Drilling buoys Geomaque

The final three holes of a 15-hole drill program are keeping Geomaque (GEO-T) optimistic at its Marathon palladium project in northern Ontario.

The Toronto-based junior sank 3,000 metres to delineate and extend known resources. At last report, the deposit hosted 37 million tonnes grading 1.1 grams palladium per tonne, plus 0.27 gram platinum, 1.85 grams silver, 0.21 gram gold, 0.38% copper and 0.032% nickel.

Hole 13 has extended a shallow zone of oxidation, cut in hole 7, another 250 metres to the south. Six metres averaged 0.44 gram palladium and 0.08 gram platinum plus 0.06% copper, whereas 6 metres in hole 7 yielded 0.98 gram palladium, 0.15 gram platinum and 0.13% copper.

Infill hole 14 and stepout hole 15 each returned wider-than-expected intercepts. The former yielded 114 metres (starting at 192 metres) grading 0.55 palladium, 0.14 gram platinum and 0.25% copper, including 8 metres of 0.98 gram palladium, 0.18 gram platinum and 0.26% copper. Hole 15, collared 100 metres away, yielded 0.71 gram palladium, 0.17 gram platinum and 0.29% copper over 54 metres (starting at 129 metres). Two narrower intercepts of 14 and 18 metres each run just under a gram palladium.

Some of the better results from earlier holes include 16 metres (starting at 58 metres) grading 1.78 grams palladium, 0.54 gram platinum and 0.43% copper in hole 9, and 28 metres (starting at 17 metres) grading 1.12 grams palladium, 0.3 gram platinum and 0.25% copper in hole 8.

Geomaque is incorporating the results into a scoping study in preparation for a bankable feasibility study. A 1989 report by BHP Engineering concluded that the Marathon deposit was amenable to open-pit mining and conventional milling methods. Based on an annual production rate of 2 million tonnes, operating costs were estimated to be $11 per tonne; smelter revenues, $18 per tonne.

Mineralization at Marathon generally occurs in the form of thick lenses in an olivine-bearing gabbroic sequence of the Port Coldwell igneous complex. Pyrrhotite and chalcopyrite are the predominant sulphide minerals, with lesser concentrations of bornite, pentlandite, marcasite and pyrite.

A follow-up program of ground geophysics, mapping and prospecting is scheduled for the spring. Areas south and west of the deposit will receive most of the attention, as past exploration was lacking.

Geomaque can earn a 60% interest in the project from Polymet Mining (POM-V) by spending $2.7 million on exploration and $1 million in cash over four years.