Marathon Gold Intersects Further High-Grade Gold Mineralization at the Leprechaun Gold Deposit and J. Frank Zone, Valentine Lak
May 14 2012 - 7:00AM
PR Newswire (Canada)
TORONTO, May 14, 2012 /CNW/ - Marathon Gold Corporation ("Marathon"
or the "Company") today announced the concluding drill results from
the 2012 winter drilling program at the Valentine Lake Project,
Newfoundland (Figure 1). Step-out drilling at the Leprechaun Gold
Deposit intersected high-grade gold mineralization up to 60 meters
down-dip from previously defined Main Zone mineralization.
Exploration drilling at the J. Frank Zone also intersected wide
intervals of mineralization, which are comparable to the Main Zone
quartz, tourmaline and pyrite vein system at the Leprechaun Gold
Deposit. Highlights include: Leprechaun Gold Deposit -- Step-out
drilling in the northeast area of the deposit intersected multiple
high-grade intervals up to 60 meters down-dip from the Main Zone
with 9.07 g/t Au over 6.80 meters including 66.63 g/t Au over 0.85
meters (Photo 1) and 7.38 g/t Au over 2.55 meters including 22.05
g/t Au over 0.85 meters in VL-12-414 and 22.05 g/t Au over 2.25
meters including 66.03 g/t Au over 0.75 meters and 15.10 g/t Au
over 2.25 meters including 42.45 g/t Au over 0.75 meters in
VL-12-409. -- Step-out drilling in the central area of the
Leprechaun Gold Deposit intersected high-grade intervals 40 meters
down-dip from the Main Zone with 8.06 g/t Au over 11.4 meters
including 29.54 g/t Au over 0.95 meters and 29.64 g/t Au over 0.95
meters in VL-12-410. -- Significant new near surface high-grade
Hanging Wall mineralization include 15.80 g/t Au over 6.0 meters
including 65.33 g/t Au over 0.75 meters in VL-12-416 . J. Frank
Zone -- New near surface high-grade Hanging Wall mineralization
include 6.46 g/t Au over 3.0 meters including 19.14 g/t Au over 1.0
meters in VL-12-428. -- New wide intervals of Main Zone style
mineralization at the J. Frank Zone include 0.64 g.t Au over 61.75
meters with 12.90 g/t Au over 0.95 meters in VL-12-431. -- The
Leprechaun Gold Deposit continues to demonstrate expansion both
down-dip and along strike while the discovery of wide intervals of
Main Zone style mineralization at the south west end of the current
J. Frank Zone, provides an exciting target for future drilling.
"The Leprechaun Gold Deposit has continued to expand with our
highly successful winter 2012 drilling program. The intersection of
new wide intervals of Main Zone style mineralization in the J.
Frank Zone, confirms the continuity of the gold system operating
along the highly prospective thrust fault, which extends for over
25 kilometers within the Valentine Lake property," said Phillip
Walford, President and CEO of Marathon Gold. "Summer drilling has
resumed and with three drills turning, steady news flow is
expected". TABLE 1: Significant Assay Intervals from drill holes,
Leprechaun Deposit and Frank Zone**
_____________________________________________________________________________
| | | | | | | | | Gold | | | | | | | | Core | TT |(g/t) | | DDH |
Section | Zone* |Design| From | To | Length |(m) |Uncut |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | Step | | | | | | | | | | Out | | | | | | | VL-12-409 |
10512.5 | HW | 45m | 84 | 87 | 3 | 3 | 1.70 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 212 | 215 | 3 |2.25 |22.05 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 212 | 213 | 1 |0.75 |66.03 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 258 | 261 | 3 |2.25 |15.10 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 258 | 259 | 1 |0.75 |42.45 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 285 | 288 | 3 |2.25 | 7.62 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 286 | 287 | 1 |0.75 |14.03 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | Step | | | | | | | | | | Out | | | | | | | VL-12-410 |
10100 | HW | 40m | 24 | 27 | 3 | 3 | 2.11 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | HW | | 30 | 33 | 3 | 3 | 2.41 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 277 | 289 | 12 |11.4 | 8.06 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 278 | 279 | 1 |0.95 |29.54 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 283 | 284 | 1 |0.95 |29.64 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | In | | | | | | | VL-12-411 | 10000 | HW | Fill | 53 | 57 |
4 | 3.8 | 2.15 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | HW | | 53 | 54 | 1 |0.95 | 7.74 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 123 | 126 | 3 | 3 | 3.75 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 124 | 125 | 1 | 1 |10.80 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 142 | 145 | 3 | 3 | 5.56 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 143 | 144 | 1 | 1 |14.78 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 164 | 169 | 5 | 5 | 4.60 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | Step | | | | | | | | | | Out | | | | | | | VL-12-412 |
10550 | MZ | 45m | 199 | 202 | 3 | 2.7 | 1.49 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | In | | | | | | | VL-12-413 | 9962.5 | MZ | Fill | 111 | 114
| 3 | 3 | 2.64 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 150 | 153 | 3 | 3 | 2.55 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | Step | | | | | | | | | | Out | | | | | | | VL-12-414 |
10400 | HW | 65m | 15 | 22 | 7 | 7 | 2.61 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | HW | | 16 | 17 | 1 | 1 | 8.54 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | HW | | 52 | 59 | 7 | 7 | 1.92 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | HW | | 57 | 58 | 1 | 1 | 6.54 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 202 | 210 | 8 | 6.8 | 9.07 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 203 | 204 | 1 |0.85 |66.63 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 259 | 262 | 3 |2.55 | 7.38 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 260 | 261 | 1 |0.85 |22.05 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | In | | | | | | | VL-12-415 | 10262.5 | MZ | Fill | 118 |
122 | 4 | 4 | 3.78 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 120 | 121 | 1 | 1 | 8.07 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 135 | 138 | 3 | 3 | 2.13 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | In | | | | | | | VL-12-416 | 9987.5 | HW | Fill | 20 | 23 |
3 |2.25 | 2.57 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | HW | | 52 | 60 | 8 | 6 |15.80 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | HW | | 54 | 55 | 1 |0.75 |65.33 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 165 | 170 | 5 | 5 | 6.97 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 165 | 166 | 1 | 1 |19.34 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | | In | | | | | | | VL-12-417 | 10287.5 | HW | Fill | 69 | 72
| 3 | 2.7 | 2.47 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-418 | 9750 | MZ | Zone | 140 | 143
| 3 | 3 | 3.55 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 140 | 141 | 1 | 1 |10.16 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-424 | 9600 | MZ | Zone | 81 | 84 |
3 | 3 | 1.20 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-426 | 8750 | MZ | Zone | 170 | 174
| 4 | 4 | 1.68 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 172 | 173 | 1 | 1 | 5.75 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-428 | 9000 | HW | