Marathon Finalizes Option Agreement for Ore Fault and
Plans Drill Campaign for Resource Development
Toronto, Ontario, November 1st, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") today announced that it has finalized a definitive option and joint venture agreement with Bird River Mines Inc. (BRMI-CNQ) ("Bird River Mines") to explore and earn an interest in the Ore Fault and Lotus Claims ("Ore Fault", or "OF") owned by Bird River Mines. The agreement is subject to approval by Bird River Mines' shareholders at its annual meeting to be held in December. The OF is located in the Bird River Sill area of southeast Manitoba, adjacent to Gossan Resources' property, which is under option to Marathon.
"We plan to spend over $1 million on a drilling campaign starting in January in order to upgrade the existing resource to NI43-101 compliance and discover additional mineralization. Our goal of finding new economic resources between the Ore Fault, Page and Coppermine Zones has a very high likelihood of success, based on work completed to date," commented Phillip Walford, Marathon's President and CEO.
Marathon's goal of developing NI43-101 compliant resources at the Bird River Property is based on the potential demonstrated from past production and the presence of multiple untested geophysical anomalies. Both the Page and Coppermine Zones have PGM and base metal mineralization, based on Marathon's prospecting to date on the Bird River property. Drilling in January 2008 will focus on targets identified through prospecting, geophysical surveying and drilling by previous operators.
Bird River Property - Ore Fault
The Ore Fault Zone's North Anomaly occurs from surface to a minimum depth of 250 m, has a minimum strike length of 150 m and was drilled in two prior exploration programs totalling 44 holes. The Ore Fault Zone does not have an NI43-101 compliant resource at present. PGM are present in the Ore Fault Zone, but evaluation of the PGM mineralization by previous operators was incomplete as it the PGM were not systematically assayed for in most of the drilling. The Ore Fault Zone coincides with strong magnetic and electromagnetic geophysical anomalies. A second similar geophysical response, the South Anomaly, outlined approximately 1 km to the south, is considered to be a priority target as Marathon can find no record of it having been drilled.
The southeastern end of the Ore Fault is located less than 100 meters from Mustang Minerals' Anderson Cup discovery, which recently returned initial drill results of 0.81% copper over 17.5 meters and 0.55% copper over 30.7 meters (see MUM release of September 25, 2007). There is no record of any exploration activity on the eastern Ore Fault.
Table 1: Significant Drill Hole Results from Ore Fault Zone(1), (2) and (3)
Hole |
From
(m) |
To
(m) |
Thickness
(m) |
Cu
(%) |
Ni
(%) |
Zn
(%) |
Ag
(g/t) |
DDH4 |
18.9 |
40.0 |
18.5 |
0.89 |
0.46 |
1.06 |
23.3 |
DDH16 |
2.5 |
13.6 |
11.1 |
0.54 |
2.0 |
2.1 |
151.0 |
DDH21 |
143.3 |
179.6 |
36.3 |
0.29 |
0.63 |
n/d(3) |
n/d(3) |
(1) Assay results from: NI43-101 Technical Report on the Ore Fault Property, Prepared for Bird River Mines Inc., by Horst W. Petak, Ph.D., P.Eng., P.Geo. (available on sedar.com)
(2) This work was completed prior to NI 43-101 being implemented. Marathon has not yet verified the historical values, and is not treating any of the values as part of a current mineral reserve/resource estimate and should not be unduly relied upon.
(3) The "n/d" indicates not detected.
Bird River Property - Page Zone
Prospecting by Marathon in the summer of 2007 outlined mineralization over an 800 m strike length at the Coppermine Zone and extended mineralization approximately 130 m east of the Page East Zone (please see MAR release of August 29, 2007). Marathon will drill at the Page Zone during the first quarter of 2008 to build an NI43-101 compliant resource. A number of historical drill holes over a strike length of a kilometer show mineralization open along strike and to a depth of over 200 meters. A drilling program is being designed in order to confirm historical holes and to allow drill density sufficient to build an NI43-101 compliant resource.
Table 2: Some Significant Historical Drillhole Results from Page Zone
Hole |
From (m) |
To
(m) |
Interval
(m) |
Ni
(%) |
Cu (%) |
Co (%) |
Pd (g/t) |
Pt (g/t) |
Au
(g/t) |
Total PGM and Au
(g/t) |
BR-05-01 |
42.90 |
51.10 |
8.20 |
0.48 |
0.15 |
0.03 |
0.46 |
0.12 |
0.02 |
0.60 |
BR-05-02 |
43.68 |
61.40 |
17.72 |
0.96 |
0.45 |
0.04 |
0.65 |
0.24 |
0.03 |
0.92 |
BR-06-09 |
42.90 |
58.90 |
16.00 |
0.66 |
0.42 |
0.03 |
0.42 |
0.14 |
n/a |
0.56 |
BR-06-10 |
77.90 |
86.60 |
8.70 |
0.92 |
0.45 |
0.05 |
0.89 |
0.26 |
n/a |
1.15 |
HUDBAY 3 |
71.48 |
76.21 |
4.73 |
1.43 |
1.38 |
0.06 |
1.49 |
inc |
n/a |
1.49 |
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.
(To see a map of the Bird River Property, go to http://www.marathonpgm.com/newsmaps/2007-36.jpg)
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 October 2007, Marathon entered into an agreement with Bird River Mines Inc on the Ore Fault and Lotus Properties, located on the eastern margin of Marathon's Bird River property.
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: +1.905.537.5377
Fax: +1.416.861.1925
For media inquiries, please contact:
VANESSA NAPOLI, VNAPOLI@RENMARKFINANCIAL.COM TEL: +1.514.939.3989 |