Drilling and core sampling by
The total measured and indicated resource now stands at 21.3 million tonnes grading 1.32 grams palladium, 0.34 gram platinum and 0.12 gram gold per tonne, plus 0.4% copper. Another 8.2 million tonnes of inferred material average 1.24 grams palladium, 0.32 gram platinum, 0.12 gram gold and 0.4% copper.
The previous estimate, calculated in April, was 22.3 million tonnes grading 1.18 grams palladium, 0.29 gram platinum, and 0.35% copper (gold grades were not reported). The inferred portion at that time was 7.9 million tonnes running 1.14 grams palladium, 0.29 gram platinum and 0.36% copper.
About 86% of the current measured and indicated platinum group metals above the cutoff grade of 0.8 gram palladium are within 150 metres of surface.
The increase in higher-grade material is attributable to two principal higher-grade lenses in a continuous envelope of lower-grade mineralization. The best grades are found in the Hangingwall zone, which extends for more than 1 km in the northern portion of the property. The zone ranges in thickness from 10 to 65 metres when it merges with the Footwall zone. The Footwall zone occurs near the contact of the host gabbro and the country rock.
The company says the resource can be expanded with further drilling, and that additional work has extended favourable geology and mineralization in the Contact zone for an additional 1.5 km south of the resource area. A series of channel saw cuts in the BR zone returned 12.8 metres grading 1.31 grams palladium, 0.37 gram platinum, 0.23 gram gold and 0.36% copper in a lower-grade envelope. Results from two holes 25 metres north of the cut returned similar results.
Geomaque can earn a 60% interest in the Marathon project by spending $2.7 million on exploration over four years and paying $1 million in cash to
On the financial front, Geomaque is continuing to work with its principal lender, Denver-based Resource Capital Fund II, on the restructuring of its credit and security arrangements.
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