Platinum Exploration (PGM)

[Ed Monton]

Marathon PGM provides 2005 results for BR, Main zones


2006-01-04 18:26 ET - News Release

Mr. Phillip Walford reports

MARATHON PGM CORPORATION ANNOUNCES FINAL DRILLING RESULTS IN MAIN AND BR ZONES, INCLUDING 2 M GRADING 27.35 G/T PGM +GOLD AND 0.09 % COPPER

Marathon PGM Corp. is providing assay results of 12 additional drill holes from the company's recently completed 2005 exploration program. The drilling results reported in this press release include the last three holes drilled in the Main zone and the last nine holes drilled in the BR zone.

Drill holes M-05-110 and 111 were drilled in the northern half of the Main zone in order to raise inferred resource material to indicated. Hole M-05-110 intersected expected grades and thicknesses, but M-05-111, which encountered an upper-higher-grade zone grading 3.64 grams per tonne platinum group minerals and gold as well as 0.52 per cent copper, extended a previously identified high-grade zone 30 metres along strike and 60 metres down dip. M-05-114 was a step-out hole in the Southern Resource zone that had only anomalous values. It is evident from these results that additional drilling will be required in the Main zone in 2006.

The BR zone holes were step-out holes for the most part, tracing the zone to the north and west. Drill hole M-05-117 is important as it extends the zone an additional 50 metres to the north and seems to be picking up increasing copper grades to the north. The 400 metres between the South Resource and BR has had little exploration to date, but five widely spaced holes drilled by Anaconda all had values in them, making this area a target for drilling in 2006.

Most of the BR zone drill holes intersected an upper zone of high-grade platinum group minerals and a lower copper zone. Drill holes M-05-122 and 123 were drilled in the south of the BR zone where it meets the Malachite zone. These holes have almost the same collar locations but were drilled at different angles and both intersected high-grade platinum group minerals. M-05-122 had the best intersection of 5.6 metres grading 9.08 g/t platinum group minerals and gold, and 0.07 per cent copper. This intersection included two metres grading 27.35 g/t platinum group minerals and gold and 0.09 per cent copper. The mineralizaton is near surface and appears to be a continuation of the high-grade zone intersected in M-05-52. The BR zone is still open to the west and will require more drilling in 2006.

 
  
              DRILL RESULTS    
                                 
 Hole          Int.   Pd     Pt     Au 
               (m)   (g/t)  (g/t)  (g/t) 
 Main zone 
  
 M-05-110      12.0   1.41   0.46   0.14 
               10.0   0.18   0.04   0.04 
  
 M-05-111      46.0   1.09   0.31   0.15 
 Incl.         16.0   2.54   0.79   0.31 
  
 M-05-114        No significant values 
  
 BR zone 
  
 M-05-115       8.0   0.84   0.44   0.06 
               16.0   0.24   0.13   0.07 
  
 M-05-116      22.0   0.74   0.32   0.07 
  
 M-05-117      16.0   0.45   0.19   0.06 
                8.0   0.41   0.11   0.07 
  
 M-05-118       4.0   1.92   0.90   0.04 
                4.0   0.57   0.35   0.22 
                8.0   0.25   0.12   0.05 
  
 M-05-119      26.0   0.84   0.43   0.08 
 Incl.         12.0   1.74   0.86   0.14 
  
 M-05-120       4.0   2.16   0.92   0.15 
               12.0   0.15   0.11   0.05 
  
 M-05-121      22.0   0.71   0.25   0.08 
               34.0   0.19   0.07   0.04 
  
 M-05-122       7.3   7.20   0.93   0.95 
 Incl.          2.0  24.00    2.5   0.85 
               22.0   0.62   0.28   0.05 
  
 M-05-123      12.0   4.12   1.32   0.17 
               12.0   0.21   0.02   0.03 
                      
                     Total  
                      PGm      
 Hole          Int.   +Au    Cu  
               (m)   (g/t)   (%) 
 Main zone 
  
 M-05-110      12.0   2.01   0.27 
               10.0   0.26   0.19 
  
 M-05-111      46.0   1.55   0.19 
 Incl.         16.0   3.64   0.52 
  
 M-05-114   No significant values 
  
 BR zone 
  
 M-05-115       8.0    1.34   0.03 
               16.0    0.44   0.13 
  
 M-05-116      22.0    1.13   0.10 
  
 M-05-117      16.0    0.70   0.03 
                8.0    0.59   0.23 
  
 M-05-118       4.0    2.86   0.02 
                4.0    1.14   0.08 
                8.0    0.42   0.12 
  
 M-05-119      26.0    1.35   0.07 
 Incl.         12.0    2.74   0.08 
  
 M-05-120       4.0    3.23   0.11 
               12.0    0.31   0.08 
   
 M-05-121      22.0    1.04   0.11 
               34.0    0.30   0.18 
   
 M-05-122       7.3    9.08   0.07 
 Incl.          2.0   27.35   0.09 
               22.0    0.95   0.09 
  
 M-05-123      12.0    5.61   0.10 
               12.0    0.26   0.12 
  
 

........



The company has 11 additional drill holes remaining to report from the 2005 exploration program. These are all from the Malachite zone. The company expects to complete a new resource estimation for all the zones early in the first quarter of 2006.

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. All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ont., to be assayed. Further company information may be found on the company's website.

In other news, the company appointed James Kirke, a vice-president of the company, as chief financial officer, vice-president of finance and corporate secretary. Mr. Kirke's appointment takes effect immediately.