Marathon Gold Intersects 5.07 g/t Gold Over 21.6 Meters in the Open Pit Target at the Golden Chest Mine, Idaho
September 28 2011 - 7:00AM
PR Newswire (Canada)
TORONTO, Sept. 28, 2011 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") is pleased to announce the
drill intercept of 21.6 meters of 5.07 g/t gold (true thickness) in
drill hole GC 11-34 from a core drilling program underway at the
Golden Chest mine in Murray, Idaho. The open pit resource
drilling continues to show good intercepts of near-surface gold
mineralization as displayed in the table below. The Golden
Chest is owned 50% by New Jersey Mining Company ("NJMC") and 50% by
Marathon Gold Corporation (MOZ-TSX) in which NJMC is the operator.
"We are seeing better than expected grades in the Idaho open pit
target compared to the Newmont reverse circulation drilling
completed 30 years ago. It is clear from work done at the site this
year that the open pit potential is much larger than initially
estimated and these ongoing drill resuts continue to support the
potential for a robust open pit mine," said Phil Walford, President
and CEO of Marathon Gold Corporation. All grades in this release
are uncut, and all thicknesses are estimated true thicknesses
Highlights: -- GC 11-34 returned 5.07 g/t gold over 21.6 meters
(true thickness) at 25.8 to 71.1 meters including 10.8 g/t gold
over 3.8 meters (true thickness) at 45.9 to 53.8 meters down the
hole. -- GC 11-33 returned 3.00 g/t gold over 19.9 meters (true
thickness) from 22.0 to 55.1 meters including 16.1 g/t gold over
2.5 meters (true thickness) at 26.5 to 30.6 meters down the hole.
-- GC 11-39 returned 1.94 g/t gold over 29.1 meters (true
thickness) from 3.4 meters to 47.6 meters down the hole. -- GC
11-38 returned 1.86 g/t gold over 13.3 meters (true thickness) from
33.0 to 54.2 meters down the hole. Table 1 - Significant Drill
Intersections at the Golden Chest Mine
____________________________________________________________________
| DDH |Resource|From (m)|To (m)| Core | True |Gold (g/t)| | |
Target | | |Width (m)|Thickness (m)| |
|________|________|________|______|_________|_____________|__________|
|GC-11-33|Open Pit| 22.0 | 55.1 | 33.1 | 19.9 | 3.00 |
|________|________|________|______|_________|_____________|__________|
| |includes| 26.5 | 30.6 | 4.1 | 2.5 | 16.1 |
|________|________|________|______|_________|_____________|__________|
|GC-11-34|Open Pit| 25.8 | 71.1 | 45.3 | 21.6 | 5.07 |
|________|________|________|______|_________|_____________|__________|
| |includes| 45.9 | 53.8 | 7.9 | 3.8 | 10.8 |
|________|________|________|______|_________|_____________|__________|
|GC-11-38|Open Pit| 33.0 | 54.2 | 21.2 | 13.3 | 1.86 |
|________|________|________|______|_________|_____________|__________|
|GC-11-39|Open Pit| 3.4 | 47.6 | 44.2 | 29.1 | 1.94 |
|________|________|________|______|_________|_____________|__________|
| |includes| 3.4 | 18.7 | 15.3 | 10.1 | 5.06 |
|________|________|________|______|_________|_____________|__________|
|GC-11-42|Open Pit| 4.9 | 28.0 | 23.1 | 23.1 | 0.49 |
|________|________|________|______|_________|_____________|__________|
|GC-11-43|Open Pit| 77.3 | 93.9 | 16.6 | 16.6 | 0.86 |
|________|________|________|______|_________|_____________|__________|
|GC-11-44|Open Pit| 86.6 | 95.5 | 8.9 | 8.4 | 0.54 |
|________|________|________|______|_________|_____________|__________|
| |Open Pit| 103.2 |113.9 | 10.7 | 10.1 | 0.35 |
|________|________|________|______|_________|_____________|__________|
|GC-11-45|Open Pit| 99.5 |130.1 | 30.6 | 24.9 | 0.46 |
|________|________|________|______|_________|_____________|__________|
To view map, please see link:
http://files.newswire.ca/982/GoldChestDrillPlan-Pit.pdf Note that
hole numbers missing in the sequence above may have already been
released, are in the process of being logged by geologists, or are
awaiting assay analysis. Surface core drilling at the Golden Chest
is still focused on drilling out the open pit target on a 25 m by
25 m grid that extends for 250 meters north-south and approximately
150 meters east-west. It is expected that this grid drilling
will be completed in early October, and then drilling will focus on
stepping out from the grid in at least 50 meter increments.
Two drill rigs are currently working on the open pit resource
drilling and have completed approximately 7,600 meters to
date. The joint venture partners plan to complete at least
10,000 meters of drilling this year. Drilling will continue on
surface until the weather no longer permits it. An NI -43-101
report is in preparation which will include open pit and
underground resources. The resource estimation is scheduled to
begin in November, 2011 and be completed by the first quarter of
2012. All of the samples were analyzed by American Analytical of
Osburn, Idaho, an ISO certified laboratory. Samples were analyzed
using lead collection fire assay with a gravimetric finish. Phillip
Walford P.Geo. President and CEO, is Marathon's Qualified
Person in compliance with National Instrument 43-101 with respect
to this release. Mr. Walford has reviewed the contents for accuracy
and has approved this press release on behalf of Marathon. The
Golden Chest Mine The Golden Chest Mine is located two miles east
of Murray, Idaho within the gold belt of the Coeur d'Alene Mining
District. The mine has over 3,900 meters of underground workings
and has the permits necessary to drill and operate on the deposit.
The property includes 24 patented mining claims and 70 unpatented
mining claims covering 497 hectares. The patented claims that cover
the mine workings have mineral and surface rights enabling the
Joint-Venture to work easily on the mine property. 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.
Marathon Gold Corporation CONTACT: Marathon Gold
Corporation Phillip Walford, President & CEOTel: 1-416-987-0711
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