Marathon Gold Corporation (“Marathon” or the “Company”)
(TSX: MOZ) is pleased to report an additional tranche of
consistent and positive results from the ongoing infill drilling
campaign at the Marathon Deposit, part of the Valentine Gold
Project in central Newfoundland. The new drilling continues to
delineate significant new zones of Quartz-Tourmaline-Pyrite-Gold
(“QTP-Au”) veining in areas of limited previous drilling within the
southwestern area of the planned Marathon open pit (Figures 2 and
3). Highlights of the latest drilling include:
- Main Zone:
MA-19-450 intersected 3.99 g/t Au over 29.0 meters
including 20.76 g/t Au over 1.0 meter and 65.15 g/t Au over 1.0
meter, and 7.52 g/t Au over 3.0 meters.
- Main Zone:
MA-19-448 intersected 3.94 g/t Au over 20.0 meters
including 20.35 g/t Au over 2.0 meters, and 5.45 g/t Au over 3.0
meters.
- Main Zone:
MA-19-442 intersected 2.17 g/t Au over 52.0 meters
including 7.14 g/t Au over 5.0 meters, 20.34 g/t Au over 1.0 meter
and 16.52 g/t Au over 1.0 meter.
- Main Zone:
MA-19-443 intersected 2.25 g/t Au over 18.0 meters
including 22.12 g/t Au over 1.0 meter, as well as 3.08 g/t Au over
3.0 meters and 2.94 g/t Au over 3.0 meters.
- Main Zone:
MA-19-444 intersected 2.76 g/t Au over 6.0 meters
including 66.0 g/t Au over 2.0 meters.
- Main Zone:
MA-19-446 intersected 9.99 g/t Au over 5.0 meters
including 18.69 g/t Au over 2.0 meters.
- Main Zone / Footwall Zone:
MA-19-447 intersected 4.85 g/t Au over 9.0 meters
including 13.50 g/t Au over 2.0 meters, as well as 19.23 g/t Au
over 3.0 meters.
- Main Zone / Hanging Wall
Zone: MA-19-445 intersected 2.17 g/t Au over 10.0 meters,
including 8.85 g/t Au over 2.0 meters as well as 2.05 g/t Au over
3.0 meters.
These latest drill results represent a
continuation of an infill drill program in the southwest extension
area of the 1,500 meter long “Main Zone” within the Marathon
Deposit. This is an area of either no previous drilling or material
currently classified as Inferred Mineral Resources in the October
2018 Mineral Resource Estimate. The Main Zone represents a
mineralized corridor of between 100 and 125 meters width, extending
from surface to more than 300 meters depth, and comprised of SW
dipping, echelon stacked QTP-Au veining. Drilling is oriented
downward at a high-angle through the dominant shallowly dipping
vein orientation (Table 1; Figures 1 to 3). Assays are pending for
further drill holes that have intersected additional QTP-Au veining
in this area.
Drilling in the Marathon Deposit will be
completed this week. Thereafter, three drill rigs will move on to
complete a planned 7,000-meter exploration drilling campaign at the
Sprite Zone. The approximately 60,000 meters of Marathon and
Leprechaun infill drilling completed in 2019 will be utilized in
the upcoming Mineral Resource update for the Valentine Gold
Project, expected to be completed in the fourth quarter of this
year.
In addition to the infill drilling, hydrogeology
drilling and preliminary geotechnical programs were recently
completed, the results of which will be used in the ongoing
Valentine Environmental Assessment process and Pre-Feasibility
Study.
