Marathon PGM Corporation

Published : May 04th, 2010

New Geordie Lake Resource: Increased Metals, Grade and

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Keywords :   Canada | Copper | Diamond | Gold | Silver |

Marathon PGM Announces New Geordie Lake Resource: Increased Metals, Grade and Tonnes

TORONTO, May 4 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") today announced the completion of an updated NI 43-101 compliant resource estimate for the Geordie Lake PGM-Cu Deposit, located 14 km west of the town of Marathon, Ontario. The new resource estimate is substantially larger than the previous estimate of July, 2008. The Geordie Lake resource has the potential to extend the projected mine life of the Marathon PGM-Cu deposit well beyond the current forecast of 11.5 years. The combined measured and indicated ("M+I") resource for the Marathon and the Geordie Lake deposits now exceeds approximately 146 million tonnes and contains 4.87 million ounces of PGM and gold, 8.88 million ounces of silver and 881.70 million pounds of copper. Please click http://www.marathonpgm.com/index21.html to view the Marathon district resources.

Highlights:

    -   M+I contained metals - Pd up 40.3%, Pt up 39.1%, Au up 8.5%, Cu up
        34.7%, Ag up 57.8%
    -   M+I resource tonnage increased by 24.7% (up 6.43 million tonnes)
    -   bulk of resource situated within a 600 m strike length
    -   mineralization identified in drilling over a 1.5 km strike length
    -   rock sampling has identified anomalous Cu and PGM values on strike,
        2 km to the north

Phillip Walford, President and CEO of Marathon commented, "Marathon's first drilling program on the Geordie Lake Deposit was highly successful in delineating the upper part of the higher grade central core. The potential to further expand the resource is very high. The Geordie Lake Deposit has the potential to extend the life of the nearby Marathon PGM-Cu project, which has a designed milling rate of 8.0 million tonnes per year and an estimated mine life of 11.5 years."

Total Resource above $13.00/tonne Cut-Off

    -------------------------------------------------------------------------
                                              Pd     Pt    Au            Ag
               Mt    Pd   Pt   Au   Cu   Ag  000    000   000    Cu     000
                    g/t  g/t  g/t    %  g/t   oz     oz    oz   M lb     oz
    -------------------------------------------------------------------------
    Meas-
     ured    13.10 0.61 0.04 0.05 0.38 2.66 256.40 16.30 20.89 108.91  1120.3
    -------------------------------------------------------------------------
    Indic-
     ated    19.32 0.62 0.04 0.05 0.36 3.12 384.66 23.21 28.82 154.76  1937.6
    -------------------------------------------------------------------------
    M+I      32.42 0.61 0.04 0.05 0.37 2.93    641 39.51 49.70 263.67 3,057.8
    -------------------------------------------------------------------------
    
    -------------------------------------------------------------------------
    Inferred  7.96 0.59 0.03 0.04 0.36 2.87 150.61  8.61 10.36  62.42   735.3
    -------------------------------------------------------------------------
    (1) Mineral resources which are not mineral reserves do not have
        demonstrated economic viability. The estimate of mineral resources
        may be materially affected by environmental, permitting, legal,
        title, taxation, sociopolitical, marketing, or other relevant issues.
    (2) The quantity and grade of reported inferred resources in this
        estimation are conceptual in nature and there has been insufficient
        exploration to define these inferred resources as an indicated or
        measured mineral resource and it is uncertain if further exploration
        will result in upgrading them to an indicated or measured mineral
        resource category.

The 2010 updated resource estimate for the Geordie Lake Deposit is based on 21 holes from Marathon's January 2010 campaign, 8 holes from a 1987 drill program by St. Joe Minerals, 9 holes from a 1999-2000 LEH Ventures ("LEH") drill program, 14 holes from a 2001 LEH drill program, 2 Diamond drill holes from the 2002 LEH drill program and 3 Diamond drill holes from the 2006 Discovery PGM drill program. Two holes drilled in 1997 were drilled parallel to the dip of the mineralized structure and were not used. The updated resource estimate was completed by independent geological consultant and Qualified Person, Martin Drennan, P.Eng of Python Mining Consultants of Hamilton, Ontario ("Python") and is expected to be filed on SEDAR (www.sedar.com) within 45 days.

Geordie Lake Deposit

The Geordie Lake deposit model consists of five mineralized "layers" which have been simplified to a hanging wall and main zone. Three dimensional ore bodies were created from a 25 metre section frequency along strike. Grade distributions for all metals were statistically analyzed and only a single silver assay was capped to the 95th percentile value. Composites 3 metres in length were formed from drill hole data passed through the mineralized layers. The block model was created using blocks of 2 m E-W, 2m N-S, 2 m vertical and populated by inverse distance squared interpolation. These results were compared with ordinary kriging and nearest neighbor (three interpolation methods were used in the analysis for grade distribution: Ordinary Kriging, Inverse Distance Squared, Nearest Neighbour with inverse distance being adopted as the best representation for this data set). Tonnes and grade have been limited to within the ore shells by means of the partial percentage application.

Metal prices used in Python's estimate were Cu USD 2.91/lb, Au USD 819/oz, Pt USD 1347/oz and Pd USD 321/oz, and Ag USD 14.1/oz. The US/CDN exchange rate was $0.87. The metal prices and exchange rate utilized were based on a 5-year average and exchange rate from February 2010. Average recoveries were taken from the bulk sample metallurgy test completed by Process Research - Cu 90.8%, Pd 80.1%, Pt 71%, Au 79.9%, and Ag 74.5%.

The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

David Good, Ph.D., P. Geo., VP of Exploration, is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr. Good has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.

About Marathon PGM Corporation:

Marathon is exploring resource development potential in the immediate vicinity of the Marathon Deposit to expand the life of the planned large tonnage, open pit mining operation. The Marathon Deposit is one of the largest PGM-Cu reserves in Canada and is expected to grow with the development of additional nearby resources. Marathon's optimized P+P reserve of approximately 91.45 million tonnes grading 0.832 g/t Pd, 0.237 g/t Pt, 0.085 g/t Au, 0.247% Cu and 1.44 g/t Ag, contains approximately 2.44 million ounces of Pd, 696,000 ounces of Pt, 251,000 ounces of Au, 497 million lbs of Cu and 4.23 million ounces of Ag. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland respectively. Marathon's Management plans to build on its experience through the advancement of its properties and by examining other strategic opportunities.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Marathon, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. 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, 2009.

Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

%SEDAR: 00020574E

For further information: David Leng, P.Geo:. Tel: (416) 849-3432, dleng@marathonpgm.com

.
Data and Statistics for these countries : Canada | All
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Marathon PGM Corporation

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CODE : MAR.TO
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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.

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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
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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%
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