Western Victoria (Au, Cu)Marathon's Kalymna (EL 4526) and Glenlyle (EL 4621) tenements are located in western Victoria and are prospective for copper and gold.
The tenements cover strategic ground associated with the Moyston Fault Zone, a major regional scale north-north-west striking tectonic feature.
This fault zone is interpreted as a deep rooted crustal structure and is apparent in geophysical data as the Stavely Magnetic Anomaly. It separates the Glenelg River Complex, a Delamerian deformation domain to the west from the Stavely Belt-Stawell Belt, a classical early Palaeozoic Victorian Goldfield geological domain, part of the Lachlan Fold Belt of eastern Australia.
Kalymna and Glenlyle lie about 20 kilometres to the southwest of Ararat (gold and copper) and 45 kilometres to the south of Stawell (gold), both known as mining centres of western Victoria, and about 25 kilometres north-east of Victor 1, a bulk porphyry-type copper prospect of Newcrest Exploration.
Drilling conducted during fiscal 2006 tested separate well defined anomalies with potential for porphyry copper style mineralisation and structurally controlled gold mineralisation.
At Glenlyle, a circular magnetic feature was defined following an exploration initiative by the Victorian government in 1974. Marathon carried out an Induced Polarisation survey and the IP lines defined moderate strength anomalous zones interpreted as vertical porphyry intrusives.
RC drilling confirmed the source of the IP anomalism to be disseminated pyrite within sericitic altered dacite porphyry belonging to the Stavely Volcanic Complex. This confirms the target analogy with the Victor 1 Prospect to the south of the tenement, although returned copper and gold assay results were lower than expected.
At Kalymna, reverse circulation drill holes KLYRC01 and 02 were paired to test results of reconnaissance air-core drilling conducted earlier by Marathon in this area of 1m @ 0.39g/t Au (MS3, depth 35 to 36m).
KLYRC01 was collared in the Cambrian Glenthompson Sandstone of the Glenelg Group and terminated within the Moyston Fault Zone. KLYRC02 was collared in Mt Stavely Complex rocks which are sheared and altered and contain significant arsenopyrite adjacent to the Moyston Fault.
KLYRC02 entered fresh Glenthompson Sandstone containing minor disseminated pyrite to the east of the Moyston Fault. The mineralized intersections of both KLYRC01 and KLYRC02 occur in conjunction with strongly quartz veined zones interpreted as representing the Moyston Fault Zone.
Significant results included 4m @ 0.79 g/t Au (KLYRC01, depth 72 to 76m) and 20m @ 0.91 g/t Au (KLYRC02, depth 56 to 76m) including 4m @ 2.84g/t Au (depth 56 to 60m). These results are considered to warrant further investigation.
Planning approvals are in place to undertake a 2000m air core drilling program early in the third quarter of 2007. The program will try to expand the extent of the mineralised zone intersected in the RC drilling and identify more target zones along the Moyston Fault zone.
