TORONTO, Aug. 29 /CNW Telbec/ - Marathon PGM Corporation (MAR -- TSX)
("Marathon" or the "Company") is pleased to provide an update of ongoing
exploration at the Bird River Sill property ("Bird River"). Prospecting and
data compilation of the Bird River property is proceeding over several key
areas, including the Coppermine, Page East, Page West, and Galaxy Zones as
well as 8 predefined airborne geophysical anomalies. Multiple successes have
arisen from the prospecting and exploration program.
Marathon has identified an 800 m zone of mineralization in the Coppermine
Zone - located in the western end of the Bird River property, and confirmed
mineralization approximately 130 m east of the Page East zone - located in the
northeast end of the Bird River property. The Coppermine and Page Zones are
on-strike 20 km apart from each other and separated by highly prospective
ground which is currently being explored. It is clear that mineralization is
more extensive than first thought in both zones and they are now priority
drill targets for planned drilling in the first quarter of 2008. Ground
checking 3 of the 8 geophysical anomalies has discovered iron sulphide
mineralization, with assays pending on the samples taken.
Marathon is well funded to complete the feasibility study on the 100%
owned Marathon PGM-Cu property. The Company has no money invested in high-risk
investments. All funds are in a series of 30-day bankers acceptance notes from
the Toronto Dominion Bank.
Prospecting and assays from grab samples has extended the strike length
of mineralization north east of the Coppermine Zone to 800 m. Marathon
initially reported this mineralization (MAR release 11-Jun-07) at the west end
of the Coppermine Zone, with reported values of up to 0.21% nickel, 0.44%
copper, 1.21 g/t platinum and 1.39 g/t palladium. A single hole located at the
east end of the Coppermine Zone drilled by Canex Placer Ltd in 1973
(assessment file report 91832, Manitoba Mining District) contained an
intersection grading 0.24% nickel, 0.42% copper, 1.02 g/t platinum and
1.19 g/t palladium over 12.2 m. Additional prospecting along strike from this
hole yielded a total of 77 grab samples, of which 20 returned values of
greater than 0.5 g/t platinum plus palladium, including 8 samples in the range
of 1-3 g/t platinum plus palladium.
Page East Zone
Prospecting by Marathon has confirmed the extension of Page Zone
mineralization at the footwall of the Bird River Sill by a distance of 130 m
to the east. The best assays from grab samples include 0.90% copper, 0.09%
nickel and 0.73 g/t platinum plus palladium in sample C377551 and 0.11%
copper, 0.42% nickel and 0.58 g/t platinum plus palladium in sample C377552.
The additional sampling has expanded the prospective strike length of Page
Zone to over a kilometer.
Phillip Walford, President and CEO, stated "These results are very
positive and have far exceeded our expectations. It will be very interesting
to see how many of the mineral showings in the 20 km between the Page and
Coppermine Zones develop into deposits."
A total of eight airborne geophysical anomalies, identified by an
EM/magnetic survey flown in 2005, have been investigated by prospecting. These
geophysical anomalies span an east to west distance of 14 kilometres and are
located immediately north of the Bird River Sill. Prospecting has discovered
iron sulphides at 3 of the 8 geophysical anomalies, named "D", "E" and "F".
Following these recent prospecting successes, Marathon has staked
additional claims around the original joint venture block held with Gossan
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 is planning a drilling campaign.
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, firstname.lastname@example.org, (905)
537-5377, Fax: (416) 861-1925, www.marathonpgm.com; For media inquiries,
please contact: Vanessa Napoli, email@example.com, (514) 939-3989