|
TABLE 1: Significant assay intervals, Marathon
Deposit, Valentine Gold Camp |
|
DDH |
Zone* |
Section |
Az |
Dip |
From |
To |
CoreLength(m) |
TrueThickness(m) |
Gold_g/t |
Gold_g/t(Cut) |
MA-19-436 |
FW |
16770 |
163 |
-80 |
96 |
100 |
4 |
3.8 |
2.81 |
|
MA-19-438 |
MZ |
16860 |
343 |
-81 |
72 |
75 |
3 |
2.9 |
1.52 |
|
|
|
|
|
|
110 |
113 |
3 |
2.9 |
1.07 |
|
|
|
|
|
|
131 |
134 |
3 |
2.9 |
1.42 |
|
|
|
|
|
|
164 |
169 |
5 |
4.8 |
1.22 |
|
|
|
|
|
|
230 |
236 |
6 |
5.7 |
1.61 |
|
MA-19-440 |
MZ |
16770 |
163 |
-85 |
73 |
76 |
3 |
2.9 |
2.02 |
|
|
|
|
|
|
88 |
91 |
3 |
2.9 |
1.97 |
|
|
|
|
|
|
113 |
116 |
3 |
2.9 |
1.56 |
|
|
|
|
|
|
123 |
126 |
3 |
2.9 |
1.42 |
|
|
|
|
|
|
143 |
146 |
3 |
2.9 |
1.21 |
|
MA-19-442 |
MZ |
16750 |
343 |
-87 |
11 |
15 |
4 |
3.8 |
2.61 |
|
|
|
|
|
|
118 |
122 |
4 |
3.8 |
1.89 |
|
|
|
|
|
|
124 |
127 |
3 |
2.9 |
4.84 |
|
|
|
|
|
|
138 |
141 |
3 |
2.9 |
3.31 |
|
|
|
|
|
|
147 |
154 |
7 |
6.7 |
1.71 |
|
|
|
|
|
|
168 |
220 |
52 |
49.4 |
2.17 |
|
including |
|
|
|
|
174 |
175 |
1 |
1.0 |
20.34 |
|
including |
|
|
|
|
179 |
180 |
1 |
1.0 |
16.52 |
|
including |
|
|
|
|
215 |
220 |
5 |
4.8 |
7.14 |
|
|
|
|
|
|
234 |
238 |
4 |
3.8 |
3.30 |
|
MA-19-443 |
MZ |
16880 |
343 |
-80 |
36 |
41 |
5 |
4.8 |
1.01 |
|
|
|
|
|
|
66 |
69 |
3 |
2.9 |
1.36 |
|
|
|
|
|
|
72 |
90 |
18 |
17.1 |
2.25 |
|
including |
|
|
|
|
77 |
78 |
1 |
1.0 |
22.12 |
|
|
|
|
|
|
102 |
105 |
3 |
2.9 |
1.47 |
|
|
|
|
|
|
135 |
138 |
3 |
2.9 |
2.03 |
|
|
|
|
|
|
158 |
163 |
5 |
4.8 |
1.21 |
|
|
|
|
|
|
189 |
195 |
6 |
5.7 |
1.10 |
|
|
|
|
|
|
199 |
202 |
3 |
2.9 |
1.75 |
|
|
|
|
|
|
214 |
217 |
3 |
2.9 |
2.94 |
|
|
|
|
|
|
230 |
233 |
3 |
2.9 |
1.53 |
|
|
|
|
|
|
287 |
290 |
3 |
2.9 |
1.42 |
|
|
|
|
|
|
296 |
300 |
4 |
3.8 |
3.08 |
|
MA-19-444 |
MZ |
16920 |
343 |
-76 |
38 |
41 |
3 |
2.7 |
2.24 |
|
|
|
|
|
|
64 |
68 |
4 |
3.6 |
3.72 |
|
|
|
|
|
|
232 |
238 |
6 |
5.4 |
2.76 |
|
including |
|
|
|
|
232 |
234 |
2 |
1.8 |
6.60 |
|
|
|
|
|
|
315 |
318 |
3 |
2.7 |
2.75 |
|
MA-19-445 |
MZ-HW |
16710 |
343 |
-65 |
13 |
23 |
10 |
8.5 |
2.17 |
|
including |
|
|
|
|
13 |
15 |
2 |
1.7 |
8.85 |
|
|
|
|
|
|
170 |
173 |
3 |
2.6 |
2.05 |
|
|
|
|
|
|
176 |
184 |
8 |
6.8 |
1.75 |
|
|
|
|
|
|
239 |
242 |
3 |
2.6 |
1.90 |
|
MA-19-446 |
MZ |
16900 |
343 |
-80 |
37 |
40 |
3 |
2.9 |
1.04 |
|
|
|
|
|
|
65 |
74 |
9 |
8.6 |
1.08 |
|
|
|
|
|
|
81 |
84 |
3 |
2.9 |
1.36 |
|
|
|
|
|
|
90 |
93 |
3 |
2.9 |
2.72 |
|
|
|
|
|
|
101 |
104 |
3 |
2.9 |
2.24 |
|
|
|
|
|
|
124 |
127 |
3 |
2.9 |
2.18 |
|
|
|
|
|
|
189 |
194 |
5 |
4.8 |
9.99 |
|
including |
|
|
|
|
191 |
193 |
2 |
1.9 |
18.69 |
|
MA-19-447 |
MZ-FW |
16980 |
343 |
-81 |
53 |
57 |
4 |
3.8 |
2.24 |
|
|
|
|
|
|
77 |
80 |
3 |
2.9 |
4.57 |
|
|
|
|
|
|
88 |
91 |
3 |
2.9 |
2.73 |
|
|
|
|
|
|
134 |
143 |
9 |
8.6 |
4.85 |
|
including |
|
|
|
|
141 |
143 |
2 |
1.9 |
13.50 |
|
|
|
|
|
|
242 |
245 |
3 |
2.9 |
19.23 |
15.04 |
MA-19-448 |
MZ |
16700 |
343 |
-84 |
60 |
63 |
3 |
2.9 |
1.27 |
|
|
|
|
|
|
124 |
127 |
3 |
2.9 |
5.45 |
|
|
|
|
|
|
146 |
166 |
20 |
19.0 |
3.94 |
|
including |
|
|
|
|
152 |
154 |
2 |
1.9 |
20.35 |
|
|
|
|
|
|
249 |
252 |
3 |
2.9 |
2.67 |
|
MA-19-449 |
MZ-FW |
16900 |
343 |
-79 |
68 |
71 |
3 |
2.9 |
1.48 |
|
|
|
|
|
|
76 |
79 |
3 |
2.9 |
1.45 |
|
|
|
|
|
|
147 |
150 |
3 |
2.9 |
1.33 |
|
|
|
|
|
|
159 |
162 |
3 |
2.9 |
1.55 |
|
MA-19-450 |
MZ |
16920 |
343 |
-80 |
57 |
61 |
4 |
3.8 |
2.82 |
|
|
|
|
|
|
81 |
110 |
29 |
27.6 |
3.99 |
3.30 |
including |
|
|
|
|
93 |
94 |
1 |
1.0 |
20.76 |
|
including |
|
|
|
|
103 |
104 |
1 |
1.0 |
65.15 |
45.00 |
|
|
|
|
|
117 |
121 |
4 |
3.8 |
2.51 |
|
|
|
|
|
|
149 |
158 |
9 |
8.6 |
1.51 |
|
|
|
|
|
|
193 |
196 |
3 |
2.9 |
1.05 |
|
|
|
|
|
|
307 |
310 |
3 |
2.9 |
7.52 |
|
* MZ=Main Zone,
FW = Footwall Zone, HW = Hanging Wall Zone |
** No significant
intervals in MA-19-437 (FW), MA-19-439 (HW) and MA-19-441 (MZ) |
|
Figure 1: Location of the
Main Zone mineralized corridor, October 2018 pit shell outline,
drill holes MA-19-436 to MA-19-450, MA-19-475 (assays pending) and
cross sections 16750E and 16920E, Marathon
Deposit: https://www.globenewswire.com/NewsRoom/AttachmentNg/9d74974d-305f-44fe-8e50-9b36975d1ae7
Figure 2: Cross section
16750E (View NE) showing drill hole
MA-19-442 with assay intervals of 2.17 g/t Au over
52.0 meters including 7.14 g/t Au over 5.0 meters as well as 4.84
g/t Au over 3.0 meters and 3.30 g/t Au over 4.0 meters in gentle SW
dipping en-echelon stacked QTP
veining: https://www.globenewswire.com/NewsRoom/AttachmentNg/7cb20a83-6726-49ac-9236-4968177f9088
Figure 3: Cross section
16920E (View NE) showing drill hole
MA-19-450 with assay intervals of 3.99 g/t Au over
29.0 meters including 20.76 g/t Au over 1.0 meter and 65.15 g/t Au
over 1.0 meter as well as 7.52 g/t Au over 3.0 meters in gentle SW
dipping en-echelon stacked QTP
veining: https://www.globenewswire.com/NewsRoom/AttachmentNg/04831831-ae10-4392-a153-9a6a793f85a2
Marathon utilizes Corebox for 3D visualization
of our drill results at the Valentine Gold Project. Please visit
our website at www.Marathon-Gold.com.
Acknowledgments
Marathon acknowledges the financial support of
the Junior Exploration Assistance Program, Department of Natural
Resources, Government of Newfoundland and Labrador.
Qualified Person
Disclosure of a scientific or technical nature
in this press release was prepared under the supervision of Sherry
Dunsworth, MSc., P.Geo. (NL), the Senior VP of Exploration and a
qualified person under National Instrument (“NI”) 43-101.
Quality Assurance-Quality Control
(“QA/QC”)
QA/QC protocols followed at the Valentine Gold
Project include 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 (85% - 95% of
core length).
