Marathon Continues Successful Results at Leprechaun Gold Deposit with 2.18 g/t Gold over 32.2m True Thickness including 11.36...
July 27 2011 - 7:00AM
PR Newswire (Canada)
TORONTO, July 27, 2011 /CNW/ -- TORONTO, July 27, 2011 /CNW/ -
Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX)
is pleased to announce continued success of its 2011 drilling
program. With the intersection of wide intervals of mineralization
in VL-11-296 with 2.18g/t Au over 32.2m, in VL-11-291 with 3.53 g/t
Au over 14.4m, and in VL-11-292 with 1.60 g/t Au over 12.0m,
substantial success is being achieved in the Company's goal of
expanding and defining the Leprechaun Gold Deposit .
http://files.newswire.ca/953/Figure1_PR_July27.pdf All grades in
this release are uncut, and all thicknesses are estimated true
thicknesses. The Valentine Lake Project, including the Leprechaun
Gold Deposit, is a 50/50 venture between Marathon Gold Corporation
and Mountain Lake Resources. Both companies are equal contributors
to the 25,000m drilling program now underway where Marathon is the
operator. "We are extremely pleased with the results of our
program, which confirm our assessment and interpretation of this
deposit. The wide interval of high grade mineralization intersected
during in-fill drilling confirms the continuity of the main zone.
At the same time, the step-out drill holes confirm the continued
expansion of our current resource with the deposit remaining open
both down dip and along strike," said Phil Walford, President and
CEO of Marathon Corp. A total of 92 drill holes totaling 13,863.6m
(55.4%) of Marathon's planned 25,000m 2011 drilling campaign have
been completed to date. It is expected remaining drilling
will be completed during Q3, with summarized results to follow
shortly thereafter. Highlights: -- In-fill drill hole VL-11-296
with 2.18 g/t Au over 32.2m including 11.36g/t Au over 2.8m
confirms the continuity of main zone mineralization over a 40m
section in the northeast portion of the current Leprechaun Gold
deposit pit boundary. -- Step-out drill hole VL-11-291 with 3.53
g/t Au over 14.4m including 8.86 g/t Au over 5.6m is 20m down dip
from previous drill hole VL-11-259 and proves continuation of the
major lens of main zone mineralization identified over 50m along
strike to the northeast in adjoining sections 10487.5 to 10537.5.
-- Step-out drill hole VL-11-294 with 5.40 g/t Au over 7.0m
including 10.10 g/t Au over 3.5m identifies significant
mineralization for up to 185m down dip from previous drilling on
section 10,462.5 in this northeast part of deposit. -- In-fill
drill hole VL-11-297 with 2.46 g/t Au over 5.4m including 13.24 g/t
Au over 0.9m confirms the 140m down-dip continuity of main zone
mineralization previously identified in the adjacent drill holes
VL-11-295 to VL-11-293 on section 9887.5. -- In-fill drill holes
VL-11-290 with 1.10 g/t Au over 8.8m and VL-11-292 with 1.60 g/t Au
over 12.0m including 6.04 g/t Au over 3.0m confirm near surface
mineralization that is open along strike along the southeast
boundary of the Leprechaun Gold 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) | | Uncut |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-290| 9900 | MZ | 57 | 68 | 11 | 8.8 | 1.10 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-291| 10475 | MZ | 182 | 200 | 18 | 14.4 | 3.53 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 10475 | MZ | 182 | 189 | 7 | 5.6 | 8.86 |
|_________|_______|_____|________|______|___________|______|__________|
| | 10475 | FW | 216 | 220 | 4 | 3.2 | 1.77 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-292| 9900 | MZ | 17 | 29 | 12 | 12 | 1.60 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 9900 | MZ | 22 | 25 | 3 | 3 | 6.04 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-293|9887.5 | HW | 62 | 75 | 13 | 13 | 0.58 |
|_________|_______|_____|________|______|___________|______|__________|
| |9887.5 | MZ | 254 | 258 | 4 | 3.2 | 1.26 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-294|10462.5| MZ | 257 | 260 | 3 | 2.1 | 2.20 |
|_________|_______|_____|________|______|___________|______|__________|
| |10462.5| FW | 307 | 317 | 10 | 7 | 5.40 |
|_________|_______|_____|________|______|___________|______|__________|
|including|10462.5| FW | 310 | 315 | 5 | 3.5 | 10.07 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-295| 9888 | MZ | 115 | 120 | 5 | 5 | 0.72 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-296| 10500 | HW | 85 | 88 | 3 | 3 | 0.91 |
|_________|_______|_____|________|______|___________|______|__________|
| | 10500 | MZ | 107 | 153 | 46 | 32.2 | 2.18 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 10500 | MZ | 125 | 129 | 4 | 2.8 | 11.36 |
|_________|_______|_____|________|______|___________|______|__________|
| | 10500 | FW | 196 | 199 | 3 | 2.1 | 1.62 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-297|9887.5 | MZ | 164 | 170 | 6 | 5.4 | 2.46 |
|_________|_______|_____|________|______|___________|______|__________|
|including|9887.5 | MZ | 165 | 166 | 1 | 0.9 | 13.24 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-299|10487.5| MZ | 120 | 123 | 3 | 2.4 | 1.03 |
|_________|_______|_____|________|______|___________|______|__________|
| |10487.5| FW | 164 | 167 | 3 | 2.4 | 1.31 |
|_________|_______|_____|________|______|___________|______|__________|
*Denotes: HW - hanging wall zone, MZ - main zone, FW - footwall
zone Note: DDH VL-11-298 lost at 17m and replaced with VL-11-299
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 update 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 Gold 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. About the Valentine
Lake Joint Venture: The Valentine Lake Joint Venture 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 Project, 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 Joint Venture, and the companies have agreed to
jointly fund a $6 million budget in 2011 that includes a planned
25,000 meters of drilling. Leprechaun Gold Deposit: The Leprechaun
Gold Deposit has a (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. This 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. About Marathon Gold Corporation: Marathon Gold
Corporation is one of Canada's newest gold resource development
companies, with projects located in the mining friendly province of
Newfoundland and Labrador together with a project in the prolific
Coeur d'Alene Mining District of Idaho. Marathon has a
project pipeline consisting of early stage exploration to advanced
resource development projects. 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. 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. To
view this news release in HTML formatting, please use the following
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Marathon Gold Corporationbr/ br/ Phillip Walford, Pres., CEObr/
Tel: 1-416-987-0711 /p
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