Marathon Gold Corporation (“Marathon” or the “Company”;
TSX: MOZ) is pleased to report results from the latest
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 fifteen drill holes
located within the 1.5 kilometre long Berry Zone. Highlights
include:
-
VL-21-973 intersected 1.84 g/t Au over 45 metres
including 24.18 g/t Au over 2 metres, and 5.46 g/t Au over 6 metres
including 26.48 g/t Au over 1 metre, and 3.45 g/t Au over 9 metres
including 17.79 g/t Au over 1 metre;
-
VL-21-965 intersected 2.57 g/t Au over 20 metres
including 16.65 g/t Au over 2 metres, and 20.68 g/t Au over 3
metres including 55.87 g/t Au over 1 metre, and 12.52 g/t Au over 2
metres including 24.48 g/t Au over 1 metre;
-
VL-21-971 intersected 1.22 g/t Au over 27 metres
including 12.73 g/t Au over 1 metre;
-
VL-21-968 intersected 6.97 g/t Au over 5 metres
including 26.09 g/t Au over 1 metre, and 1.60 g/t Au over 14 metres
including 11.23 g/t Au over 1 metre;
-
VL-21-969 intersected 2.30 g/t Au over 6 metres,
and 1.68 g/t Au over 8 metres, and 0.97 g/t Au over 10 metres;
and
-
VL-21-962 intersected 18.26 g/t Au over 1 metre,
and 1.72 g/t Au over 8 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:
“These fifteen holes released today represent the second batch of
drill results from this year’s $10.5 million exploration program at
the Valentine Gold Project. Each of these holes is from the 1.5
kilometre long Berry Zone, and represent infill drill holes both
close to the main contact at the Valentine Lake Shear Zone and
further out into the hanging-wall rocks where mineralization is
expected to become more intermittent. The results continue to
demonstrate a large gold mineralizing system at Berry. The first
mineral resource estimate at Berry based on 42,000 metres of
drilling completed to the end of 2020 is currently being finalized
and is expected to be released shortly. A total of 13,695 metres of
drilling in 51 drill holes was completed with three rigs at the
Valentine Gold Project prior to our annual spring shutdown on March
25th. The next batch of results from these drill holes is expected
to be released very shortly. Drilling with our Newfoundland-based
exploration team is scheduled to resume in mid-May and continue
through to the end of the 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.
The results released today are derived from nine
drillholes located between sections 13615E and 14000E at the
western end of the Berry Zone and six drillholes in the Frozen Ear
Pond Road area between sections 14780E and 14860E (Figures 2 and
3).
Eleven of the fifteen holes were oriented to the
southeast from the hanging wall toward the footwall contact
(VL-21-960, 961, 962, 963, 964, 966, 967, 970, 971, 972 and 974).
The majority of these holes were set back further into the
hanging-wall rocks than previously drilled, so as to intersect the
footwall contact at a greater depth. The remaining four holes were
oriented steeply down to the northwest testing for Main Zone type
stacked QTP-Au mineralization close to the Valentine Lake Shear
Zone (VL-21-965, 968, 969 and 973).
All fifteen 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 November 2020 Mineral Resource
Estimate for the Project (see Marathon press release dated March
29, 2021). Figure 4 illustrates a characteristic distribution of
gold grades from complete fire assay data in seven drill holes on
section 14820E, including drill holes VL-21-965, VL-21-968 and
VL-21-971 from this release.
