Marathon's Potential Open Pit Resource Continues to Expand at the Leprechaun Gold Deposit, Valentine Lake Property, Newfoundl...
September 08 2011 - 7:00AM
PR Newswire (Canada)
TORONTO, Sept. 8, 2011 /CNW/ -- TORONTO, Sept. 8, 2011 /CNW/ -
Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ)
is pleased to announce further positive results from the most
recent drilling at the Leprechaun Gold Deposit (Figure 1). Step-out
drill holes in the southwest "Heart of Gold" area returned wide
intervals of mineralization with high grade intervals including
3.70 g/t Au over 9.0 meters with 10.59 g/t Au over 3.0 meters and
32.24 g/t Au over 3.0 meters with 94.20 g/t Au over 1.0 meter in
VL-11-324, as well as 2.31 g/t Au over 16.2 meters including 11.67
g/t Au over 2.90 meters in VL-11-325. "These solid results from our
infill and step-out drilling program continue to expand the
open-pit potential of the Leprechaun Gold Deposit. Our "Heart of
Gold" area continues to have high grade intervals in larger lower
grade envelopes and the multiple hanging wall zones will help to
reduce the amount of waste in the open pit design," said Phillip
Walford, Marathon's President and CEO. The Valentine Lake Project,
including the Leprechaun Gold Deposit, is a 50/50 joint venture
between Marathon and Mountain Lake Resources Inc. Both companies
are equal contributors to a 25,000 meter drilling program now
underway where Marathon is the operator. All grades in this
release are uncut, and all thicknesses are estimated true
thicknesses. A total of 117 drill holes totaling 19,915 meters
(80%) of the planned 25,000 meter 2011 drilling campaign have now
been completed. It is expected remaining drilling will be completed
during Q3, with a resource estimation to follow before year end
Highlights: -- Step-out and in-fill drill holes in the southwest
"Heart of Gold" area returned wide intervals of mineralization
including 3.70 g/t Au over 9.0 meters with 10.59 g/t Au over 3.0
meters and 32.24 g/t Au over 3.0 meters with 94.20 g/t Au over 1.0
meter in VL-11-324, 2.31 g/t Au over 16.2 meters including 11.67
g/t Au over 2.90 meters in VL-11-325, and 1.93 g/t Au over 17.1
meters with 4.21 g/t Au over 4.8 meters in VL-11-320. -- Step-out
drill holes in the northeast Leprechaun Gold Deposit returned up to
1.10 g/t Au over 10.4 meters with 3.35 g/t Au over 2.40 meters and
10.16 g/t Au over 2.4 meters with 29.90 g/t Au over 0.8 meters in
VL-11-321. -- The continued success of intersecting mineralization
with both step-out and in-fill drilling confirms the continuity of
mineralization both along strike and down-dip in the Leprechaun
Gold Deposit TABLE 1: Significant Assay Intervals for the
Leprechaun Gold Deposit
________________________________________________________________ |
DDH |Section|Zone*|From|To (m)| Core |TT (m)|Gold (g/t) | | | |
|(m) | |Width (m)| | Uncut |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-319| 10313 | MZ | 36 | 39 | 3 | 2.1 | 2.44 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ | 67 | 70 | 3 | 2.1 | 1.55 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-320| 10025 | HW |7.71| 13 | 5.29 | 5.3 | 0.75 |
|_________|_______|_____|____|______|_________|______|___________|
| | | HW |142 | 145 | 3 | 2.9 | 0.93 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |205 | 223 | 18 | 17.1 | 1.93 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |207 | 212 | 5 | 4.8 | 4.21 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-321| 10363 | MZ |149 | 162 | 13 | 10.4 | 1.10 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |152 | 155 | 3 | 2.4 | 3.35 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |174 | 177 | 3 | 2.4 | 10.16 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |175 | 176 | 1 | 0.8 | 29.90 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-322| 10025 | HW |114 | 128 | 14 | 13.3 | 1.48 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |188 | 191 | 3 | 2.7 | 2.57 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |223 | 238 | 15 | 13.5 | 0.99 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |231 | 238 | 7 | 6.3 | 1.59 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-323| 10375 | MZ |173 | 179 | 6 | 4.8 | 1.24 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-324| 10050 | HW | 8 | 14 | 6 | 6 | 1.37 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | HW | 10 | 12 | 2 | 2 | 4.07 |
|_________|_______|_____|____|______|_________|______|___________|
| | | HW | 39 | 48 | 9 | 9 | 3.70 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | HW | 40 | 43 | 3 | 3 | 10.59 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |128 | 131 | 3 | 3 | 32.24 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |129 | 130 | 1 | 1 | 94.20 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-325| 10050 | MZ |169 | 172 | 3 | 2.9 | 1.06 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |195 | 212 | 17 | 16.2 | 2.31 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |209 | 212 | 3 | 2.9 | 11.67 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-326| 10300 | HW | 62 | 65 | 3 | 3 | 1.13 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |202 | 211 | 9 | 6.3 | 1.36 |
|_________|_______|_____|____|______|_________|______|___________|
*Denotes: MZ - main zone and HW - hanging wall zone 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. 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. 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 the Valentine Lake Joint
Venture The Valentine Lake Joint Venture is a 50/50 joint venture
between Marathon and Mountain Lake Resources Inc. The Leprechaun
Gold Deposit is situated at the south-western end of the Valentine
Lake Project, and the Valentine East Gold Zone is located 17
kilometers along strike running in a north-easterly
direction. These gold occurrences form part of a 23 kilometer
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 plans for 25,000 meters of drilling which is currently
ongoing. About the Leprechaun Gold Deposit The Leprechaun Gold
Deposit has a 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 (news release, December 16, 2010). The
Inferred 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 Measured and Indicated ounces occurring within
150 meters of surface. 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, and 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 exploration and resource development 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 Corporation, 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 Corporation'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, results or otherwise. To
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p bMarathon Gold Corporation /b /p p bPhillip Walford,
President & CEO/bbr/ bTel: 1-416-987-0711/b /p
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