Marathon Gold Intersects 2.09 g/t over 65.6m True Thickness including 16.49g/t Au over 3.2m at the Leprechaun Gold Deposit
June 29 2011 - 7:00AM
PR Newswire (Canada)
TORONTO, June 29, 2011 /CNW/ -- TORONTO, June 29, 2011 /CNW/ -
Marathon Gold Corporation ("Marathon" or "the Company") (MOZ-TSX)
is pleased to announce today the intersection of a wide interval of
gold mineralization in the northeast section of the Leprechaun Gold
Deposit. Drill hole VL-11-288 intersected 2.09 g/t Au over 65.6m
including 16.49g/t Au over 3.2m and 76.0 g/t over 0.8m
(Figure - SZ). Additional new gold mineralization was intersected
in VL-11-287 with 9.38 g/t Au over 7.2m including 16.68 g/t Au over
4m and in VL-11-289 with 2.59 g/t Au over 8.8m. All grades in this
release are uncut and all thicknesses quoted are estimated true
thicknesses. The Valentine Lake Project is a 50/50 joint-venture
between Marathon and Mountain Lake. Both Companies are equal
contributors to the 2011 25,000m drilling program now underway.
"The intersection of this wide zone of high grade mineralization at
the Leprechaun Gold Deposit is an excellent start to our summer
exploration program despite a three-week delay due to poor spring
weather. The new mineralization extends 40 meters down-dip and over
50 meters along strike from previous drilling results and will
result in an important expansion of the deposit," said Phillip
Walford, President and CEO of Marathon Gold Corporation.
Highlights: -- The wide gold intersection of 2.09 g/t Au over 65.6m
with 16.49 g/t Au over 3.2m and 76.0 g/t Au over 0.8m in VL-11-288
confirms the potential for intersecting additional wide zones of
high grade gold mineralization at depth within the Leprechaun Gold
Deposit. -- The new mineralization in VL-11-287 with 9.38 g/t Au
over 7.2m including 16.68 g/t Au over 4m and in VL-11-289 with 2.59
g/t Au over 8.8m including 6.00 g/t Au over 2.4m confirms the along
strike continuity of high-grade gold mineralization. -- The new
drilling results extend the zone of gold mineralization more than
40m down dip from previous drilling and will expand the resource.
-- VL-11-285 and VL-11-286 are drilled through a zone of dominantly
mafic dykes that cut eastward at about the 1550 E section across
the Leprechaun Gold Deposit. Gold mineralization resumes on the
other side of the dyke. -- The second rig drilling at the SW end of
the current resource limits of the Leprechaun Gold deposit has
intersected typical quartz-tourmaline-pyrite-gold mineralization
with assays pending over the next two weeks. -- A total 73 drill
holes totalling 10,721m (42%) of our planned 25,000m 2011 drilling
campaign have been completed to date for the Valentine Lake
Property. The majority of those holes have been focussed on the
expansion of the Leprechaun resource and the remaining drilling
will be on definition and expansion of the Leprechaun deposit.
TABLE 1: Significant Assay Intervals for the Leprechaun Gold
Deposit
_____________________________________________________________________
| DDH |Section|Zone*|From (m)|To (m)|Core Width |TT (m)|Gold (g/t)|
| | | | | | (m) | | |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-286|10537.5| HW | 103 | 105 | 2 | 2 | 1.50 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-287|10512.5| HW | 29 | 32 | 3 | 3 | 0.76 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-287|10512.5| MZ | 162 | 168 | 6 | 4.8 | 2.86 |
|_________|_______|_____|________|______|___________|______|__________|
|including|10512.5| MZ | 162 | 163 | 1 | 0.8 | 13.52 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-287|10512.5| MZ | 195 | 198 | 3 | 2.4 | 1.08 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-287|10512.5| MZ | 241 | 250 | 9 | 7.2 | 9.38 |
|_________|_______|_____|________|______|___________|______|__________|
|including|10512.5| MZ | 243 | 248 | 5 | 4 | 16.68 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-287|10512.5| FW | 273 | 278 | 5 | 3.5 | 2.48 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-288| 10500 | HW | 40 | 48 | 8 | 8 | 0.56 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-288| 10500 | MZ | 155 | 237 | 82 | 65.6 | 2.09 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 10500 | MZ | 182 | 186 | 4 | 3.2 | 16.50 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 10500 | MZ | 229 | 237 | 8 | 6.4 | 9.66 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 10500 | MZ | 229 | 230 | 1 | 0.8 | 76.00 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-288| 10500 | MZ | 267 | 272 | 5 | 4 | 3.78 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-288| 10500 | FW | 300 | 302 | 2 | 1.6 | 6.42 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-289|10487.5| HW | 50 | 54 | 4 | 4 | 0.55 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-289|10487.5| MZ | 179 | 182 | 3 | 2.4 | 2.37 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-289|10487.5| MZ | 207 | 218 | 11 | 8.8 | 2.59 |
|_________|_______|_____|________|______|___________|______|__________|