Figure 1: Location Map, Valentine Gold Project
is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ee93f071-e315-4f1c-b227-53f24fb08072
Table 1: Significant Assay Intervals from Drill
Hole Collars VL-21-960 to VL-21-974, Berry Zone, Valentine Gold
Project
DDH |
Section |
Az |
Dip |
From |
To |
Core Length (m) |
True Thickness (m) |
Gold g/t |
Gold g/t (cut) |
VL-21-960 |
14860E |
164 |
-65 |
90 |
96 |
6 |
5.10 |
1.93 |
|
|
|
|
|
123 |
124 |
1 |
0.85 |
1.33 |
|
|
|
|
|
136 |
138 |
2 |
1.70 |
3.50 |
|
|
|
|
|
154 |
155 |
1 |
0.85 |
1.11 |
|
VL-21-961 |
13950E |
161 |
-69 |
70 |
71 |
1 |
0.85 |
1.39 |
|
|
|
|
|
76 |
77 |
1 |
0.85 |
1.20 |
|
VL-21-962 |
14800E |
165 |
-64 |
57 |
58 |
1 |
0.85 |
0.99 |
|
|
|
|
|
70 |
71 |
1 |
0.85 |
0.80 |
|
|
|
|
|
116 |
124 |
8 |
6.80 |
1.72 |
|
|
|
|
|
134 |
135 |
1 |
0.85 |
1.22 |
|
|
|
|
|
139 |
140 |
1 |
0.85 |
18.26 |
|
|
|
|
|
146 |
148 |
2 |
1.70 |
1.21 |
|
|
|
|
|
199 |
200 |
1 |
0.85 |
0.79 |
|
|
|
|
|
230 |
232 |
2 |
1.70 |
1.40 |
|
VL-21-963 |
13790E |
160 |
-66 |
66 |
70 |
4 |
3.40 |
0.91 |
|
|
|
|
|
128 |
130 |
2 |
1.70 |
9.28 |
|
|
|
|
|
196 |
197 |
1 |
0.85 |
0.89 |
|
|
|
|
|
239 |
241 |
2 |
1.70 |
1.49 |
|
|
|
|
|
264 |
269 |
5 |
4.25 |
0.78 |
|
|
|
|
|
284 |
285 |
1 |
0.85 |
3.13 |
|
|
|
|
|
293 |
297 |
4 |
3.40 |
0.72 |
|
VL-21-964 |
13950E |
163 |
-70 |
60 |
61 |
1 |
0.85 |
0.74 |
|
|
|
|
|
85 |
86 |
1 |
0.85 |
1.72 |
|
|
|
|
|
125 |
126 |
1 |
0.85 |
0.85 |
|
|
|
|
|
218 |
220 |
2 |
1.70 |
0.70 |
|
VL-21-965 |
14820E |
343 |
-80 |
33 |
35 |
2 |
1.80 |
0.85 |
|
|
|
|
|
92 |
94 |
2 |
1.80 |
1.12 |
|
|
|
|
|
122 |
124 |
2 |
1.80 |
12.52 |
|
Including |
|
|
|
122 |
123 |
1 |
0.90 |
24.48 |
|
|
|
|
|
145 |
148 |
3 |
2.70 |
20.68 |
12.05 |
Including |
|
|
|
145 |
146 |
1 |
0.90 |
55.87 |
30.00 |
|
|
|
|
156 |
176 |
20 |
18.00 |
2.57 |
|
Including |
|
|
|
160 |
162 |
2 |
1.80 |
16.65 |
|
|
|
|
|
243 |
244 |
1 |
0.90 |
2.50 |
|
|
|
|
|
257 |
259 |
2 |
1.80 |
0.78 |
|
VL-21-966 |
13860E |
164 |
-70 |
57 |
58 |
1 |
0.85 |
0.78 |
|
VL-21-967 |
13950E |
164 |
-70 |
3.59 |
12 |
8.41 |
7.15 |
0.92 |
|
|
|
|
|
20 |
21 |
1 |
0.85 |
2.50 |
|
|
|
|
|
81 |
82 |
1 |
0.85 |
1.44 |
|
|
|
|
|
112 |
115 |
3 |
2.55 |
0.97 |
|
|
|
|
|
122 |
128 |
6 |
5.10 |
1.71 |
|
|
|
|
|
149 |
150 |
1 |
0.85 |
2.36 |
|
|
|
|
|
165 |
166 |
1 |
0.85 |
2.64 |
|
VL-21-968 |
14820E |
350 |
-80 |
31 |
32 |
1 |
0.90 |
0.99 |
|
|
|
|
|
39 |
43 |
4 |
3.60 |
1.05 |
|
|
|
|
|
92 |
95 |
3 |
2.70 |
0.88 |
|
|
|
|
|
100 |
114 |
14 |
12.60 |
1.60 |
|
Including |
|
|
|
113 |
114 |
