Marathon Gold Corporation (“Marathon” or the “Company”;
TSX: MOZ) is pleased to report results from the first
drill holes completed under the 2021 exploration program at the
Valentine Gold Project, central Newfoundland (the “Project”). These
latest results represent fire assay data from seven drill holes
located within the 1.5 kilometre long Berry Zone. Highlights
include:
-
VL-20-956 intersected 6.57 g/t Au over 22 metres
including 29.68 g/t Au over 3 metres;
-
VL-20-957 intersected 3.93 g/t Au over 21 metres
including 37.90 g/t Au over 1 metre, and 12.35 g/t Au over 1 metre
and 11.54 g/t Au over 1 metre, and 9.21 g/t Au over 7 metres
including 29.17 g/t Au over 2 metres, and 8.65 g/t Au over 2 metres
including 11.61 g/t Au over 1 metre;
-
VL-20-955 intersected 14.93 g/t Au over 3 metres
including 43.70 g/t Au over 1 metre;
-
VL-20-958 intersected 1.75 g/t Au over 12 metres
including 15.48 g/t Au over 1 metre; and
-
VL-20-953 intersected 0.92 g/t Au over 24
metres;
All quoted intersections comprise uncut gold
assays in core lengths. All significant assay intervals are
reported in Table 1.
Matt Manson, President & CEO commented: “We
are releasing today the first seven holes drilled as part of this
year’s $10.5 million exploration program at the Valentine Gold
Project. Since the start of the program in mid-January we have
completed 37 holes with three rigs operating for a total of 10,335
metres drilled. All of our drilling currently is within the 1.5
kilometre long Berry Zone, and these latest results again
demonstrate strong quartz-tourmaline-pyrite-Au mineralization at
this location with high grades. A first mineral resource estimate
at Berry based on 42,000 metres of drilling completed to the end of
2020 is currently under preparation. A further 30,000 metres of
drilling at Berry will be completed as part of the 2021 program
with a view to further delineation and resource growth. Additional
drilling in 2021 will be completed at the Sprite and Victory
Deposits, and on generative projects identified along the 20
kilometres of Valentine Lake Shear Zone contained within the
property’s boundaries. Drill results will be released in regular
batches through to the end of this year.”
Gold mineralization at the Valentine Gold
Project is contained predominantly within shallowly southwest
dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold
(“QTP-Au”) veins. At the Leprechaun and Marathon Deposits, as well
as at the new Berry Zone, these QTP-Au veins form densely stacked
and northwest plunging “Main Zone” envelopes within intrusive host
rocks on the hanging wall (northwest) side of the Valentine Lake
Shear Zone (“VLSZ”). The extent of mineralization appears related
to the size and frequency of sheared mafic dykes which extend
northeast-southwest within the hanging wall, parallel to the shear
zone. Exploration drilling is generally undertaken in two
orientations: down steeply towards the northwest at a high angle to
the individual veins and down-plunge of the Main Zone stacking, or
obliquely towards the southeast at a low angle of incidence to the
individual veins and across the strike of Main Zone
mineralization.
All seven drill holes released today represent
southeast oriented holes designed to test for Main Zone type
mineralization at depth along the VLSZ contact from setup locations
set back within the hanging wall rocks. Three holes were located at
the western end of the Berry Zone between sections 13550E and
13900E (VL-21-953, 954 and 958), two holes were located at the
eastern end of the Berry Zone at the Frozen Ear Pond Road between
sections 14800E and 14900E (VL-21-955 and 957), and two holes were
located within the centre of the Berry Zone between sections 14150E
and 14350E (VL-21-956 and 959; Figure 2).
All seven drill holes returned “significant”
drill intercepts of greater than 0.7 g/t Au (Table 1), and each
drill hole returned additional intercepts with gold grades above
the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource
Estimate for the Project.
The results from drill hole VL-21-956, which
returned 6.57 g/t Au over 22 metres starting at 232 metres down
hole, are particularly significant (Figures 2, 3 and 4). This drill
hole is located within the central portion of the Berry Zone, which
has been drilled to date with predominantly shallow and wider
spaced holes returning relatively intermittent mineralization when
compared to the more closely drilled and densely mineralized
western and eastern ends. Drill hole VL-21-956 suggests the
presence of a well developed and high-grade Main Zone-type sequence
of gold mineralization at depth along the VLSZ contact, supporting
continuity of mineralization through this central Berry area. Also
of note, drill hole VL-21-957, in the eastern end of the Berry
Zone, exhibited 26 instances of logged visible gold within multiple
high grade intercepts (Figure 5).
