Marathon Gold Corporation (“Marathon” or the
“Company”) (TSX:MOZ) is very pleased to report continued
positive results from the latest drill holes designed to penetrate
down through the en-echelon stacked quartz-tourmaline-pyrite-gold
(QTP) veining of the Main Zone corridor of the Leprechaun Deposit,
Valentine Lake Gold Camp, central Newfoundland (Figures 1 & 2).
The new drill holes VL-17-655 and VL-16-656, along with the
previously released drill holes VL-17-653 and VL-17-654, cover a
250-meter strike length of the 960-meter long Main Zone of the
Leprechaun Deposit (Figure 1). These 4 drill holes have all
succeeded in hitting continuous wide, high-grade gold intervals in
multiple stacked arrays of shallow southwest dipping QTP veining
that dominates throughout the 25 to 60-meter wide by more than
350-meter deep Main Zone corridor of the Leprechaun Deposit (Figure
1). The pattern of QTP veining of the Leprechaun and Marathon
Deposits is the same as that observed elsewhere throughout the
Valentine Gold Camp.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/6a2022b9-2cc6-4617-a3d5-699e22ef63c5
http://www.globenewswire.com/NewsRoom/AttachmentNg/969b2b7c-5738-4333-bb26-e5902f682235
The drill holes VL-17-655 and VL-17-656,
collared 130 meters apart on sections 10,120 and 10,250 (Figure 1),
along with VL-17-653 and VL-17-654 on section 10,000, were each
designed to penetrate down through the Main Zone corridor of the
Leprechaun Deposit, proving the continuous nature of the gold
mineralization down through the stacked QTP vein arrays as well as
laterally out into the hanging wall. VL-17-655 intersected 2.34 g/t
Au over 151 meters including 6.90 g/t Au over 16 meters, 3.40 g/t
Au over 14 meters, 4.26 g/t Au over 10 meters, and 7.19 g/t Au over
5 meters. VL-17-656 intersected 3.72 g/t Au over 33 meters
including 6.19 g/t Au over 16 meters, 1.84 g/t Au over 34 meters
including 3.40 g/t Au over 6 meters and 2.35 g/t Au over 14 meters
as well as 19.01 g/t Au over 7 meters.
Drilling continues at the property with the
focus now on expanding the Marathon resource with both infill and
step-out drill holes designed to increase the M & I category of
the resource as well as adding more inferred resource. Marathon has
now released the results on just 32% of its planned 60,000-meter
drill campaign.
Drilling Highlights:
- VL-17-655 intersected 2.34 g/t Au over 181
meters with 6.90 g/t Au over 16 meters, 6.35 g/t Au over 5
meters, 3.40 g/t Au over 14 meters, 7.19 g/t Au over 5 meters, 5.67
g/t Au over 4 meters, and 4.26 g/t Au over 10 meters as well as
4.08 g/t Au over 6.4 meters, 1.91 g/t Au over 47 meters, and 2.73
g/t Au over 14 meters.
- VL-17-656 intersected 3.72 g/t Au over 33
meters with 6.19 g/t Au over 16 meters, 19.01 g/t Au over
7 meters with 40.65 g/t Au over 3 meters, 1.84 g/t Au over
34 meters with 4.16 g/t Au over 5 meters and 3.40 g/t Au
over 6 meters, and 2.35 g/t Au over 14
meters.
- New drill holes VL-17-655 and VL-17-656, as well as previously
released VL-17-653 and VL-17-654, were collared along at 250-meter
strike length and drilled down through the shallow SW dipping
arrays of en-echelon stacked QTP veining of the Main Zone
corridor.
- Re-modelling of the Leprechaun Deposit, with a focus on the
Main Zone corridor as well as hanging wall QTP veining, is
currently underway in advance of the resource update for the
Leprechaun Gold Deposit.
“The results of these new drill holes have aided
in defining the higher-grade mineralization in the Leprechaun
Deposit and may likely have a positive effect on the overall grade
in the upcoming resource update”, said Phillip Walford, President
and CEO of Marathon. “Four drill rigs continue to operate at the
Marathon Deposit. Marathon Gold Corporation is on track to complete
the property-wide resource estimation by early November and begin
the PEA.”
TABLE 1: Significant fire assay
intervals from drill holes VL-17-655 and VL-17-656, Leprechaun Gold
Deposit, Valentine Lake Gold Camp.