1 |
0.90 |
11.23 |
|
|
|
|
|
123 |
124 |
1 |
0.90 |
0.76 |
|
|
|
|
|
144 |
149 |
5 |
4.50 |
6.97 |
|
Including |
|
|
|
144 |
145 |
1 |
0.90 |
26.09 |
|
|
|
|
|
156 |
159 |
3 |
2.70 |
1.34 |
|
|
|
|
|
165 |
166 |
1 |
0.90 |
1.95 |
|
VL-21-969 |
13615E |
347 |
-75 |
11 |
17 |
6 |
5.40 |
2.30 |
|
|
|
|
|
28 |
29 |
1 |
0.90 |
3.27 |
|
|
|
|
|
40 |
45 |
5 |
4.50 |
0.99 |
|
|
|
|
|
137 |
145 |
8 |
7.20 |
1.68 |
|
|
|
|
|
151 |
154 |
3 |
2.70 |
1.38 |
|
|
|
|
|
174 |
184 |
10 |
9.00 |
0.97 |
|
|
|
|
|
198 |
199 |
1 |
0.90 |
0.96 |
|
|
|
|
|
200 |
201 |
1 |
0.90 |
0.81 |
|
VL-21-970 |
14000E |
161 |
-70 |
6 |
12 |
6 |
5.10 |
0.70 |
|
|
|
|
|
70 |
71 |
1 |
0.85 |
1.13 |
|
|
|
|
|
79 |
80 |
1 |
0.85 |
0.92 |
|
|
|
|
|
152 |
159 |
7 |
5.95 |
1.44 |
|
|
|
|
|
167 |
169 |
2 |
1.70 |
3.01 |
|
VL-21-971 |
14820E |
165 |
-64 |
63 |
65 |
2 |
1.70 |
0.85 |
|
|
|
|
|
93 |
120 |
27 |
22.95 |
1.22 |
|
Including |
|
|
|
102 |
103 |
1 |
0.85 |
12.73 |
|
|
|
|
|
149 |
159 |
10 |
8.50 |
0.69 |
|
|
|
|
|
166 |
167 |
1 |
0.85 |
2.02 |
|
VL-21-972 |
14000E |
163 |
-70 |
109 |
110 |
1 |
0.85 |
1.02 |
|
|
|
|
|
175 |
176 |
1 |
0.85 |
0.92 |
|
VL-21-973 |
13640E |
343 |
-78 |
20 |
22 |
2 |
1.80 |
1.35 |
|
|
|
|
|
70 |
71 |
1 |
0.90 |
1.00 |
|
|
|
|
|
92 |
101 |
9 |
8.10 |
3.45 |
|
Including |
|
|
|
93 |
94 |
1 |
0.90 |
17.79 |
|
|
|
|
|
114 |
117 |
3 |
2.70 |
1.66 |
|
|
|
|
|
123 |
129 |
6 |
5.40 |
5.46 |
|
Including |
|
|
|
128 |
129 |
1 |
0.90 |
26.48 |
|
|
|
|
|
134 |
136 |
2 |
1.80 |
10.12 |
|
|
|
|
|
149 |
194 |
45 |
40.50 |
1.84 |
1.79 |
Including |
|
|
|
185 |
187 |
2 |
1.80 |
24.18 |
23.15 |
|
|
|
|
221 |
222 |
1 |
0.90 |
14.37 |
|
VL-21-974 |
14780E |
164 |
-65 |
62 |
63 |
1 |
0.85 |
0.72 |
|
|
|
|
|
115 |
116 |
1 |
0.85 |
10.29 |
|
|
|
|
|
156 |
158 |
2 |
1.70 |
1.13 |
|
|
|
|
|
160 |
161 |
1 |
0.85 |
12.79 |
|
|
|
|
|
193 |
194 |
1 |
0.85 |
1.27 |
|
|
|
|
|
211 |
212 |
1 |
0.85 |
4.41 |
|
|
|
|
|
234 |
237 |
3 |
2.55 |
0.74 |
|
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 March 2020
Feasibility Study mine plan (see Marathon press release dated March
29, 2021). 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
November 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-21-960 to VL-21-974 is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f24e2bc6-33b5-4614-b2f3-7b859ed0aaa0
Figure 3: Cross Section 14820E
(View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Zone,
Valentine Gold Project is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/38b8c775-38f2-4e82-8efb-e68c1ec414f3.
