Marathon Deposit Drilling Hits in Main Zone Corridor: 1.88 g/t Au over 225m with 4.87 g/t Au over 25m & 3.38 g/t Au over 25m...
October 05 2017 - 7:00AM
Marathon Gold Corporation (“Marathon” or the
“Company”) (TSX:MOZ) is pleased to report very positive
results from new drilling at the Marathon Deposit, Valentine Lake
Gold Camp, central Newfoundland. Additional infill drilling, down
through the 75-100-meter wide and more than 500-700-meter deep
mineralized corridor of the Marathon Deposit, has further confirmed
the continuity of good gold grades throughout the corridor with
1.88 g/t Au over 225 meters including 4.87 g/t Au over 25 meters
and 3.38 g/t Au over 25 meters in MA-17-213 (Figure 1). Drill holes
drilled across the main mineralized corridor also intercepted
numerous high-grade intervals including 7.21 g/t Au over 7 meters
in MA-17-201, 3.59 g/t Au over 18 meters in MA-17-206, 12.65 g/t Au
over 3 meters in MA-17-207, 2.19 g/t Au over 22 meters in
MA-17-204, and 4.04 g/t Au over 7 meters in MA-17-209. Drilling
toward the southwest end of the current resource pit shell also
intersected significant mineralization with 8.46 g/t Au over 5
meters in MA-17-203, 3.44 g/t Au over 3 meters in MA-17-210, and
3.57 g/t Au over 3 meters in MA-17-208.
Marathon has now released the results of just
38% of its planned 60,000-meter drill campaign. Over the next
month, drilling at the Marathon Deposit will have a 3 fold approach
with steep, infill drilling focused on the upper open-pit as well
as underground regions of the deposit, step-out drilling towards
the southwest along strike to further expand the open-pit, and
hanging and footwall drilling aimed at reducing strip ratio for the
resource pit shell. As much of this drilling as possible will be
included in the resource update for the property scheduled for the
end of October or early November. The resource will form a base for
the PEA planned for completion in the 2nd quarter of 2018.
Drilling Highlights:
- Drill hole MA-17-213, drilled sub-vertical down through the
en-echelon stacked quartz- tourmaline-pyrite-gold (QTP) veining of
the Marathon Deposit main corridor, intersected 1.88 g/t Au over
242 meters including significant higher-grade intervals of 3.38 g/t
Au over 25 meters, 4.87 g/t Au over 25 meters, 3.13 g/t Au over 9
meters and 3.29 g/t Au over 13 meters.
- Drill hole MA-17-212, also drilled sub-vertical down through
the en-echelon stacked quartz- tourmaline-pyrite-gold (QTP) veining
of the Marathon Deposit main corridor, intersected 1.98 g/t Au over
53 meters including 7.77 g/t Au over 7 meters and 1.98 g/t Au over
22 meters with 9.49 g/t Au over 2 meters and 3.89 g/t Au over 9
meters.
- Additional steep drill holes MA-17-201 and MA-17-207
intersected significant high-grade gold intercepts as these holes
penetrated deeper crossing the main corridor with 7.21 g/t Au over
7 meters with 23.34 g/t Au over 2 meters in MA-17-201 and 6.09 g/t
Au over 3 meters, 4.81 g/t Au over 4 meters and 12.65 g/t Au over 3
meters in MA-17-207.
- Moderately inclined drill holes, designed to penetrate across
the main corridor, thereby confirming width of the corridor,
intersected 2.19 g/t Au over 22 meters including 7.48 g/t Au over 3
meters in MA-17-204, 3.59 g/t Au over 18 meters with 8.80 g/t Au
over 4 meters in MA-17-206, 4.04 g/t Au over 7 meters and 4.09 g/t
Au over 5 meters in MA-17-209 and 11.88 g/t Au over 3.4 meters in
MA-17-211.
- Drill holes collared along strike to the southwest continued to
intersect significant mineralization including 8.46 g/t Au over 5
meters with 18.97 g/t Au over 2 meters in MA-17-203, 3.44 g/t Au
over 3 meters and 2.24 g/t Au over 3 meters in MA-17-210, and 3.57
g/t Au over 3 meters in MA-17-208.
“Our successful drilling at the Marathon Deposit
continues to confirm the continuity of good gold grades throughout
the main zone corridor and that we are discovering new
mineralization," said Phillip Walford, President and CEO of
Marathon. “Robbert Borst our manager for the PEA is now focusing on
the various tasks required for the PEA which will commence once the
resource estimate is updated.”
TABLE 1: Significant fire assay
intervals from drill holes MA-17-201 to MA-17-214, Marathon
Deposit, Valentine Lake Gold Camp.
