WINNIPEG, MANITOBA--(MARKET WIRE)--Apr 23, 2008 -- Gossan Resources Limited (CDNX:
GSS.V -
News)(FRANKFURT/FREIVERKEHR:GSR)
has been advised by its option and joint venture partner,
Marathon PGM Corporation (Marathon)(Toronto:
MAR.TO -
News), that it has
completed a 17-hole drill program at Gossan's 7,000-hectare
Bird River Sill Property. On the Page Block, in the northeast
of the Property, 13 holes (2,046 metres) were drilled with
a goal of establishing, in conjunction with historic results,
an initial resource estimate. In addition, 4 holes (590
metres) were drilled at the Galaxy Zone and to the west
of the Page Block to assess their exploration potential.
Assays are pending. The Bird River Property hosts nickel,
copper, zinc and PGM mineralization.
The Ore Fault Property, owned by Bird River Mines Inc. is
located adjacent to the southeast of Gossan's Page Block
on the Bird River Sill. Marathon has an option to earn a
100% interest in the 446-hectare Ore Fault Property from
Bird River Mines Inc. The Ore Fault Property is within the
area of interest and is part of the Gossan - Marathon Joint
Venture. This winter, Marathon completed 9 holes (1,901
metres) at the Ore Fault North Zone (OFNZ) and is currently
drilling an additional 1,500 metres. Two distinct mineralized
zones have been identified at the Ore Fault North Zone -
an upper zone of nickel-copper-PGM mineralization and a
lower zone of zinc-copper-silver mineralization.
Phillip Walford, President and CEO of Marathon stated, "We
are drilling aggressively as a part of the resource estimate
for our Bird River Project. The density of drilling completed
to date will allow us to rapidly build a resource estimate
for the Page and Ore Fault North Zones." Marathon is an
experienced developer of low-grade, bulk-tonnage, open-pittable
deposits.
Highlights - Ore Fault North Zone Drilling
- intersections of two distinct mineralized zones identified
at the Ore Fault North Zone - an upper zone of Ni-Cu-PGM
mineralization and a lower zone of Zn-Cu-Ag mineralization
- 6.1m true width of lower Zn-Cu-Ag mineralization grading
0.31% Ni, 1.76% Cu, 3.50% Zn, and 176gpt Ag in Hole MF0803
- 17.5m true width of lower Zn-Cu-Ag mineralization grading
0.03% Ni, 0.74% Cu, 4.61% Zn, and 51.1gpt Ag in Hole MF0807
- 24.5m true width of upper Ni-Cu-PGM mineralization grading
0.31% Ni, 0.14% Cu, and 0.43gpt PGM and Au in a disseminated
sulphide lens within hole MF0805
- 27.0m true width of upper Ni-Cu-PGM mineralization grading
0.33% Ni, 0.15% Cu, and 0.68gpt PGM and Au in a disseminated
sulphide lens within hole MF0803
- Zn-Cu-Ag mineralization is traceable for 300m along strike
by drilling and 500 m along strike by new ground IP geophysical
survey and is still open beyond the limits of the IP survey
Current Exploration
Mineralization at the Ore Fault North Zone is hosted within
a series of stacked sulphide lenses that are typically 50m
by 100m, over a known strike length of 300m. Mineralization
is open down dip as well as to the north and south. Drilling
is expected to define multiple sulphide lenses that exhibit
"pinch and swell" features.
Geophysical surveys have played a key role in tracing lithologic
units and associated mineralization. Magnetics clearly outline
the northwest trending ultramafic unit, while a ground 3d
IP array survey shows a diverging northeast trend that potentially
corresponds to Zn-Cu-Ag mineralization. A number of geophysical
targets along strike from known mineralization have not
been adequately explored.
Current Drilling
Earlier in this winter, Marathon completed 9 holes (1,901
metres) at the Ore Fault North Zone. Currently, a follow
up program of 1,500 metres of infill holes is underway at
the OFNZ in order to improve drill density and to build
the resource.