|including|10487.5| MZ | 207 | 210 | 3 | 2.4 | 6.00 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-289|10487.5| MZ | 230 | 234 | 4 | 3.2 | 1.52 |
|_________|_______|_____|________|______|___________|______|__________|
*Denotes: HW - hanging wall zone, MZ - main zone, FW - footwall
zone -- A site visit by Marathon Gold Corporation's Board of
Directors occurred on June 22, 2010 (photos on website) with all
members flying into the Valentine Lake Property to examine the
mineralized core, tour the new camp facility, and hold a board
meeting . All of the samples were analyzed at Eastern Analytical
Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed
using lead collection fire assay with AA (atomic absorption)
finish. Results from fire assay are used for drill hole planning
only. Assay results for the future updates of the December, 2010
resource will be determined by an ongoing metallic screening
process. Due to the coarse nature of the gold at the Leprechaun
Deposit, the metallic screening method is used on economically
important intersections using standard fire assay techniques. The
reported values in this release are fire assay results. A revised
resource for the Leprechaun deposit was planned for the second
quarter of 2011. The joint-venture partners have decided to defer
this resource estimation until the current drilling program has
been completed and an open pit resource can be estimated. The open
pit resource will form the basis of the Preliminary Economic
Assessment ("PEA") scheduled for release in the first half of 2012.
About the Valentine Lake Joint Venture The Valentine Lake Project
is a 50/50 joint venture between Marathon Gold and Mountain Lake.
The Leprechaun Gold Deposit is situated at the south-western end of
the Valentine Lake Property and the Valentine East Gold Zone is
located 13 km along strike running in a north-easterly
direction. These gold occurrences form part of a 23 km long,
highly prospective gold-bearing mineralized corridor. Marathon is
the operator of the Project, and the companies have agreed to
jointly fund a $6 million budget in 2011 that will include a
planned 25,000 meters of drilling. Leprechaun Deposit The
Leprechaun Deposit has a new (News release, December 16, 2010) NI
43-101 compliant Measured and Indicated Resource of 3,284,000
tonnes grading 2.62 g/t gold for a total estimated 277,000 ounces
of gold. The inferred mineral resource is 4,409,000 tonnes grading
2.01 g/t gold for an estimated 285,000 ounces of gold. The new
resource was estimated using a 0.5 g/t gold minimum cut-off over a
3 meter minimum width. The Leprechaun Gold Deposit is open at depth
and along strike with 74% of the current M & I ounces occurring
within 150m of surface. Sherry Dunsworth, M.Sc., P. Geo., VP of
Exploration, Marathon's Qualified Person, has reviewed the contents
for accuracy and has approved this press release on behalf of
Marathon. Update on the Golden Chest Project Drilling at Marathon's
Golden Chest Mine in northern Idaho, which had been delayed by
three weeks due to poor spring weather conditions, is now on
schedule with two rigs currently drilling off the open pit deposit
in the southern part of the Idaho Property. The project is a JV
with New Jersey Mining as operator. About Marathon Gold Corporation
Marathon Gold Corporation ("Marathon") is one of Canada's newest
gold resource development companies, with projects located in the
mining friendly province of Newfoundland and Labrador (Valentine)
and now a project in the prolific Coeur d'Alene Mining District of
Idaho (Golden Chest). Marathon has a project pipeline
consisting of early stage exploration to advanced resource
development projects that may be built into mineable
reserves. Marathon is continually evaluating new gold
resource development projects of merit that are located within the
Americas. Marathon's focused and low-cost approach to resource
development and exploration has an established record of delivering
rapid growth. Marathon is the operator of the Valentine Lake
Project under the joint venture with Mountain Lake. For more
information visit: www.marathon-gold.com CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING INFORMATION Except for statements of
historical fact relating to Marathon Gold, 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'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 or results otherwise. NEITHER THE TSX
VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
To view this news release in
HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/29/c9993.html p
Marathon Gold Corporation /p p Phillip Walford, Pres., CEObr/ Tel:
1-416-987-0711br/ a
href="mailto:pwalford@marathon-gold.com"pwalford@marathon-gold.com/abr/
br/ orbr/ br/ Joanna Longobr/ Tel: 1-416-238-1414 ext.233br/ a
href="mailto:jlongo@terrepartners.com"jlongo@terrepartners.com/a /p
Copyright
Marathon Gold (TSX:MOZ)
Historical Stock Chart
From May 2024 to Jun 2024
Marathon Gold (TSX:MOZ)
Historical Stock Chart
From Jun 2023 to Jun 2024