DDH |
Section |
From |
To |
Core Length (m) |
True Thickness (m) |
Gold g/t |
Gold g/t (cut) * |
MA-17-201 |
17320 |
441 |
444 |
3 |
2.9 |
2.36 |
|
|
|
516 |
519 |
3 |
2.9 |
2.36 |
|
|
|
545 |
552 |
7 |
6.7 |
7.21 |
|
including |
|
550 |
552 |
2 |
1.9 |
23.34 |
|
MA-17-203 |
16730 |
235 |
240 |
5 |
4.0 |
8.46 |
|
including |
|
238 |
240 |
2 |
1.6 |
18.97 |
|
MA-17-204 |
17100 |
35 |
38 |
3 |
2.4 |
1.43 |
|
|
|
167 |
189 |
22 |
17.6 |
2.19 |
|
including |
|
167 |
169 |
2 |
1.6 |
6.36 |
|
including |
|
180 |
183 |
3 |
2.4 |
7.48 |
|
|
|
210 |
216 |
6 |
4.8 |
2.21 |
|
|
|
269 |
272 |
3 |
2.4 |
7.25 |
|
MA-17-205 |
16780 |
103 |
106 |
3 |
2.1 |
1.39 |
|
MA-17-206 |
17100 |
413 |
416 |
3 |
2.6 |
2.61 |
|
|
|
438 |
441 |
3 |
2.6 |
2.12 |
|
|
|
479 |
497 |
18 |
15.3 |
3.59 |
|
including |
|
482 |
486 |
4 |
3.4 |
8.80 |
|
MA-17-207 |
17270 |
314 |
317 |
3 |
2.9 |
6.09 |
|
|
|
350 |
354 |
4 |
3.8 |
4.81 |
|
|
|
386 |
389 |
3 |
2.9 |
12.65 |
11.31 |
|
|
424 |
427 |
3 |
2.9 |
6.00 |
|
MA-17-208 |
16820 |
51 |
54 |
3 |
2.3 |
3.57 |
|
|
|
236 |
239 |
3 |
2.3 |
1.93 |
|
MA-17-209 |
17080 |
402 |
406 |
4 |
3.2 |
6.00 |
|
|
|
419 |
426 |
7 |
5.6 |
4.04 |
|
|
|
442 |
447 |
5 |
4.0 |
4.09 |
|
|
|
454 |
460 |
6 |
4.8 |
3.65 |
|
MA-17-210 |
16780 |
115 |
118 |
3 |
2.3 |
3.44 |
|
|
|
151 |
154 |
3 |
2.3 |
2.24 |
|
MA-17-211 |
17230 |
4.6 |
8 |
3.4 |
2.4 |
11.88 |
|
MA-17-212 |
17180 |
12 |
15 |
3 |
2.9 |
3.14 |
|
|
|
41 |
44 |
3 |
2.9 |
1.25 |
|
|
|
69 |
122 |
53 |
50.4 |
1.98 |
1.73 |
including |
|
78 |
80 |
2 |
1.9 |
5.93 |
|
including |
|
87 |
94 |
7 |
6.7 |
7.77 |
5.87 |
|
|
233 |
255 |
22 |
20.9 |
1.98 |
|
including |
|
238 |
240 |
2 |
1.9 |
9.49 |
|
|
|
318 |
327 |
9 |
8.6 |
3.89 |
|
MA-17-213 |
17160 |
17 |
242 |
225 |
213.8 |
1.88 |
|
including |
|
17 |
42 |
25 |
23.8 |
3.38 |
|
including |
|
46 |
51 |
5 |
4.8 |
3.03 |
|
including |
|
66 |
75 |
9 |
8.6 |
3.13 |
|
including |
|
90 |
94 |
4 |
3.8 |
3.04 |
|
including |
|
113 |
126 |
13 |
12.4 |
3.29 |
|
including |
|
171 |
196 |
25 |
23.8 |
4.87 |
|
including |
|
217 |
225 |
8 |
7.6 |
3.42 |
|
|
|
276 |
306 |
30 |
28.5 |
1.53 |
|
including |
|
290 |
295 |
5 |
4.8 |
4.63 |
|
MA-17-214 |
16920 |
71 |
74 |
3 |
2.1 |
1.38 |
|
*Au cut off 33 gpt Au (February 2017 resource
update).
A map accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/59bc2923-8b29-4041-9a54-51554b92297a
Acknowledgments
Marathon acknowledges the financial support of
the Junior Exploration Assistance Program, Department of Natural
Resources, Government of Newfoundland and Labrador.
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 70% - 95% 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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