Hole MF0808 is located 50-m south of historic drill hole
24, which contains multiple lenses of good grades and thicknesses
for Ni-Cu and Zn-Cu-Ag sulphide mineralization (see MAR
press release of 21-Feb-08). Of importance, MF0808 confirms
continuity of mineralization from adjacent sections. Hole
24 is the most northerly hole drilled in the lower Zn-Cu-Ag
zone, which leaves the thicker lens open to the north and
down dip.
Hole MF0806 is located above hole MF0807 and confirmed the
up-dip continuity of both the upper Ni-Cu-PGM and basal
Zn-Cu-Ag mineralized zones.
Multiple previous drill holes were not drilled far enough
to the east to test the Zn-Cu-Ag mineralization in contact
with the basal granite. Marathon's imminent drilling will
test many of these eastern mineralized extensions.
"These additional holes will complete our preliminary investigation
of the Ore Fault North Zone. With this data and recent geophysics
we can now focus on drilling the areas with high potential,"
said David Good, Marathon's Vice President of Exploration.
Assay Results from the Ore Fault North Zone - Marathon
Drilling - 2008 - Phase 1
---------------------------------------------------------------------------
Total
PGM
True and
From To Width Au Pt Pd Au Cu Ni Zn Ag
---------------------------------------------------------------------------
Hole (m) (m) (m) (gpt) (gpt) (gpt) (gpt) (%) (%) (%) (gpt)
---------------------------------------------------------------------------
MF-08- 91.4 94.4 3.0 0.02 0.06 0.28 0.36 0.19 0.35 0.06 2.5
01
---------------------------------------------------------------------------
MF-08- 29.8 36.35 6.55 0.01 0.07 0.27 0.35 0.18 0.25 0.25 7.3
02
---------------------------------------------------------------------------
MF-08- 46.3 47.05 0.75 0.03 0.01 0.02 0.06 0.34 0.01 2.52 30.5
02
---------------------------------------------------------------------------
MF-08- 144.4 172.0 27.0 0.04 0.12 0.52 0.68 0.15 0.33 0.03 2.4
03
---------------------------------------------------------------------------
MF-08- 175.4 180.4 5.0 0.05 0.15 0.49 0.69 0.30 0.47 0.12 12.0
03
---------------------------------------------------------------------------
MF-08- 188.2 196.0 6.1 0.09 0.02 0.40 0.51 1.76 0.13 3.50 176.7
03
---------------------------------------------------------------------------
MF-08- 91.15 96.15 5.0 0.03 0.10 0.46 0.59 0.15 0.39 0.02 2.0
04
---------------------------------------------------------------------------
MF-08 159.75 172.65 12.9 0.01 0.08 0.34 0.43 0.12 0.26 less 1.6
-04 than
0.01
---------------------------------------------------------------------------
MF-08- 205.9 211.0 5.1 0.02 0.12 0.49 0.63 0.14 0.43 0.01 6.8
04
---------------------------------------------------------------------------
MF-08- 110.7 135.2 24.5 0.01 0.09 0.33 0.43 0.14 0.31 0.02 2.7
05
---------------------------------------------------------------------------
MF-08- 169.8 170.3 0.5 0.01 0.01 0.01 0.03 0.19 0.01 1.64 6.6
05
---------------------------------------------------------------------------
MF-08- 49.5 50.8 1.3 0.07 0.09 0.65 0.81 0.42 0.46 0.37 10.6
06
---------------------------------------------------------------------------
MF-08- 55.0 56.0 1.0 0.01 0.11 0.19 0.31 0.53 0.38 0.14 20.2
06
---------------------------------------------------------------------------
MF-08- 67.0 70.5 3.5 0.05 0.11 0.44 0.6 0.17 0.52 0.04 4.3
06
---------------------------------------------------------------------------
MF-08- 99.0 103.0 4.0 0.02 0.06 0.23 0.31 0.13 0.22 0.02 2.9
06
---------------------------------------------------------------------------
MF-08- 147.5 162.0 14.5 0.04 0.14 0.77 0.95 0.17 0.46 less 2.2
07 than
0.01
---------------------------------------------------------------------------
MF-08- 189.5 198.7 9.2 0.02 0.24 1.12 1.38 0.34 0.82 0.02 11.2
07
---------------------------------------------------------------------------
MF-08- 208.0 227.7 17.5 0.11 0.01 0.02 0.14 0.74 0.03 4.61 51.1
07
---------------------------------------------------------------------------
MF-08- 77.1 81.5 4.4 0.02 0.07 0.28 0.37 0.14 0.31 0.04 2.4
08