DDH |
Section |
From |
To |
CoreLength(m) |
TrueThickness(m) |
Gold g/t |
Gold g/t(cut)* |
VL-17-655 |
10120 |
6.6 |
13 |
6.4 |
5.4 |
4.08 |
|
including |
|
6.6 |
8 |
1.4 |
1.2 |
16.30 |
|
|
|
18 |
21 |
3 |
2.6 |
7.00 |
|
|
|
31 |
37 |
6 |
5.1 |
1.16 |
|
|
|
44 |
52 |
8 |
6.8 |
2.69 |
|
including |
|
44 |
46 |
2 |
1.7 |
8.38 |
|
|
|
71 |
78 |
7 |
6.0 |
1.79 |
|
|
|
100 |
147 |
47 |
40.0 |
1.91 |
|
including |
|
111 |
113 |
2 |
1.7 |
7.67 |
|
including |
|
119 |
120 |
1 |
0.9 |
7.56 |
|
including |
|
123 |
139 |
16 |
13.6 |
3.22 |
|
|
|
280 |
431 |
151 |
128.4 |
2.34 |
|
including |
|
280 |
296 |
16 |
13.6 |
6.90 |
|
including |
|
305 |
310 |
5 |
4.3 |
6.35 |
|
including |
|
318 |
332 |
14 |
11.9 |
3.40 |
|
including |
|
403 |
407 |
4 |
3.4 |
5.67 |
|
including |
|
410 |
415 |
5 |
4.3 |
7.19 |
|
including |
|
421 |
431 |
10 |
8.5 |
4.26 |
|
|
|
457 |
461 |
4 |
3.4 |
4.31 |
|
|
|
478 |
492 |
14 |
11.9 |
2.73 |
|
including |
|
489 |
492 |
3 |
2.6 |
7.15 |
|
VL-17-656 |
10250 |
3 |
36 |
33 |
26.4 |
3.72 |
|
including |
|
17 |
33 |
16 |
12.8 |
6.19 |
|
|
|
48 |
51 |
3 |
2.4 |
1.06 |
|
|
|
69 |
76 |
7 |
5.6 |
19.01 |
11.74 |
including |
|
70 |
73 |
3 |
2.4 |
40.65 |
23.70 |
|
|
99 |
111 |
12 |
9.6 |
1.59 |
|
including |
|
105 |
107 |
2 |
1.6 |
4.47 |
|
|
|
149 |
152 |
3 |
2.4 |
2.62 |
|
|
|
229 |
263 |
34 |
27.2 |
1.84 |
|
including |
|
229 |
232 |
3 |
2.4 |
5.60 |
|
including |
|
239 |
244 |
5 |
4.0 |
4.16 |
|
including |
|
257 |
263 |
6 |
4.8 |
3.40 |
|
|
|
287 |
290 |
3 |
2.4 |
10.15 |
|
|
|
311 |
325 |
14 |
11.2 |
2.35 |
|
including |
|
316 |
317 |
1 |
0.8 |
7.13 |
|
including |
|
320 |
323 |
3 |
2.4 |
4.29 |
|
*Cut off 33.0 g/t – 2015 Leprechaun Resource
Update
Acknowledgments
Marathon acknowledges the financial support of
the Junior Exploration Assistance Program, Department of Natural
Resources, Government of Newfoundland and Labrador. The Research
& Development Corporation of Newfoundland and Labrador has
granted approximately 40% of the costs of the current seismic
program to Marathon Gold and we appreciate this support.
Quality Assurance-Quality Control
(“QA/QC”)
Sherry Dunsworth, M.Sc., P. Geo., Senior VP of
Exploration, Marathon’s Qualified Person, has reviewed the contents
for accuracy and has approved this press release on behalf of
Marathon. Thorough QA/QC protocols are followed including the
insertion of blanks and standards at regular intervals in each
sample batch. Drill core is cut in half with one half retained at
site, the other half tagged and sent to Eastern Analytical Limited
in Springdale, Newfoundland. All reported core samples are analyzed
for Au by fire assay (30g) with AA finish. All samples above 0.10
g/t Au in economically interesting intervals are further assayed
using metallic screen to mitigate the presence of coarse gold.
Significant mineralized intervals are reported in Table 1 as core
lengths and estimated true thickness (between 80% - 85% of core
length).
About Marathon
Marathon is a Toronto based gold exploration
company rapidly advancing its 100% owned Valentine Lake Gold Camp
located in Newfoundland, one of the top mining jurisdictions in the
world. The Valentine Lake Gold Camp currently hosts four
near-surface, mainly pit-shell constrained, deposits with measured
and indicated resources totaling 1,388,200 oz. of gold at 1.91 g/t
and inferred resources totaling 766,500 oz. of gold at 2.24 g/t.
The majority of the resources occur in the Marathon and Leprechaun
deposits, which also have resources below the pit shell. Both
deposits are open to depth and on strike. Gold mineralization
has been traced down over 350 metres vertically at Leprechaun and
almost a kilometer at Marathon. The four deposits outlined to date
occur over a 20-kilometer system of gold bearing veins, with much
of the 24,000-hectare property having had little detailed
exploration activity to date. Drilling in 2017 is continuing to
focus on expanding the Marathon Deposit at surface and to
depth.
The Valentine Lake Gold Camp is accessible by
year-round roads and is located in close proximity to
Newfoundland’s electrical grid. Marathon maintains a 50-person
all-season camp at the property. Recent metallurgical tests have
demonstrated 93% to 98% recoveries via conventional milling and 50%
to 70% recoveries via low cost heap leaching at both the Leprechaun
and Marathon Deposits.
To find out more information on the Valentine
Lake Gold Camp please visit www.marathon-gold.com.
For more information, please
contact:
Christopher HaldaneInvestor Relations ManagerTel:
1-416-987-0714E-mail: chaldane@marathon-gold.com
Phillip WalfordPresident and Chief Executive OfficerTel:
1-416-987-0711E-mail: pwalford@marathon-gold.com
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATIONExcept for statements of
historical fact relating to Marathon Gold Corporation, certain
information contained herein constitutes "forward-looking
statements". Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, or include words such as "expects", "anticipates",
"plans", "believes", "considers", "intends", "targets", or negative
versions thereof and other similar expressions, or future or
conditional verbs such as "may", "will", "should", "would" and
"could". We provide forward-looking statements for the purpose of
conveying information about our current expectations and plans
relating to the future and readers are cautioned that such
statements may not be appropriate for other purposes. By its
nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. These risks and uncertainties
include but are not limited to those identified and reported in
Marathon Gold Corporation's public filings, which may be accessed
at www.sedar.com. Other than as specifically required by law,
we undertake no obligation to update any forward-looking statement
to reflect events or circumstances after the date on which such
statement is made, or to reflect the occurrence of unanticipated
events, whether as a result of new information, future events,
results or otherwise.
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