Marathon PGM (MAR-T) shares were up more than 10% today after the company posted results from its latest round of drilling at the Leprechaun gold deposit in central Newfoundland.
The best intercept was hole VL-10-190 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¢ apiece to $1.60, 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-metre-wide 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 highlights from drilling include hole VL-10-184 with 14 metres (13.8 true width) grading 2 grams gold per tonne and VL-10-185 with 7 metres (both core and true width) grading 5.79 grams gold per tonne.
Marathon PGM also noted that grab samples had returned grades between 49 grams and 79 grams gold per tonne, confirming the 300-metre-wide 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 over 30 km across the Valentine Lake gold project.
The company says the best intervals occur at intersections of sub-horizontal and steeply dipping vein sets.
Be the first to comment on "Marathon PGM shares rise on Leprechaun drilling"