---------------------------------------------------------------------------
MF-08- 98.25 101.25 3.0 0.02 0.1 0.41 0.53 0.27 0.52 0.03 7.8
08
---------------------------------------------------------------------------
MF-08- 147.5 158.5 11 0.02 0.09 0.49 0.6 0.20 0.44 0.01 5.6
08
---------------------------------------------------------------------------
MF-08- 194.0 195.0 1.0 0.39 0.01 0.02 0.42 0.33 0.04 1.28 22.1
08
---------------------------------------------------------------------------
MF-08- 85.8 86.8 1.0 0.16 0.04 0.15 0.35 0.27 0.19 0.03 6.4
09
---------------------------------------------------------------------------Marathon has an option to earn a 100% interest of 446-hectare
Ore Fault Property from Bird River Mines Inc (see MAR release
of 07-Jan-08). The Ore Fault Property is part of a larger
option and joint venture between Marathon and Gossan Resources
called the Bird River Project that consists of 7,301 hectares.
Marathon has an option to earn up to 70% of this project
from Gossan (see Gossan NR 07-04 of April18, 2007).
Please click on http://www.marathonpgm.com/newsmaps/2008-16.jpg
to see a generalized geological cross section of 4650N of
the Ore Fault North Zone. Please click on http://www.marathonpgm.com/newsmaps/2008-16a.jpg
to open a plan view of Ore Fault North Zone.
Samples consist of NQ-size drill core that are split by
diamond saw on site, prepared at ALS Chemex Vancouver, and
assayed by fire assay with an ICP-OES finish (for Pt, Pd
and Au) and aqua regia or four acid dissolution and ICP-OES
finish for base metals. Marathon's quality assurance-quality
control (QA-QC) program consists of insertion of standards
of known PGM content and duplicates every 30 samples. After
sampling, the remaining half core is retained on site for
future verification and reference purposes.
David Good, P.Geo; Ph.D; Marathon's VP of Exploration is
Marathon's Qualified Person in compliance with National
Instrument 43-101 with respect to this release. Dr. Good
has reviewed the contents for accuracy and has approved
this press release on behalf of Marathon.
About Marathon PGM Corporation
Marathon is in the process of completing a definitive feasibility
study on the Marathon PGM-Cu deposit. Marathon also has
development and exploration stage properties in southeastern
Manitoba and western Newfoundland and Labrador. Marathon's
management plans to build on this focus through the advancement
of its properties, focusing on resource development and
by examining other strategic PGM and base metal opportunities
within Canada.
Gossan Resources Limited is engaged in mineral exploration
in Manitoba and northwestern Ontario. It has a well-diversified
portfolio of properties hosting gold, platinum group and
base metals, as well as the specialty and minor metals,
tantalum, lithium, chromium, titanium and vanadium. The
Company also has a large deposit of magnesium-rich dolomite,
the world-wide rights to the Zuliani magnesium production
process, and a silica sand prospect. Gossan trades on the
TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges
and has 28,920,900 common shares outstanding.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
"forward-looking statements". Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar
words, or statements that certain events or conditions "may"
or "will" occur. Forward-looking statements are based on
the opinions and estimates of management at the date the
statements are made and are subject to a variety of risks
and uncertainties and other factors that could cause actual
events or results to differ materially from those projected
in the forward-looking statements. These risks and uncertainties
include but are not limited to those identified and reported
in Management's Discussion and Analysis for the year ended
December 31, 2007. Circumstances or management's estimates
or opinions could change, and management disclaims any obligation
to revise or update forward-looking statements, whether
for new information, future events or otherwise. The reader
is cautioned not to place undue reliance on forward-looking
statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