Figure 1: Location Map, Valentine Gold
Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/70bd56aa-4a09-481c-9a44-46c290332bdb
Table 1: Significant Assay Intervals, Berry
Zone, Valentine Gold Project
DDH |
Section |
Az |
Dip |
From |
To |
CoreLength(m) |
TrueThickness(m) |
Gold g/t |
Gold g/t(cut) |
VL-21-953 |
13540E |
165 |
-71 |
51 |
75 |
24 |
20.40 |
0.92 |
|
|
|
|
|
101 |
104 |
3 |
2.55 |
2.06 |
|
|
|
|
|
117 |
118 |
1 |
0.85 |
0.85 |
|
|
|
|
|
180 |
181 |
1 |
0.85 |
0.74 |
|
|
|
|
|
265 |
266 |
1 |
0.85 |
0.72 |
|
|
|
|
|
276 |
277 |
1 |
0.85 |
0.88 |
|
|
|
|
|
281 |
282 |
1 |
0.85 |
0.88 |
|
VL-21-954 |
13900E |
161 |
-70 |
15 |
18 |
3 |
2.55 |
1.16 |
|
|
|
|
|
29 |
30 |
1 |
0.85 |
0.98 |
|
|
|
|
|
120 |
122 |
2 |
1.70 |
5.57 |
|
Including |
|
|
|
121 |
122 |
1 |
0.85 |
10.62 |
|
|
|
|
|
129 |
130 |
1 |
0.85 |
1.10 |
|
VL-21-955 |
14840E |
163 |
-65 |
49 |
50 |
1 |
0.80 |
3.54 |
|
|
|
|
|
119 |
122 |
3 |
2.40 |
14.93 |
10.36 |
Including |
|
|
|
119 |
120 |
1 |
0.80 |
43.70 |
30 |
|
|
|
|
162 |
169 |
7 |
5.60 |
2.30 |
|
VL-21-956 |
14180E |
161 |
-65 |
161 |
164 |
3 |
2.40 |
3.76 |
|
|
|
|
|
189 |
190 |
1 |
0.80 |
5.47 |
|
|
|
|
|
210 |
211 |
1 |
0.80 |
6.80 |
|
|
|
|
|
232 |
254 |
22 |
17.60 |
6.57 |
5.45 |
Including |
|
|
|
249 |
252 |
3 |
2.40 |
29.68 |
21.42 |
VL-21-957 |
14820E |
165 |
-65 |
79 |
82 |
3 |
2.55 |
0.71 |
|
|
|
|
|
91 |
96 |
5 |
4.25 |
3.03 |
|
|
|
|
|
100 |
102 |
2 |
1.7 |
2.16 |
|
|
|
|
|
131 |
152 |
21 |
17.85 |
3.93 |
3.55 |
Including |
|
|
|
133 |
134 |
1 |
0.85 |
11.54 |
|
Including |
|
|
|
147 |
148 |
1 |
0.85 |
37.90 |
30.00 |
Including |
|
|
|
151 |
152 |
1 |
0.85 |
12.35 |
|
|
|
|
|
172 |
179 |
7 |
5.95 |
9.21 |
8.77 |
Including |
|
|
|
172 |
174 |
2 |
1.7 |
29.17 |
27.61 |
|
|
|
|
210 |
211 |
1 |
0.85 |
0.78 |
|
|
|
|
|
219 |
221 |
2 |
1.7 |
8.65 |
|
Including |
|
|
|
219 |
220 |
1 |
0.85 |
11.61 |
|
VL-21-958 |
13720E |
161 |
-60 |
103 |
104 |
1 |
0.8 |
4.57 |
|
|
|
|
|
150 |
153 |
3 |
2.4 |
0.71 |
|
|
|
|
|
187 |
190 |
3 |
2.4 |
4.18 |
|
|
|
|
|
189 |
190 |
1 |
0.8 |
11.09 |
|
|
|
|
|
209 |
217 |
8 |
6.4 |
0.76 |
|
|
|
|
|
222 |
223 |
1 |
0.8 |
0.73 |
|
|
|
|
|
309 |
313 |
4 |
3.2 |
4.02 |
|
|
|
|
|
321 |
322 |
1 |
0.8 |
0.70 |
|
|
|
|
|
335 |
336 |
1 |
0.8 |
0.90 |
|
|
|
|
|
337 |
338 |
1 |
0.8 |
0.72 |
|
|
|
|
|
367 |
379 |
12 |
9.6 |
1.75 |
|
|
|
|
|
377 |
378 |
1 |
0.8 |
15.48 |
|
VL-21-959 |
14340E |
164 |
-65 |
194 |
195 |
1 |
0.85 |
1.17 |
|
|
|
|
|
247 |
249 |
2 |
1.7 |
0.92 |
|
|
|
|
|
254 |
255 |
1 |
0.85 |
17.80 |
|
|
|
|
|
304 |
307 |
3 |
2.55 |
1.39 |
|
Notes on the Calculation of Assay Intervals
- “Significant” assay intervals are
defined as 1m core length or more of mineralization with an average
fire assay result of greater than 0.7 g/t Au, representing the
bottom cut-off for high-grade mill feed in the Marathon April 2020
Pre-Feasibility Study mine plan (see technical report dated April
21, 2020). Assay intervals with an average fire assay result of
between 0.3 g/t Au and 0.7 g/t Au are above the cut-off used in the
January 2020 Mineral Resource Estimate for the Project but are not
considered “significant” for the purposes of this news
release.
