineralized Zo...
7/27/2010Cu Project Advances: Permitting, Financing and Metallurgy
7/21/2010(Marathon)Hits 33.54 g/t (uncut) Gold Across 4 m (0.98 oz/ton uncut ac...
3/22/2010(Geordie Lake)Excellent Geordie Lake Drill Results
11/24/2009(Marathon) Receives Optimized Definitive Feasibility Study - Significa...
10/7/2009(Geordie Lake)Development Plans for Geordie Lake Deposit
9/29/2009(Marathon) Wraps Up 2009 Campaign with 4.31 g/t PGM+Au and 0.19% Cu ov...
9/16/2009(Marathon)Drilling Program Hits High Grade Outside Pit Shell
9/10/2009(Marathon)Announces Analyst Day at Marathon PGM-Cu Project
9/8/2009(Marathon)Marathon's Drilling Pushing New Boundaries
7/6/2009(Marathon)Project DFS Being Optimized
6/10/2009(Marathon)Completes Purchase of Bamoos Land Package
6/12/2009(Bird River - Page Block)Marathon Intersects Sulphide Lenses at Coppermine Zone
6/1/2009(Marathon)Better Metallurgy and Economics
3/11/2009(Bird River - Page Block) Reports Positive Drill Results at Bird River
2/27/2009(Bird River - Page Block)Bird River Resource Expansion Continues
2/3/2009(Bird River - Page Block)Marathon Files Technical Report on Feasibility Study and Res...
1/15/2009(Bird River - Page Block) Develops Two Resources on Bird River Project
12/19/2008(Marathon)Project Receives Positive Feasibility Study
11/6/2008(Marathon)Project Receives Support from Pic River First Nation
8/12/2008Definitive Feasibility Study Update
7/29/2008(Marathon)Hits Thickest Ever Intersection of PGM-Cu Mineralization, 18...
7/16/2008(Bird River - Page Block)Ore Fault Drilling Hits 4.5m of 1.32% Ni, 0.14% Cu, and 1.31...
1/28/2008(Marathon) Entering into Option and JV Agreement with Benton Resources...
12/12/2007(Bird River - Page Block)Reviews Progress of 2007 and Plans for 2008
10/24/2007(Marathon)reports final holes of 2007 campaign and hits thickest ever ...
9/11/2007 intersects 44 m of 1.48 g/t PGM and gold and 0.36% copper o...
7/26/2007(Marathon)Drilling intersects 14.6 g/t PGM and gold and 0.18% copper o...
4/18/2007(Marathon)drills 8 m of 3.1 g/t PGM+Au in W Zone
4/4/2007(Marathon)drilling continues to expand W and RD Zones
3/21/2007(Marathon)Drilling Expands High Grade W Zone and Establishes New Poten...
2/17/2007(Marathon)hits high-grade Palladium, Platinum and Rhodium in 2 holes, ...
Corporate news of Marathon PGM Corporation
7/28/2015Marret Resource Corp. Releases Q2 2015 Financial Statements
7/17/2015Marret Asset Management Inc. - Issuance of Early Warning Rep...
7/7/2015Marret Resource Corp. Announces Record Date and Distribution
6/29/2015Marret Resource Corp. Announces Results of Annual and Specia...
5/12/2015IIROC Trade Resumption - MAR
5/12/2015Marret Resource Corp. announces shareholder proposal
5/12/2015IIROC Trading Halt - MAR
5/6/2015Marret Resource Corp. Releases Q1 2015 Financial Statements
4/20/2015Marret Resource Corp. provides update
3/31/2015Marret Resource Corp. Releases 2014 Year End Financial State...
12/1/2014IIROC Trade Resumption - MAR
12/1/2014Marret Resource Corp. suspends dividend; Provides update
8/20/2014Marret Resource Corp. Announces Monthly Dividend
8/20/2014Marret Resource Corp. Announces Monthly Dividend
12/11/2013Completes Financing with Rambler and Announces Exploration P...
5/1/2013(Marathon)Marathon Intersects Multiple High-Grade Intervals while Unde...
1/16/2013Marret Resource Corp. announces participation in Cline Minin...
1/16/2013Marret Resource Corp. announces participation in Cline Minin...
10/6/2011(Marathon)Marathon Intersects Best Interval at the Leprechaun Gold Dep...
10/3/2011(Marathon)Marathon Continues to Expand the Leprechaun Gold Deposit wit...
8/11/2010Receives Initial Metallurgical
5/13/2010Announces 8,000 Meter Drilling
5/4/2010New Geordie Lake Resource: Increased Metals, Grade and
4/27/2010Joseph G. Spiteri Appointed to Marathon PGM
3/17/2010Drilling Confirms Near Surface Gold Mineralization at Leprec...
12/23/2009Enters Option and JV Agreement for Mountain Lake's Valentine...
8/26/2009Marathon Converting Waste to Ore
7/15/2009Improving Resources Classifications at Marathon
12/11/2008Project accepted into MPMO Projects List
9/4/2008Completes 2008 Drilling Program on BCF JV Property, Intersec...
8/27/2008Acquires Remaining Discovery Shares Pursuant to Compulsory A...
8/19/2008Growth Continues, Ore Fault Property Acquisition Completed
2/4/2008Cabo Awarded Marathon PGM Corporation Contract
1/7/2008 Fault Agreement Approved by Bird River Mines Shareholders, ...
11/1/2007Finalizes Option Agreement for Ore Fault and Plans Drill Cam...
10/11/2007and Bird River Mines Inc., Announce an Option Agreement for ...
10/4/2007 completes 40,000 m drilling campaign and expects new minera...
10/3/2007: CEO Interview
10/2/2007signs Memorandum of Understanding with the Ojibways of Pic R...
9/21/2007 Samples 7.09 g/t PGM and gold,
8/29/2007extends mineralized zone to 800 m at the Coppermine Zone, Bi...
8/24/2007acquires PGM-Ni-Cu property in the Steel Mountain Complex, N...
8/16/2007- CEO Interview
8/13/2007hits 6 m of 7.48 g/t PGM and gold and 0.06% copper in W Hori...
7/12/2007discovers additional mineralization outside perimeter of exi...
6/28/2007drilling discovers mineralization outside of resource open p...
6/25/2007drilling hits mineralization at WD zone 3 km south of Malach...
6/11/2007Promising First Results from Bird River Property for Maratho...
5/11/2007Drilling Continues Expansion of W Zone and Southern Resource
4/18/2007acquires Bird River Ni-Cu+PGM Property through option
1/25/2007Measured and Indicated In-Pit Resource Grows 39%
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (MAR.TO)Other OTC (MRPGF)
0.520+0.00%4.52+4.63%
TORONTO
CA$ 0.520
10/05 10:30 -
0%
Prev close Open
0.520 0.520
Low High
0.520 0.520
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.520 -%
Volume 1 month var.
1,000 -%
24hGold TrendPower© : 20
Produces
Develops
Explores for Copper - Gold - Nickel - Palladium - Platinum - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/3/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
201818.18%0.870.36
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 8.07+0.31%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.98-0.50%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.83+0.26%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.51+1.59%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.70-3.06%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.64+1.11%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.12+3.05%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+1.72%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.16+3.13%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.75+0.57%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 70.46+2.56%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.05+0.00%Trend Power :