Figure 4: Cross Section 14820E
(View NE) with all Fire Assay Data, Berry Zone, Valentine Gold
Project is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1fc83aea-030f-44c9-b989-2cb7179d59aa.
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. A
March 2021 Feasibility Study outlined an open pit mining and
conventional milling operation over a thirteen-year mine life with
a 30% after-tax rate of return. The Project has estimated Proven
Mineral Reserves of 1.40 Moz (29.58 Mt at 1.46 g/t) and Probable
Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured
Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92
Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources
(inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57
g/t). Additional Inferred Mineral Resources are 1.00 Moz (18.25 Mt
at 1.70 g/t Au). Please see Marathon’s Annual Information Form for
the year ended December 31, 2020 and other filings made with
Canadian securities regulatory authorities and available at
www.sedar.com 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
the FS and the results therefrom (including IRR, NPV5%, Capex, FCF,
AISC and other financial metrics), the realization of mineral
reserve and mineral resource estimates, the future financial or
operating performance of the Company and the Project, capital and
operating costs, the ability of the Company to obtain all
government approvals, permits and third-party consents in
connection with the Company’s exploration, development and
operating activities, the potential impact of COVID-19 on the
Company, the Company’s ability to successfully advance the Project
and anticipated benefits thereof, economic analyses for the
Valentine Gold Project, processing and recovery estimates and
strategies, future exploration and mine plans, objectives and
expectations and corporate planning of Marathon, future
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 concerning the
interpretation of exploration results and the impact on the
Project’s mineral resource estimate, the Company has provided such
statements 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 risks and uncertainties relating
to the interpretation of drill results, the geology, grade and
continuity of mineral deposits and conclusions of economic
evaluations; uncertainty as to estimation of mineral resources;
inaccurate geological and metallurgical assumptions (including with
respect to the size, grade and recoverability of mineral
resources); the potential for delays or changes in plans in
exploration or development projects or capital expenditures, or the
completion of feasibility studies due to changes in logistical,
technical or other factors; the possibility that future
exploration, development, construction or mining results will not
be consistent with the Company’s expectations; risks related to the
ability of the current exploration program to identify and expand
mineral resources; risks relating to possible variations in grade,
planned mining dilution and ore loss, or recovery rates and changes
in project parameters as plans continue to be refined; operational
mining and development risks, including risks related to accidents,
equipment breakdowns, labour disputes (including work stoppages and
strikes) or other unanticipated difficulties with or interruptions
in exploration and development; risks related to the inherent
uncertainty of production and cost estimates and the potential for
unexpected costs and expenses; risks related to commodity and power
prices, foreign exchange rate fluctuations and changes in interest
rates; the uncertainty of profitability based upon the cyclical
nature of the mining industry; risks related to failure to obtain
adequate financing on a timely basis and on acceptable terms or
delays in obtaining governmental or other stakeholder approvals or
in the completion of development or construction activities; risks
related to environmental regulation and liability, government
regulation and permitting; risks relating to the Company’s ability
to attract and retain skilled staff; risks relating to the timing
of the receipt of regulatory and governmental approvals for
continued operations and future development projects; political and
regulatory risks associated with mining and exploration; risks
relating to the potential impacts of the COVID-19 pandemic on the
Company and the mining industry; changes in general economic
conditions or conditions in the financial markets; and other risks
described in Marathon’s documents filed with Canadian securities
regulatory authorities, including the Annual Information Form for
the year ended December 31, 2020.
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, 2020 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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