Marathon PGM Corporation Adds to Land Holdings.TORONTO -- Marathon PGM Corporation (Marathon) (TSX VENTURE:MAR) announced today that it has added 624 hectares to its current 1,654 hectares on the Company's 100% owned Marathon PGM-Cu Property (the "Property") located near Marathon, Ontario. The Property consisted of two Crown leases and three additional unpatented mining claim blocks. The Company purchased one unpatented mining claim block from Seafield Resources Ltd and staked two new unpatented mining claim blocks. The Seafield claim was purchased for $25,000 plus a 2% defined net smelter returns to Seafield for ore or minerals extracted from this claim. This claim is to the south and west of the Company's current land position. This claim block is made up of 12 units and covers approximately 192 hectares. Two drill holes, DH 93 and 96, completed by Anaconda Anaconda, city, United States Anaconda (ănəkŏn`də), city (1990 pop. 10,278), seat of Deer Lodge co., SW Mont.; inc. 1887. Exploration Ltd. intersected pgm and copper mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. 300 m north of the property boundary with the former Seafield property. These holes are in the same geological location as the Malachite Zone along the contact of the augite augite Most common pyroxene mineral, occurring chiefly as blocky crystals in basalts, gabbros, andesites, and various other dark igneous rocks. It also is a common constituent of lunar basalts and meteorites and may be found in certain metamorphic rocks, such as pyroxenites. syenite syenite (sī`ənīt), coarse-grained igneous rock, similar in appearance and composition to granite. Unlike granite, it contains little or no quartz. The chief minerals in syenite are the feldspars, with mica, hornblende, and pyroxene. and the Two Duck Lake gabbro gabbro: see basalt. gabbro Any of several medium- or coarse-grained rocks that consist primarily of plagioclase feldspar and pyroxene. Gabbros are found widely on the Earth and on the Moon. but are one kilometer to the south of the Malachite Zone. This opens up much more area for exploration on the main property. The contact appears to continue on to the newly purchased property. DH 93 had a reported intercept of 10.1 m grading 1.6 g/t combined palladium and platinum and 0.3 % copper. DH 96 intersected 6.9 m grading 0.8 g/t combined palladium and platinum and 0.3% copper. In addition to the purchase of the unpatented mining claim from Seafield, the Company staked two new unpatented mining claims northwest of the Seafield claim and joining the south west boundary of the Company's current land holdings. These three claims increase the total holding to approximately 2,278 hectares. The Company has a Web Site at http://www.marathonpgm.com. About Marathon PGM-Cu Project Marathon has 100% interest in the Marathon PGM-Cu Project located about 10 km north of the town of Marathon, Ontario. As previously announced the Company has completed a technical report on the property in compliance with the provisions of National Instrument 43-101 (the "Technical Report") prepared by Roscoe Postle Associates Inc. and filed on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review on June 29, 2004. The report showed a Measured and Indicated Mineral Resource of 24.3 million tonnes at a grade of 1.22 g/t of Palladium, 0.31 g/t of Platinum, 0.10 g/t of Gold and 0.37% Copper using Palladium cut-off of 0.8 g/t. over approximately 1,800 metres of strike length. On Behalf of the Board of Directors, "James D Frank" James D. Frank President, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. & Director The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release. Marathon PGM Corporation (TSX VENTURE:MAR) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion