Marathon PGM adds 624 hectares to its Marathon property
2004-11-19 12:58 ET - News Release
Mr. James Frank reports
MARATHON PGM CORPORATION ADDS TO LANDHOLDINGS
Marathon PGM Corp. has added 624 hectares to its current 1,654 hectares on its 100-per-cent-owned Marathon platinum group metals and copper property, located near Marathon, Ont. 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-per-cent defined net smelter return 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 DH 96, completed by Anaconda Exploration Ltd., intersected platinum group metals and copper mineralization 300 metres 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 syenite and the Two Duck Lake gabbro, but are one kilometre 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 metres grading 1.6 grams per tonne combined palladium and platinum and 0.3 per cent copper. DH 96 intersected 6.9 metres grading 0.8 gram per tonne combined palladium and platinum and 0.3 per cent 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 southwest boundary of the company's current landholdings. These three claims increase the total holding to approximately 2,278 hectares
