Oct 20 2010
Marathon PGM Corporation (MAR-TSX) announces the final set of drill results at the Leprechaun Gold Deposit in Central Newfoundland.
The summer drill program was highly successful in verifying Marathon's deposit model and proving up continuity over the current 700 meter strike length of the deposit which is open along strike and down dip. In addition, we have shown the Insight-DCIP survey to be very effective at targeting potential gold mineralization on the property.
Highlights:
The best intersections include 6.94 g/t gold over 17 m in hole VL-10-226 and 2.44 g/t gold over 19 m in hole VL-10-231. All intersections are true width. - A total of 95 holes totaling 10,938 m of NQ core were drilled in 2010 and will be incorporated into the resource estimate which is on track for delivery in the 4th Quarter - An Insight DCIP Geophysical Survey completed in August correlates chargeability with pyrite and gold mineralization and will be very useful for target definition along strike and to a depth of 400 m.
"Completion of our 2010 drill program with good mineralization in each of the last 6 holes, including one of the best intersections of the year in hole VL-10-226, is a great way to end the season," said Sherry Dunsworth, Project Manager for Marathon. Phill Walford, President and CEO of Marathon commented that "our entire exploration team did a fantastic job this year in advancing the project further than we thought possible in such a short amount of time."
The 2010 exploration program was designed with three main objectives: (1) to prove increased continuity in the Leprechaun gold deposit, (2) to verify and if necessary modify the existing deposit model, and (3) to evaluate geophysical tools that correlate with known mineralization. These three objectives are critical in planning future exploration along the remaining 11 km of strike length between the Sprite prospect and the Valentine East Gold zones. We successfully achieved all three of these objectives and are very well positioned to expand our exploration targets into the rest of the Valentine Lake property.
Holes VL-10-226, -227, -228 and -229 were drilled to establish both lateral and vertical continuity of a large near surface mineralized lens at the west end of the deposit and hole VL-10-231 was drilled to fill a 112 meter wide gap between drill holes VL-04-93 and VL-04-94 at a vertical depth of 200 to 230 meters. These holes demonstrate that the gold system continues to depth.
The mineralization in hole VL-10-226 is significant as it correlates with historical holes VL-04-87 and VL-31 which contained 6.15 g/t over 12.3 meters and 6.1 g/t over 12.2 meters, respectively (please refer to Valentine Lake NI43-101 Technical Report on SEDAR, dated March 23rd, 2009). Both intervals were cut to 58 g/t and have estimated true thicknesses.
Marathon is the operator, exploring Valentine Lake under an option and joint venture agreement between Marathon and Mountain Lake Resources Inc (TSX.V:MOA").
All of the samples were sent to Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Results from fire assay are used for drill hole planning only. Duplicate assays were made on all assays above 30 g/t. Assay results for the planned updated resource estimate will be determined by a metallic screening process to be conducted at a later date.
David Good, P.Geo., Vice President 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.