- Cut gold grades are calculated at
30 g/t Au.
Figure 2: Location of Berry
Zone Exploration Drill Hole Collars VL-21-953 to
VL-20-959https://www.globenewswire.com/NewsRoom/AttachmentNg/5b0745a1-6ae0-4a0b-aedc-125c65f7ed05
Figure 3: Cross Section 14180E
(View NE) Berry Zone, Valentine Gold
Project.https://www.globenewswire.com/NewsRoom/AttachmentNg/54065711-8bd5-43ea-abf0-f13a0024f049
Figure 4: Long section view of
the Berry Zone. Gold fire assay grades are illustrated on 1m
samples above a 0.3 g/t Au bottom cut-off. Fire assay grades
correlate by colour as yellow (low) to red
(high).https://www.globenewswire.com/NewsRoom/AttachmentNg/211357ed-0a77-43b7-98ec-1c2320777c33
Figure 5: Visible Gold (“VG”)
occurrences within quartz-tourmaline-pyrite veins in drill hole
VL-21-957 between 92 metres and 202 metres
downhole.https://www.globenewswire.com/NewsRoom/AttachmentNg/fdcd0850-8245-43d6-b15b-eef1ce83c489
Qualified Person
Disclosure of a scientific or technical nature
in this news release was prepared under the supervision of Nicholas
Capps, P.Geo. (NL), Manager of Exploration for Marathon Gold
Corporation. Exploration data quality assurance and control for
Marathon is under the supervision of Jessica Borysenko, P.Geo (NL),
GIS Manager for Marathon Gold Corporation. Both Mr. Capps and Ms.
Borysenko are qualified persons 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, NL. All reported core samples are
analyzed for Au by fire assay (30g) with AA finish. All samples
above 0.30 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 (70 - 95% of core
length), and reported with and without a top-cut of 30 g/t Au
applied.
About Marathon
Marathon (TSX:MOZ) is a Toronto based gold
company advancing its 100%-owned Valentine Gold Project located in
the central region of Newfoundland and Labrador, one of the top
mining jurisdictions in the world. The Project comprises a
series of four mineralized deposits along a 20-kilometre system. An
April 2020 Pre-Feasibility Study outlined an open pit mining and
conventional milling operation over a twelve-year mine life with a
36% after-tax rate of return. The Project has estimated Proven
Mineral Reserves of 1.3 Moz (26.3 Mt at 1.52 g/t) and Probable
Mineral Reserves of 0.6 Moz (14.8 Mt at 1.23 g/t). Total Measured
Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9
Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources
(inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60
g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt
at 1.78 g/t Au). Please see the Technical Report dated April 21,
2020 for further details and assumptions relating to the Valentine
Gold Project.
For more information, please
contact:
Matt MansonPresident & CEOTel: 416
987-0711mmanson@marathon-gold.com |
Hannes PortmannCFO & Business DevelopmentTel: 416
855-8200hportmann@marathon-gold.com |
Amanda MalloughSenior Associate, Investor RelationsTel: 416
855-8202amallough@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”. 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. More particularly and without restriction, this news
release contains forward-looking statements and information about
Marathon’s intention to complete the Offering and the timing
thereof, economic analyses for the Valentine Gold Project, capital
and operating costs, processing and recovery estimates and
strategies, future exploration and mine plans, objectives and
expectations and corporate planning of Marathon, future 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. 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 receipt of all necessary
regulatory approvals, completion of all conditions to closing of
the Offering, availability of financing to fund Marathon’s
exploration and development activities, the ability of the current
exploration program to identify and expand mineral resources,
operational risks in exploration and development for gold,
Marathon’s ability to realize the pre-feasibility study, 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, the ability to attract and
retain qualified personnel, 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, title defects, government approvals and permits, cost
escalation, changes in general economic conditions or conditions in
the financial markets, environmental regulation, operating hazards
and risks, delays, taxation rules, competition, public health
crises such as the COVID-19 pandemic and other uninsurable risks,
liquidity risk, share price volatility, dilution and future sales
of common shares, aboriginal claims and consultation, cybersecurity
threats, climate change, 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 Amended and Restated Annual
Information Form for the year ended December 31, 2019 and other
filings made with Canadian securities regulatory authorities
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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