Marathon Gold Files 43-101 Technical Report for Updated Resources at the Valentine Lake Gold Camp: 1,846,500 ounces M&I at 1...
January 09 2018 - 7:00AM
Marathon Gold Corporation (“Marathon” or the “Company”) (MOZ:TSX)
today announced that it has made the regulatory filing of the
report entitled “Technical Report on the Mineral Resource Estimate
of the Valentine Lake Project.” The updated resource was
announced on November 30, 2017 and completed under the direction of
John T. Boyd Company. The company has also resumed drilling at the
Valentine Lake Gold Camp.
Resource Highlights:
- Overall increase in Measured & Indicated gold resources and
Inferred resources of more than 30%
- 88% of the Measured and Indicated gold resource is pit shell
constrained
- Average discovery cost of $14 per new resource ounce of
gold.
First Quarter Plans:
- Two drills resumed drilling on the property yesterday to
complete the 60,000 meter program by April
- 15,000 meters will be drilled with one rig focusing on drilling
the frozen bogs where no previous drilling has taken place and the
second rig will focus on expanding the known resources
- The PEA is on track for completion in the second quarter of
2018
“Valentine Lake now hosts the largest gold
resource in Atlantic Canada. The results of the new resource and
early work from the PEA are proving to be a very good guide in
planning the new drilling in the known deposits.” said Phillip
Walford President and CEO of Marathon. “This year will be a pivotal
one from Marathon Gold as it advances from exploration to
development.”
Table 1: November 2017 Summary of
Resources
Deposit / Category |
Open Pit |
Underground |
Total |
|
|
Tonnes |
Grade |
Gold |
Tonnes |
Grade |
Gold |
Tonnes |
Grade |
Gold |
|
(g/t) |
(oz.) |
|
(g/t) |
(oz.) |
|
(g/t) |
(oz.) |
Valentine Lake Gold Camp Summary |
Measured & Indicated Mill |
17,479,000 |
2.63 |
1,476,400 |
1,810,000 |
3.67 |
213,300 |
19,289,000 |
2.72 |
1,689,700 |
Measured & Indicated Heap Leach |
11,189,000 |
0.44 |
156,800 |
-- |
-- |
-- |
11,189,000 |
0.44 |
156,800 |
Total Measured & Indicated |
28,668,000 |
1.77 |
1,633,200 |
1,810,000 |
3.67 |
213,300 |
30,478,000 |
1.88 |
1,846,500 |
|
|
|
|
|
|
|
|
|
|
InferredMill |
8,603,000 |
1.97 |
544,900 |
3,412,000 |
3.37 |
369,800 |
12,015,000 |
2.37 |
914,700 |
InferredHeap Leach |
7,006,000 |
0.43 |
97,000 |
-- |
-- |
-- |
7,006,000 |
0.43 |
97,000 |
Total Inferred |
15,609,000 |
1.28 |
641,900 |
3,412,000 |
3.37 |
369,800 |
19,021,000 |
1.65 |
1,011,700 |
Prepared under the direction of John T. Boyd
Company
Table 2: November 2017 Detailed
Resources
Deposit / Category |
Open Pit |
Underground |
Total |
|
|
Tonnes |
Grade |
Gold |
Tonnes |
Grade |
Gold |
Tonnes |
Grade |
Gold |
|
(g/t) |
(oz) |
|
(g/t) |
(oz) |
|
(g/t) |
(oz) |
Leprechaun Deposit |
Measured & Indicated Mill |
5,637,000 |
3.19 |
578,900 |
218,000 |
4.22 |
29,600 |
5,855,000 |
3.23 |
608,500 |
Measured & Indicated Heap Leach |
2,994,000 |
0.44 |
42,400 |
- |
- |
- |
2,994,000 |
0.44 |
42,400 |
Total Measured & Indicated |
8,631,000 |
2.24 |
621,300 |
218,000 |
4.22 |
29,600 |
8,849,000 |
2.29 |
650,900 |
|
InferredMill |
3,447,000 |
2.42 |
268,600 |
478,000 |
4.02 |
61,800 |
3,925,000 |
2.62 |
330,400 |
InferredHeap Leach |
2,790,000 |
0.43 |
38,800 |
- |
- |
- |
2,790,000 |
0.43 |
38,800 |
Total Inferred |
6,237,000 |
1.53 |
307,400 |
478,000 |
4.02 |
61,800 |
6,715,000 |
1.71 |
369,200 |
|
|
|
|
|
|
|
|
|
|
Sprite Deposit |
|
|
|
|
|
|
|
|
|
Measured & Indicated Mill |
238,000 |
2.67 |
20,400 |
71,000 |
4.64 |
10,600 |
309,000 |
3.12 |
31,000 |
Measured & Indicated Heap Leach |
105,000 |
0.44 |
1,500 |
- |
- |
- |
105,000 |
0.44 |
1,500 |
Total Measured & Indicated |
343,000 |
1.99 |
21,900 |
71,000 |
4.64 |
10,600 |
414,000 |
2.44 |
32,500 |
|
InferredMill |
482,000 |
1.97 |
30,500 |
90,000 |
3.03 |
8,800 |
572,000 |
2.13 |
39,300 |
InferredHeap Leach |
447,000 |
0.44 |
6,300 |
- |
- |
- |
447,000 |
0.44 |
6,300 |
Total Inferred |
929,000 |
1.23 |
36,800 |
90,000 |
3.03 |
8,800 |
1,019,000 |
1.39 |
45,600 |
|
|
|
|
|
|
|
|
|
|
Marathon Deposit |
Measured & Indicated Mill |
10,948,000 |
2.37 |
833,000 |
1,521,000 |
3.54 |
173,100 |
12,469,000 |
2.51 |
1,006,100 |
Measured & Indicated Heap Leach |
7,672,000 |
0.43 |
107,000 |
- |
- |
- |
7,672,000 |
0.43 |
107,000 |
Total Measured & Indicated |
18,620,000 |
1.57 |
940,000 |
1,521,000 |
3.54 |
173,100 |
