Marathon discovers additional mineralization outside perimeter of existing resource pit
Toronto, Ontario, July 12, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") is pleased to announce the most recent results from the 2007 drilling campaign at the Company's 100% owned Marathon PGM-Cu Project, located 10 km northwest of Marathon, Ontario. Marathon is focusing drilling in two locations - at the south end of the Main Zone, and in the W Horizon north of the Malachite Zone. Marathon is having continued success, as multiple holes have intersected mineralization, many of which are located beyond the limits of the existing resource pit. This continued success bolsters the potential to increase the size of the resource.
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David Good, VP of Exploration, stated "Our objective of developing additional tonnes and ounces to the existing resource is progressing efficiently and consistently returning positive results."
Main Zone Drilling
Results from drilling at the Main Zone continue to be very encouraging, with the best intersection being 1.15 g/t PGM and gold and 0.29% copper over 28 m in hole M-07-345. These recent intersections extend the Main zone mineralization and have the potential to expand the current resource.
Marathon's compilation of drilling completed to date in 2007 indicates that the dip of mineralization in the Main Zone flattens to approximately 10 degrees. This is a beneficial scenario for open pit mining conditions, as it has the potential to reduce the stripping ratio when mining the bottom of the planned pit.
W Horizon (High Grade Zone)
Continuity of the W Horizon was confirmed by holes M-07-343, -344, -346 and -347, which are all situated approximately 200 m north of the Malachite zone. The best intersection was 2.98 g/t PGM and gold and 0.30% copper over 6 m in hole M-07-347.
Expanded Exploration Focus
The on-going focus of drilling is near the south end of the Main Zone (to determine the expansion potential of the existing Main Zone resource) and north of the Malachite Zone (to delineate the extent of the W horizon high grade mineralization). Marathon's management team remains pleased with progress to date. Marathon has planned 35,000 metres of drilling in 2007 and has to date completed 26,000 metres in 146 holes, with assay results pending from 28 holes. Results from the 2007 drilling campaign will be incorporated into an updated resource estimate, which will be issued in the autumn of 2007.
Significant Results from Main Zone and W Horizon
Hole |
Zone |
From
(m) |
To (m) |
Thickness
(m) |
Pd
(g/t) |
Pt
(g/t) |
Au
(g/t) |
Total PGM and gold
(g/t) |
Cu
(%) |
|
|
|
|
|
|
|
|
|
|
M-07-337 |
Main |
217 |
225 |
8 |
0.73 |
0.31 |
0.06 |
1.09 |
0.01 |
M-07-339 |
Main |
57 |
61 |
4 |
0.83 |
0.13 |
0.07 |
1.03 |
0.05 |
M-07-340 |
Main |
181 |
243 |
62 |
0.36 |
0.14 |
0.05 |
0.55 |
0.12 |
include |
Main |
215 |
243 |
28 |
0.47 |
0.17 |
0.06 |
0.70 |
0.15 |
and |
Main |
223 |
235 |
12 |
0.74 |
0.24 |
0.09 |
1.07 |
0.21 |
M-07-340 |
Main |
269 |
301 |
32 |
0.25 |
0.12 |
0.04 |
0.42 |
0.25 |
M-07-341 |
Main |
158 |
202 |
44 |
0.54 |
0.22 |
0.05 |
0.82 |
0.07 |
includes |
Main |
158 |
176 |
18 |
0.75 |
0.33 |
0.04 |
1.12 |
0.03 |
M-07-343 |
W |
102 |
108 |
6 |
0.97 |
0.35 |
0.09 |
1.40 |
0.27 |
M-07-343 |
W |
122 |
128 |
6 |
0.63 |
0.21 |
0.12 |
0.95 |
0.25 |
M-07-344 |
W |
85 |
95 |
10 |
1.02 |
0.49 |
0.10 |
1.61 |
0.06 |
M-07-344 |
W |
109 |
123 |
14 |
0.65 |
0.31 |
0.09 |
1.05 |
0.17 |
M-07-345 |
Main |
102 |
124 |
22 |
0.18 |
0.16 |
0.08 |
0.42 |
0.16 |
M-07-345 |
Main |
194 |
222 |
28 |
0.76 |
0.26 |
0.13 |
1.15 |
0.29 |
M-07-346 |
W |
56 |
82 |
26 |
0.28 |
0.18 |
0.15 |
0.61 |
0.26 |
M-07-346 |
W |
157 |
171 |
14 |
1.27 |
0.36 |
0.11 |
1.73 |
0.18 |
M-07-347 |
W |
82 |
84 |
2 |
0.55 |
0.58 |
0.03 |
1.16 |
0.02 |
M-07-347 |
W |
104 |
110 |
6 |
1.99 |
0.69 |
0.30 |
2.98 |
0.30 |
Notes - "MAIN" denotes Main Zone and "W" denotes W Horizon, drillholes 338 and 342 intersected low grade mineralization.
All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ont., 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.
In April 2007, Marathon entered into an option agreement with Gossan Resources on the Bird River Sill Ni-Cu and PGM property, located in Southeastern Manitoba. Marathon is conducting exploration activities through 2007 at the Bird River Sill and will be drilling at the Page Zone in late autumn.
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 co
uld 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@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
WWW.MARATHONPGM.COM
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