Marathon PGM hits more gold at Leprechaun

Marathon PGM (MAR-T) shares were up more than 10% on July 21 after the company posted results from its latest round of drilling at the Leprechaun gold deposit in central Newfoundland.

The best intercept was hole 190 with 4 metres grading 33.5 grams gold per tonne (uncut) demonstrating a new lens of high-grade mineralization (true width is 2.65 metres).

Marathon PGM shares were up 16¢ to $1.60 apiece, basically mirroring recent share price movement from other Leprechaun drill results. Recent drilling pushed shares up 10¢ to $1.58 on July 5 and 25¢ to $1.70 apiece on June 15.

The company is in the middle of an 8,000-metre drill program at Leprechaun, which is a 300-metrewide by 2-km-long deposit with inferred resources of 443,000 oz. gold contained in 1.2 million tonnes grading 10.5 grams gold. The deposit is a part of the Valentine Lake gold project. Marathon has an option to earn a 50% interest in the project from Mountain Lake Resources (MOA-V).

Other drilling highlights include hole 184 with 14 metres (13.8 true width) of 2 grams gold and hole 185 with 7 metres (both core and true width) grading 5.79 grams gold.

Marathon PGM also noted that grab samples had returned grades between 49 grams and 79 grams gold, confirming the 300-metrewide deposit is open to the southwest. The company has only done detailed drilling for about 550 metres on strike.

Gold is hosted by sub-horizontal and steeply dipping quartz-tourmaline- pyrite veins that occur within a major regional fault zone that strikes for more than 30 km across the Valentine Lake project.

The company says the best intervals occur at intersections of sub-horizontal and steeply dipping vein sets.

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