Prior to listing on the Australian Securities Exchange on 17 March 2005, Marathon was fortunate to acquire high quality properties, both in its own right and through joint ventures.
These properties are located in the highly prospective Gawler Craton, in the Northern and Central Adelaide Geosyncline (Flinders Ranges) and in the western margin of the Victoria Goldfields.
Marathon has made significant progress since listing on the ASX.
An indicated and inferred resource of 46.1 million tonnes averaging 651ppm U3O8 (cut-off grade 300ppm), yielding 30,030 tonnes of contained U3O8 has been announced for the Mt Gee uranium deposit in the Northern Flinders Ranges of South Australia.
A 73-hole drilling program was completed in March 2007, with a further 27 diamond drill holes drilled into the Mt Gee deposit in late 2007 and early 2008. The results were consistent with Marathon's mineralisation model.
A scoping study conducted by Coffey Mining Pty Ltd has determined that underground mining is the best solution from both an environmental and economic perspective.
The scoping study has assessed:
- an operation processing approximately 1.5 million tonnes per annum at 760 ppm U3O8.
- production of about 900 tonnes per annum of U3O8 using conventional atmospheric tank leaching (or slightly less using heap leaching).
- a mine life of 9 years.
Marathon is also exploring other prospects within the Paralana Mineral System, including the Armchair and Hodgkinson deposits. The company also continues work on its gold, copper and base metal exploration tenements in the Flinders Ranges and iron oxide copper-gold-uranium projects in the Gawler Craton. A promising gold deposit is also in sight in western Victoria's Moysten Fault.
Marathon shareholders are also benefiting from the company's investment in joint venture partner UraniumSA Ltd, which successfully listed on ASX on 18 October 2006. USA holds a portfolio of 17 exploration properties across the Gawler Craton, including a range of uranium exploration targets.
In April 2007, Marathon extended its uranium and polymetallic exploration activities in Western Australia with the signing of a joint venture with Primary Resources Ltd. Covering an area of over 1,000 square kilometres, the tenements are prospective for uranium, in addition to nickel and diamonds.
