Marathon Resources Ltd

Published : October 22nd, 2007

discovers additional mineralization outside current resource pit, 10m of 4.51 g/t PGM and g

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Keywords :   Copper | Gold | Growth |

Marathon discovers additional mineralization outside current resource pit,
10m of 4.51 g/t PGM and gold and 0.43% copper

Toronto, Ontario, October 22nd, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") is pleased to announce 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 "Results from the 2007 campaign have been very consistent, which is of great benefit when building new resources. With 180 drill holes to add to the resource this fall, and the addition of drill intercepts outside of the existing resource, this is expected to have a positive impact on the new resource calculation."

Drilling accomplished a number of goals in providing definition of the footwall and more importantly expanding the known extent of mineralization.  Holes M-07-393, 394, 395, and 397 were drilled in order to develop resources south and west of the existing resource pit.  Mineralization was intersected in these holes up to 200 m beyond the existing resource pit, further demonstrating the importance of these holes.  Holes M-07-389, 399 and 402 were drilled in order to test the western extent of mineralization at depth, which thickens substantially - an aspect discovered as a result of drilling in 2006.  Holes M-07-389, 399 and 402 all successfully intersected extremely thick zones (up to 120 m) of Main Zone mineralization and also discovered extensions of mineralization below the existing resource pit.

 A number of intersections into the Magnetite horizon were encountered. There are no resources estimates on this type of mineralization, which overlies the deeper part of the mineralization and extends to the west. Some of this material is included as waste in the current designed pit. As a result of intercepts in this material, we anticipate an increase in the resource and reduction in the overall strip ratio of the current pit.

A large unexplored area open to the south of hole M-07-391 and north of M-07-394 (please see diagram) will be drilled by Marathon in January of 2008 with the intent of further increasing the resource.

Holes drilled outside of the existing resource intersected appreciable mineralization above the current cut-off grade and thickness.  Incorporation of these holes into the existing resource data base are expected to further increase beyond that which has been reported to date.

Table 1: Significant Drill Hole Results

Hole

Zone

From

(m)

To

(m)

True

Thickness

(m)

Pd

(g/t)

Pt

(g/t)

Au

(g/t)

Total PGM and Au

(g/t)

Cu (%)

M-07-388

Main

226

264

38

0.55

0.22

0.08

0.85

0.15

includes

Main

226

238

12

1.37

0.53

0.14

2.04

0.18

M-07-388

Main

258

264

6

0.24

0.06

0.08

0.37

0.25

M-07-389

Main

279

285

6

1.10

0.34

0.74

2.18

0.13

M-07-389

Main

293

299

6

0.58

0.24

0.24

1.06

0.27

M-07-390

Main

181

191

10

0.86

0.27

0.12

1.25

0.17

M-07-391

Main

243

257

14

2.54

0.59

0.18

3.31

0.35

M-07-391

Main

309

327

18

0.22

0.18

0.05

0.44

0.25

M-07-392

Magnetite

40

46

6

1.63

0.32

0.11

2.06

0.21

M-07-392

Main

310

380

70

0.23

0.09

0.07

0.39

0.20

M-07-392

includes

310

326

16

0.42

0.18

0.08

0.68

0.32

M-07-393

Main

166

172

6

0.37

0.08

0.05

0.49

0.26

M-07-394

Main

182

186

4

0.85

0.26

0.10

1.21

0.50

M-07-395

W

108

134

26

0.92

0.40

0.10

1.42

0.09

includes

W

108

114

6

2.76

0.95

0.11

3.82

0.21

M-07-396

Main

367

381

14

0.22

0.09

0.04

0.34

0.18

M-07-397

W

189

195

6

0.60

0.30

0.04

0.93

0.03

M-07-398

W

90

94

4

0.72

0.30

0.03

1.06

0.02

M-07-399

Magnetite

11

15

4

0.14

0.14

0.08

0.36

0.20

M-07-399

Magnetite

35

39

4

0.56

0.22

0.08

0.87

0.12

M-07-399

Magnetite

45

51

6

0.60

0.16

0.07

0.83

0.16

M-07-399

Main

255

259

4

0.81

0.49

0.11

1.41

0.06

M-07-399

Main

297

417

115

0.36

0.16

0.07

0.59

0.25

M-07-400

Main

190

196

6

1.06

0.28

0.12

1.45

0.25

M-07-400

Main

216

222

6

0.38

0.13

0.05

0.55

0.24

M-07-400

Main

232

256

22

0.36

0.11

0.06

0.52

0.27

M-07-401

Magnetite

44

52

8

0.39

0.21

0.08

0.68

0.17

M-07-401

Main

100

106

6

0.29

0.20

0.06

0.55

0.11

M-07-401

Main

128

134

6

0.55

0.17

0.07

0.79

0.14

M-07-402

Main

318

324

6

0.87

0.52

0.07

1.46

0.09

M-07-402

Main

330

344

13

2.74

0.70

0.21

3.65

0.29

M-07-402

Main

330

376

41

0.98

0.28

0.11

1.37

0.33

M-07-402

Main

334

344

10

3.46

0.79

0.27

4.51

0.43

M-07-402

Main

386

440

43

0.25

0.08

0.05

0.38

0.26

(To see a map of drillholes, please go to http://www.marathonpgm.com/newsmaps/2007-32.jpg)

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.

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. 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.

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:  +1.416.849.3432  
Fax: +1.416.861.1925 

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

Marathon Resources Ltd

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CODE : MTN.AX
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Marathon Resource is a gold and copper exploration company based in Australia.

Its main exploration properties are GLENDAMBO, BLANCHETOWN, WESTERN VICTORIA - MOYSTON, EASTERN VICTORIA, KALYMNA and MT GEE in Australia.

Marathon Resource is listed in Australia and in Germany. Its market capitalisation is AU$ 13.4 millions as of today (US$ 9.6 millions, € 8.5 millions).

Its stock quote reached its highest recent level on June 29, 2007 at AU$ 6.98, and its lowest recent point on October 18, 2013 at AU$ 0.01.

Marathon Resource has 92 210 000 shares outstanding.

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4/8/2015Response to Price Query Letter
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2/11/2015Half Year Accounts
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12/2/2014Initial Director's Interest Notice
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11/25/2014Final Director's Interest Notice
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10/29/2009ASX release Quarterly Activity and cashflow reports
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7/7/2009Revised letter to Shareholders and details of CEO remunerati...
1/29/2009December quarterly report
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1/31/2008Quarterly Activity Statement and Appendix 5B
11/29/2007Grows to 3.54 million ounces of PGM and gold, 4.75 million o...
10/22/2007discovers additional mineralization outside current resource...
7/2/2007Final Assey Results from Recent Drilling Program
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