Marathon Gold Completes 2011 Drill Program at the Leprechaun Gold Deposit
November 11 2011 - 7:00AM
PR Newswire (Canada)
TORONTO, Nov. 11, 2011 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") today announced the completion of the
highly successful 25,250 meter 2011 diamond drilling program at the
Leprechaun Gold Deposit. The last nine drill holes at the
Leprechaun Gold Deposit were focused on the southwest end of the
current resource boundary (Figure 1). Significant new main zone
intercepts include: -- VL-11-365 6.89 g/t Au over 4.8 meters
including 14.12 g/t Au over 1.9 meters -- VL-11-357 2.86 g/t Au
over 8.0 meters including 9.53 g/t Au over 2.0 meters "Our 2011
drilling campaign was very successful, and has identified multiple
lenses of high-grade main zone mineralization up to tens of meters
in thickness that have been traced along strike for more than 200
meters. We have also outlined significant new hanging wall and foot
wall mineralization. These numerous new high-grade gold zones will
have a significant positive impact on the upcoming Leprechaun Gold
Deposit Resource update, which is expected to be reported late Q4
2011 or early Q1 2012", said Phillip Walford, President and CEO of
Marathon Gold Corporation. The Valentine Lake Project, including
the Leprechaun Gold Deposit, is a 50/50 Joint Venture between
Marathon Gold Corporation and Mountain Lake Resources Inc. Both
companies were equal contributors to the recently completed 25,250
m 2011 drilling program in which Marathon is the operator.
All grades in this release are uncut, and all thicknesses are
estimated true thicknesses. A total of 150 drill holes have been
completed during the 2011 drilling campaign. It is expected that
all remaining outstanding assays will be completed during November
with a revised Resource Estimate to follow in late Q4 2011 or early
Q1 2012. Please note that on October 27, 2011, it was reported that
the revised Resource Estimate was expected in Q4 2011. Due to a
combination of factors, including unforeseen weather conditions,
the Company now anticipates the release of the updated Resource
Estimate in late Q4 2011 or early Q1 2012. Highlights: -- Step out
drill hole VL-11-365 within the "Heart of Gold" area showed a 50
meter down dip extension of the main zone mineralization with
intervals of 6.89 g/t Au over 4.8 meters, including 14.12 g/t Au
over 1.9 meters and 6.86 g/t Au over 2.9 meters, including 18.38
g/t Au over 1.0 meter as well as significant hanging wall
mineralization with 1.60 g/t Au over 2.9 meters. -- Infill drill
hole VL-11-357 intersected significant main zone mineralization
with intervals of 2.86 g/t Au over 8.0 meters, including 9.53 g/t
Au over 2.0 meters as well as footwall mineralization with 0.84 g/t
Au over 4.0 meters. TABLE 1: Significant Assay Intervals for the
Leprechaun Gold Deposit*
_____________________________________________________________________
| DDH |Section|Zone**|From (m)|To (m)| Core |TT (m)|Gold (g/t)| | |
| | | |Length (m)| | Uncut |
|_________|_______|______|________|______|__________|______|__________|
|VL-11-357| 10100 | HW | 13 | 16 | 3 | 2.9 | 0.66 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 125 | 133 | 8 | 8.0 | 2.86 |
|_________|_______|______|________|______|__________|______|__________|
|including| | MZ | 131 | 133 | 2 | 2.0 | 9.53 |
|_________|_______|______|________|______|__________|______|__________|
| | | FW | 158 | 162 | 4 | 4.0 | 0.84 |
|_________|_______|______|________|______|__________|______|__________|
|VL-11-358|10187.5| MZ | 11 | 14 | 3 | 2.6 | 1.06 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 24 | 28 | 4 | 3.4 | 0.59 |
|_________|_______|______|________|______|__________|______|__________|
|VL-11-359|10187.5| MZ | 11 | 14 | 3 | 2.6 | 1.85 |
|_________|_______|______|________|______|__________|______|__________|
|VL-11-360|10237.5| HW | 80 | 83 | 3 | 3 | 0.57 |
|_________|_______|______|________|______|__________|______|__________|
| | | HW | 86 | 89 | 3 | 3 | 0.72 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 146 | 152 | 6 | 5.7 | 0.57 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 197 | 200 | 3 | 2.9 | 0.98 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 214 | 218 | 4 | 3.8 | 1.50 |
|_________|_______|______|________|______|__________|______|__________|
|VL-11-362| 10225 | MZ | 2.6 | 6 | 3.4 | 3.2 | 1.30 |
|_________|_______|______|________|______|__________|______|__________|
|VL-11-363| 10000 | MZ | 154 | 157 | 3 | 2.9 | 2.35 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 231 | 244 | 13 | 11.7 | 0.51 |
|_________|_______|______|________|______|__________|______|__________|
|including| | MZ | 235 | 238 | 3 | 2.7 | 1.16 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 263 | 266 | 3 | 2.7 | 0.99 |
|_________|_______|______|________|______|__________|______|__________|
|VL-11-364| 10125 | HW | 14 | 17 | 3 | 3 | 0.48 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 164 | 173 | 9 | 7.7 | 1.66 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 227 | 234 | 7 | 6.0 | 1.89 |
|_________|_______|______|________|______|__________|______|__________|
|VL-11-365| 10175 | HW | 49 | 52 | 3 | 2.9 | 0.42 |
|_________|_______|______|________|______|__________|______|__________|
| | | HW | 64 | 67 | 3 | 2.9 | 1.60 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 149 | 154 | 5 | 4.8 | 6.89 |
|_________|_______|______|________|______|__________|______|__________|
|including| | MZ | 151 | 153 | 2 | 1.9 | 14.12 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 202 | 206 | 4 | 3.8 | 0.58 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 234 | 237 | 3 | 2.9 | 2.94 |
|_________|_______|______|________|______|__________|______|__________|
| | | MZ | 245 | 248 | 3 | 2.9 | 6.86 |
|_________|_______|______|________|______|__________|______|__________|
|including| | MZ | 247 | 248 | 1 | 1.0 | 18.38 |
|_________|_______|______|________|______|__________|______|__________|
*VL-11-361 contained no significant assay intervals.. **Denotes: MZ
- main zone, HW - hanging wall zone, and FW - foot 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 Valentine Lake is a 50/50 Joint Venture between Marathon
Gold Corporation 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. The J. Frank Zone, which currently extends over an
area in excess of 850 m in length and 250 m in width, is located up
to 1.5 km southwest along strike from the current resource boundary
of the Leprechaun Gold Deposit. 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 $6.8 million budget in 2011
that included the 25,250 meters of drilling which has now been
completed. 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. A new Leprechaun Gold Deposit resource
is expected to be released in Q4 2011, or early 2012 About Marathon
Gold Corporation Marathon Gold Corporation is a North American gold
resource development company, 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 CorporationJennie
GuayInvestor Relations ManagerTel: 1-416-987-0714Email:
jguay@marathon-gold.com
Copyright
Marathon Gold (TSX:MOZ)
Historical Stock Chart
From Sep 2024 to Oct 2024
Marathon Gold (TSX:MOZ)
Historical Stock Chart
From Oct 2023 to Oct 2024