Paralana Mineral System (Mt Gee) (Uranium)Marathon's 100% owned Paralana Mineral System (EL 4355) in the Arkaroola region of South Australia's Northern Flinders Ranges is one of the largest uranium mineral systems in Australia.
Marathon has developed a 3D model of this world-class uranium-REE-polymetallic ore system, drawing on the company's in-house tectogenetic analysis and the expertise of consultants from the Economic Geology Centre of the University of Mining and Metallurgy in Krakow, Poland.
Part of the Adelaide Geosyncline, the 11-12 kilometre long Paralana Mineral System contains proven uranium deposits, including the Armchair and Hodgkinson deposits. But the company's focus is on the development of the exciting Mt Gee project and its extensions to the south and east.
A revised resource estimate of the Mt Gee deposit was released on 2 September 2008 as follows:
| Resource Category | Resources Tonnes* | Grade U3O8* | Tonnes U3O8* |
| Indicated | 4.0 Mt | 706ppm | 2.8 Kt |
| Inferred | 47.0 Mt | 607ppm | 28.5 Kt |
| Total | 51.0 Mt | 615ppm | 31.4 Kt |
* At 300ppm U3O8 cut-off
The Company's revised resource estimate is based on an independent assessment of the resource prepared by Tony Marshall of SMG Consultants Pty Ltd (SMGC). SMGC previously completed a resource estimate on the Mt Gee deposit in June 2008.
The SMGC assessment is based on historical drilling by Marathon and others, including the most recent drilling programme of 27 diamond drill holes into the Mt Gee deposit in late 2007 and early 2008.
This revised estimate compares to the previous estimate released in June 2008 of 46.1Mt of mineralisation at 651ppm for 30.0 Kt of U3O8 contained, also at 300ppm U3O8 cut-off. Prior to this, the estimate released in September 2007 was 42.8Mt of mineralisation at 629ppm for 26.9Kt of U3O8 contained, at a 300ppm U3O8 cut-off.
During the 2006–07 drilling program, a total of 73 holes for 15,251 metres were drilled and this program was completed in March 2007.
The drilling of 44 holes on the western side of Mt Gee commenced on 17/11/2006 and was finished on 5/2/2007; about 7,800m of RC drilling were completed. Drilling was continued at Mt Gee east, with 29 holes for 7,590m being completed by 17/3/2007 when the program ended.
Drilling was continued at Mt Gee east, with 29 holes for 7590m being completed by 17/3/2007 when the program ended.
Marathon looks forward to sharing with investors and the community the generation of wealth from Mt Gee.
