TORONTO, Aug. 24 /CNW Telbec/ - Marathon PGM Corporation (MAR -- TSX)
("Marathon" or the "Company") is pleased to announce it has acquired the Steel
Mountain PGM-Ni-Cu property ("Steel Mountain") in western Newfoundland,
approximately 8 km east of Stephenville. Historical grab samples have returned
values as high as 2.97 g/t PGM, 1.10% nickel and 0.62% copper in pods of
massive sulphide. Marathon was drawn to the area by sulphide showings
containing platinum, palladium, nickel and copper values.
Acquiring a large portion of the Steel Mountain Complex meets the
Marathon PGM criteria of focussing on highly prospective geology, access to
infrastructure and potential for defining a resource; which are an integral
part of Marathon's growth strategy. The Steel Mountain property is comprised
of 14 licenses (910 claims) and covers 22,750 hectares (227.5 km(2)). Three of
the licenses were acquired from prospectors and the remainder of the licenses
were staked for Marathon PGM.
The Marathon PGM-Cu property is currently undergoing a comprehensive
feasibility study on its 100%-owned Marathon PGM-Cu property in Ontario. The
Bird River Sill property in Manitoba is thought to have potential to host
significant Ni-Cu PGM resources and is currently undergoing prospecting and
prioritizing of drill targets.
The Steel Mountain Property
The Steel Mountain complex is predominantly anorthositic gabbro and has
known magmatic nickel, copper and PGM mineralization as well as gold and
silver mineralization in late stage veins related to the Cabot Fault. The
Cabot Fault runs through Newfoundland and is known to have gold mineralization
associated with the Fault and with splays off of the Fault. Despite the
physical size of the complex and obvious potential as shown by the occurrences
of nickel, copper and PGM and gold, surprisingly little is known about the
geology, making this prime target for systematic exploration by Marathon.
Marathon is carrying out detailed prospecting and regional soil and
sediment sampling as part of its initial exploration campaign. Subsequent
phases of exploration on the property will depend on results of this initial
Mineralization at Steel Mountain is hosted in massive sulphide lenses
with discrete PGM hosted in deformed anorthosites and pyroxenites. Two
mineralized showings discovered by prospectors hosted in anorthosites yielded
grab samples with up to 1.48g/t platinum, 1.08g/t palladium, 1.17% nickel and
0.10% cobalt; and 1.78g/t platinum, 1.19g/t palladium, 1.10% nickel,
0.11% cobalt and 0.62% copper.
The Steel Mountain property is on strike from and encompasses the North
Range Resources property which contains anorthosite hosted gold-bearing quartz
veins which yield up to 162.7g/t Au and 7.10 oz/t Ag in grab samples and
16.2g/t Au and 14.2 oz/t Ag over 80cm (Government of Newfoundland and Labrador
Phillip Walford, President and CEO, stated "Steel Mountain is low-cost
acquisition, and early stage exploration property, which is the precise fit
for the Marathon portfolio. The presence of auriferous veins and PGM and
nickel-copper mineralization gives exploration potential for both base and
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
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
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
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
For further information:
For further information: David Leng, P.Geo, (905) 537-5377, Fax: (416)
861-1925, firstname.lastname@example.org, www.marathonpgm.com; For media inquiries,
please contact: Vanessa Napoli, (514) 939-3989, email@example.com