The main asset is poly-metal deposit in Ontario.
Marathon project:
"Deposit History
Anaconda Canada explored the Project during the 1960’s and drilled over 36,000 metres in exploration and definition of copper mineralization. In 1985 Fleck Resources focused on the re-assaying of Anaconda’s drill core for PGM’s and completed another 3,615 metres of drilling. Geomaque Exploration (now Rio Narcea Gold Mines, Ltd.) had an option to purchase this Project in 2001. Geomaque spent over $1 million on the Project. Geomaque completed a preliminary assessment on the Project in April 2001.
Recently, results from the 2008 drilling campaign of 30,000 m were incorporated into the new resource estimate which was released in late 2008. In previous years, Marathon drilled 40,000 m during 2007 and completed a 25,000 m campaign for the 2006."
- Current reserves for the Marathon property are 497 million pounds of copper, 4.23 million ounces of silver and 3.4 million ounces of platinum group metals and gold.
- Break-even levels(IRR ~10%) are around copper $2.63/lb, paladium 293/oz, gold $695/oz, platinum $1,206/oz, silver $13/oz
Fresh CEO interview on BNN
Some thoughts: MAR provides exposure to a significant industrial metal and noble metals. The Marathon deposit looks like a relatively low-cost project in a politically safe environment. The big question is financing. The company seems to have pinned its hopes on a Chinese financial backer.
No comments:
Post a Comment