ONTARIO —Marathon PGM Corp. of Toronto has updated the in-pit resource estimate at its Marathon project, finding enhanced grades and tonnages. The latest figures estimate 3.63 million oz of platinum group metals and gold plus 625 million lb of copper. The work was conducted as part of the definitive feasibility study of the property 10 km north of the town of the same name.
The measured and indicated resource now stands at 101.9 million tonnes grading 0.79 g/t Pd, 0.24 g/t Pt, 0.08 g/t Au, 0.28% Cu, 1.68 g/t Ag and 0.006 g/t Rh. The inferred resources is only 600,000 tonnes at somewhat lower grades. The new estimate contains 2.58 million oz of palladium (up 10.3% over the 2008 resource), 769,000 oz of platinum (up 5.4%), 280,000 oz of gold (up 10.3%), 625 million lbs of copper (up 8.3%) and 5.5 million oz of silver (up 8.3%) with only a 4.7% increase in tonnes.
Marathon attributes the positive changes to improved metallurgical recoveries, higher metal prices and reductions in capital costs.
Additional information (history, geology and block model image) is available at www.MarathonPGM.com.