ONTARIO — Toronto-based Marathon PGM Corp. has filed an optimized 43-101 report for its Marathon PGM-copper project 10 km north of the town of the same name in the northwestern part of the province. Proven and probable reserves are estimated to be 91.4 million tonnes grading 0.832 g/t Pd, 0.237 g/t Pt, 0.085 g/t Au, 0.247% Cu and 1.440 g/t Ag.
There is also a measured and indicated resource of 114.8 million tonnes at 0.775 g/t Pd, 0.228 g/t Pt, 0.083 g/t Au, 0.241% Cu and 1.567 g/t Ag. The inferred resource has another 6.2 million tonnes averaging 0.306 g/t Pd, 0.104 g/t Pt, 0.047 g/t Au, 0.151% Cu and 1.459 g/t Ag.
The project carries a pre-production capital cost of $351.12 million. A conventional open pit and 22,000-t/d concentrator would be built. On-site life-of-mine uniting operating costs will be $13.39/t milled. Additional concentrate transportation, smelting and refining charges will bring the total cost up to $16.64.
Marathon further estimates that the project will generate an internal rate of return (IRR) of 21.2% before tax or 17.4% after tax. The undiscounted payback period is 4.4 years.
The Marathon project description has been submitted to the Canadian Environmental Assessment Agency. Financing for the project remains to be arranged.
The photo gallery at www.MarathonPGM.com has some very nice exploration pictures.