PEA Underway and on track for Completion in Q2 of 2018 at Marathon’s flagship Valentine Lake Project
December 14 2017 - 7:00AM
Marathon Gold Corporation (“Marathon” or the
“Company”) (TSX:MOZ) (OTCQX:MGDPF) is pleased to announce
the appointment of Lycopodium Minerals (Lycopodium), an
international engineering, procurement, construction and project
management company as the lead consultant for the Valentine Lake
Gold Project (the “Project”) Preliminary Economic assessment
(PEA). The PEA will be conducted by professionals from
Lycopodium’s Mississauga office, with support from other design
centres when required. Lycopodium has registered professional
engineers in the province of Newfoundland to sign off and seal
engineering deliverables.
Lycopodium’s specialty is gold processing, and
they have a solid track record of developing low capital intensity
projects which are easy to construct, operate and maintain.
Lycopodium will be assisted by the John T. Boyd Company (Boyd) for
geology, resource estimates and mining methods and Stantec
Consulting (Stantec), for environmental, social and geotechnical
studies. Metallurgical test work and flow sheet
assessment for the PEA was completed by Thibault & Associates,
John Goode, P. Eng., a metallurgist who provided independent
third-party oversight and ongoing assessment of Thibault’s work on
the Leprechaun and Marathon deposits, will continue to provide
metallurgical oversight.
Boyd is currently completing the NI 43-101
compliant Technical Report on Marathon’s recently released resource
update of the Project, and has developed an excellent understanding
of the mineralization of the Valentine Lake deposits. The Boyd team
is highly experienced in both open pit and, through their
association with MineTech International Limited (“MineTech”),
underground mine design and scheduling.
Stantec is currently completing 11 environmental
and hydrogeological baseline studies for the Project. They have
intimate project knowledge and an excellent reputation regarding
environmental and socio-economic conditions in the province.
Stantec also has an experienced team to complete the site wide
geotechnical assessment for mine and plant infrastructure and pit
slopes and design the waste management facilities.
“The PEA is progressing well with a first-class
team of consultants managed by Robbert Borst for Marathon. Site
visits have taken place and the first meeting will be held next
week. The study will assess the economic potential of the Valentine
Lake project and is expected to be completed in the second quarter
of 2018,” said Phillip Walford, President and CEO of Marathon Gold.
“In addition to the PEA work, drilling will resume at Valentine
Lake in January 2018. Drilling will be focused on drilling the
boggy areas between the Marathon and Sprite deposits for new
deposits and on expanding the Marathon Deposit resource.”
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 1,847,000 oz. of gold at 1.88 g/t
and inferred resources totaling 1,012,000 oz. of gold at 1.65 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 meters vertically at Leprechaun and
almost a kilometer at Marathon. The four deposits outlined to date
occur in a 30-kilometer gold trend on the property, with much of
the 24,000-hectare property having had little detailed exploration
activity to date.
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 73% 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 Haldane
Investor Relations Manager
Tel: 1-416-987-0714
E-mail: chaldane@marathon-gold.com
Phillip WalfordPresident and Chief Executive
OfficerTel: 1-416-987-0711E-mail:
pwalford@marathon-gold.com
Robbert BorstProject ManagerTel:
1-647-260-1714Email: rborst@marathon-gold.com
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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
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"could". We provide forward-looking statements for the purpose of
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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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