Platinum Exploration (PGM)

[Ed Monton]

Marathon PGM cuts 10.97 g/t PGM over eight metres


2005-07-26 15:17 ET - News Release

Mr. Phillip Walford reports

MARATHON PGM ANNOUNCES FURTHER POSITIVE EXPLORATION RESULTS FROM DRILLING

Marathon PGM Corp. has provided results of the recent exploration work on its 100-per-cent-owned Marathon property. The highlights of the drilling include drill holes M-05-35 which intersected eight metres grading 3.07 grams per tonne (g/t) platinum group minerals (PGM) and 0.05 per cent copper (Cu) and drill hole M-05-44 which intersected eight metres (m) grading 10.97 g/t PGM and 0.12 per cent Cu. Both of these holes are located near other high-grade intersections. The results of the additional 10 holes drilled to date are listed in table below. An additional 10 holes of this exploration phase of the program have been completed and are awaiting assaying. All holes drilled to date have intersected iron and copper sulphides, which is very encouraging. The current exploration program under way envisions 10,000 m of drilling, is 30 per cent complete and may be extended pending results.

The drilling to date indicates that the BR zone mineralization averages about 50 m in thickness with generally the top being PGM rich and the bottom being Cu rich. The zone may be well mineralized with PGM and Cu, but is more likely to be in two zones with lower-grade PGM and copper values between them. This pattern is clear in the drilling results. The higher-grade sections of the BR zone seem to be in lenses that require more drilling to define. The top of the mineralization has been less than 50 m below surface and appears to be gently dipping to the west as does the topography.

Drill holes M-05-33 and 35 indicate an area of high-grade PGM values requiring more drilling and the area around M-04-21 and M-05-44 is also an area of high-grade PGM and moderate Cu values requiring more drilling. The lower intersection in M-05-44 of 24 m, grading 1.19 PGM and 0.26 per cent Cu, was under fine-grained gabbro that now appears to be a slab floating in the coarse grained gabbro. Drill holes M-05-45 and 46 drilled south of M-05-44 intersected iron and copper sulphides that appear to be the same zone but project farther east, opening up the area between the BR and RD zones east of the access road to potential resources.



MARATHON PROPERTY DRILL RESULTS

Hole From To Estimated Pd Pt
(m) (m) true (g/t) (g/t)
width
(m)

M-05-35 36.0 44.0 5.6 1.84 0.96

M-05-36 28.0 32.0 2.8 0.76 0.23
80.0 82.0 1.4 3.76 1.84

M-05-37 50.0 56.0 6.0 1.11 0.62
94.0 102.0 8.0 0.67 0.48

M-05-38 24.0 26.0 1.8 1.72 0.84
60.0 72.0 9.6 0.72 0.31
106.0 116.0 8.0 0.20 0.06

M-05-39 44.0 48.0 2.8 1.41 0.74
66.0 74.0 5.6 0.13 0.06

M-05-40 64.0 68.0 3.0 0.83 0.45
88.0 92.0 3.0 1.26 0.48

M-05-41 60.0 64.0 4.0 0.99 0.33
84.0 92.0 8.0 0.06 0.04

M-05-42 52.0 60.0 7.0 2.01 0.58
68.0 70.0 1.8 1.44 0.42
96.0 102.0 4.8 0.47 0.21

M-05-43 54.0 58.0 2.8 3.41 0.94
98.0 112.0 9.8 0.09 0.03

M-04-44 46.0 54.0 8 8.51 2.05
72.0 96.0 24 0.79 0.27
Includes 72.0 86.0 14 1.20 0.41

Hole From To Au PGM Total
(m) (m) (g/t) (g/t) Cu
(%)

M-05-35 36.0 44.0 0.27 3.07 0.05

M-05-36 28.0 32.0 0.09 1.08 0.12
80.0 82.0 0.06 5.66 0.04

M-05-37 50.0 56.0 0.12 1.85 0.05
94.0 102.0 0.11 1.26 0.61

M-05-38 24.0 26.0 0.01 2.57 0.01
60.0 72.0 0.12 1.15 0.19
106.0 116.0 0.01 0.27 0.19

M-05-39 44.0 48.0 0.27 2.42 0.23
66.0 74.0 0.05 0.24 0.18

M-05-40 64.0 68.0 0.13 1.41 0.06
88.0 92.0 0.20 1.94 0.23

M-05-41 60.0 64.0 0.08 1.40 0.14
84.0 92.0 0.05 0.15 0.16

M-05-42 52.0 60.0 0.07 2.66 0.20
68.0 70.0 0.06 1.92 0.20
96.0 102.0 0.09 0.77 0.29

M-05-43 54.0 58.0 0.12 4.47 0.05
98.0 112.0 0.07 0.16 0.16

M-04-44 46.0 54.0 0.41 10.97 0.12
72.0 96.0 0.13 1.19 0.26
Includes 72.0 86.0 0.20 1.81 0.30


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All exploration work is being performed under the guidance and supervision of Phillip C. Walford, president for 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.