20,141,000 |
1.72 |
1,113,100 |
|
|
|
|
|
|
|
|
|
|
InferredMill |
3,367,000 |
1.64 |
177,500 |
2,710,000 |
3.27 |
284,900 |
6,077,000 |
2.37 |
462,400 |
InferredHeap Leach |
2,909,000 |
0.43 |
39,700 |
- |
- |
- |
2,909,000 |
0.43 |
39,700 |
Total Inferred |
6,276,000 |
1.08 |
217,200 |
2,710,000 |
3.27 |
284,900 |
8,986,000 |
1.74 |
502,100 |
|
|
|
|
|
|
|
|
|
|
Victory Deposit |
|
|
|
|
|
|
|
|
|
Measured & Indicated Mill |
656,000 |
2.09 |
44,100 |
- |
- |
- |
656,000 |
2.09 |
44,100 |
Measured & Indicated Heap Leach |
418,000 |
0.44 |
5,900 |
- |
- |
- |
418,000 |
0.44 |
5,900 |
Total Measured & Indicated |
1,074,000 |
1.45 |
50,000 |
- |
- |
- |
1,074,000 |
1.45 |
50,000 |
|
|
|
|
|
|
|
|
|
|
InferredMill |
1,307,000 |
1.63 |
68,300 |
134,000 |
3.32 |
14,300 |
1,441,000 |
1.78 |
82,600 |
InferredHeap Leach |
860,000 |
0.44 |
12,200 |
- |
- |
- |
860,000 |
0.44 |
12,200 |
Total Inferred |
2,167,000 |
1.16 |
80,500 |
134,000 |
3.32 |
14,300 |
2,301,000 |
1.28 |
94,800 |
The effective date for the mineral resource
estimate is November 27, 2017Prepared under the direction of John
T. Boyd CompanyNotes:
1. The effective date for this mineral
resource estimate is November 27, 2017 and are reported on a 100%
ownership basis.2. Mineral Resources are calculated at a gold
price of US$1,250 per troy ounce. 3. The mineral
resources presented above are global and do not include a detailed
pit or underground design, only an economic pit shell was used to
determine the in-pit mineral resources. The underground
mineral resources are that material outside of the in-pit mineral
resources above the stated underground cut-off
grade.4. Mineral resources which are not mineral reserves do
not have demonstrated economic viability. The estimate of
mineral resources may be materially affected by environmental,
permitting, legal, title, socio-political, marketing, or other
relevant issues5. The mineral resources presented here were
estimated with a block size of 6 m by 6 m by 6 m sub-blocked to a
minimum block size of 2 m by 2 m by 2 m using ID3 methods for grade
estimation. All mineral resources are reported using an open
pit gold cut-off of 0.290 g/t Au and an underground gold cut-off of
1.489 g/t Au. Material between a 0.290 Au g/t value and 0.628
Au g/t is assumed to be processed on a heap leach. Material
above a 0.628 Au g/t is assumed to be processed in a conventional
mill. Higher gold grades were given a limited area of
influence that was applied during grade estimation by mineralized
domain. 6. The mineral resources presented here were estimated
using the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM), CIM Standards on Mineral Resources and Reserves, Definitions
and Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council May 10, 2014.7. Figures
are rounded and totals may not add correctly.
Qualified Persons
The Valentine Lake Property is under the direct
supervision of Ms. Sherry Dunsworth, P.Geo., Senior Vice President
of Exploration for Marathon Gold Corporation. Ms. Sherry Dunsworth
is defined as a Qualified Person as defined by the National
Instrument 43-101. Robert J. Farmer, P. Eng. of John T. Boyd
Company and Mr. D. Roy Eccles, P.Geol of Apex Geosciences Ltd. are
responsible for the completion of the resource update report and
are an independent Qualified Persons as defined by the National
Instrument 43-101.
Quality Assurance-Quality Control
(“QA/QC”)
Thorough QA/QC protocols are followed on the
project including the insertion of blanks and standard samples in
all drill holes. The core is cut in half and one half retained at
site, the other half is tagged and bagged and sent directly to
Eastern Analytical Ltd. In Springdale, Newfoundland. Eastern
Analytical prepares the samples and uses fire assay with an atomic
absorption finish to determine the gold content. All samples above
0.10 grams per tonne in economically interesting intervals are
further assayed using metallic screen to mitigate the presence of
coarse gold.
About Marathon Gold
Corporation
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 metres 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
Phillip Walford Investor Relations
Manager
President and Chief Executive OfficerTel:
1-416-987-0714
Tel: 1-416-987-0711E-mail: chaldane@marathon-gold.com
E-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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