About Marathon
Marathon is a Toronto based gold company rapidly
advancing its 100%-owned Valentine Gold Project located in central
Newfoundland, one of the top mining jurisdictions in the
world. The Valentine Gold Project comprises a series of
mineralised deposits along a 20-kilometer system of gold bearing
Quartz-Tourmaline-Pyrite veins. The project is accessible by
year-round road and is in close proximity to the provincial
electrical grid. To date, four gold deposits at Valentine have been
delineated, including the large Leprechaun and Marathon deposits.
An October 2018 Preliminary Economic Assessment showed the project
to be amenable to open pit mining and conventional milling over a
twelve-year mine life. Total Mineral Resources currently comprise
Measured Mineral Resources of 16.6 million tonnes at a grade of
2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral
Resources of 28.5 million tonnes at a grade of 1.66 g/t containing
1,524,900 oz. of gold and Inferred Mineral Resources of 26.9
million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of
gold. For more information, readers are referred to the technical
report prepared in accordance with the requirements of NI 43-101
dated October 30, 2018 for further details and assumptions relating
to the project.
Acknowledgments
Marathon acknowledges the financial support of
the Junior Exploration Assistance Program, Department of Natural
Resources, Government of Newfoundland and Labrador.
|
|
|
For more information, please contact: |
|
|
|
Matthew Manson, PhD |
|
Christopher Haldane |
President and Chief Executive
Officer |
|
Manager Investor
Relations |
Tel: 416-987-0711 |
|
Tel: 416-987-0714 |
Email:
mmanson@marathon-gold.com |
|
Email:
chaldane@marathon-gold.com |
|
|
|
To find out more information on Marathon Gold Corporation and the
Valentine Gold Project, please visit www.marathon-gold.com. |
|
|
|
Cautionary Statement Regarding
Forward-Looking Information
Certain information contained in this news
release constitutes forward-looking information within the meaning
of Canadian securities laws ("forward-looking statements"). All
statements in this news release, other than statements of
historical fact, which address events, results, outcomes or
developments that Marathon expects to occur are 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", "estimates", "considers", "intends",
"targets", or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could". More particularly and without
restriction, this press release contains forward-looking statements
and information about future exploration plans, objectives and
expectations of Marathon, future mineral resource and mineral
reserve estimates and updates and the expected impact of
exploration drilling on mineral resource estimates, future
pre-feasibility and feasibility studies and environmental impact
statements and the timetable for completion and content thereof and
statements as to management's expectations with respect to, among
other things, the matters and activities contemplated in this news
release.
Forward-looking statements involve known and
unknown risks, uncertainties and assumptions and accordingly,
actual results and future events could differ materially from those
expressed or implied in such statements. You are hence cautioned
not to place undue reliance on forward-looking statements. In
respect of the forward-looking statements and information
concerning the interpretation of exploration results and the impact
on the project’s mineral resource estimate, Marathon has provided
such statements and information in reliance on certain assumptions
it believes are reasonable at this time, including assumptions as
to the continuity of mineralization between drill holes. A mineral
resource that is classified as "inferred" or "indicated" has a
great amount of uncertainty as to its existence and economic and
legal feasibility. It cannot be assumed that any or part of an
"indicated mineral resource" or "inferred mineral resource" will
ever be upgraded to a higher category of mineral resource.
Investors are cautioned not to assume that all or any part of
mineral deposits in these categories will ever be converted into
proven and probable mineral reserves.
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. Factors that could cause future results or events
to differ materially from current expectations expressed or implied
by the forward-looking statements include the ability of the
current exploration program to identify and expand mineral
resources, operational risks in exploration and development for
gold, delays or changes in plans with respect to exploration or
development projects or capital expenditures, uncertainty as to
calculation of mineral resources, changes in commodity and power
prices, changes in interest and currency exchange rates, inaccurate
geological and metallurgical assumptions (including with respect to
the size, grade and recoverability of mineral resources), changes
in development or mining plans due to changes in logistical,
technical or other factors, cost escalation, changes in general
economic conditions or conditions in the financial markets. delays
and other risks described in Marathon’s documents filed with
Canadian securities regulatory authorities. You can find further
information with respect to these and other risks in Marathon’s
Annual Information Form for the year ended December 31, 2018 and
other filings made with Canadian securities regulatory authorities
and available at www.sedar.com. Other than as specifically required
by law, Marathon undertakes 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 or results otherwise.
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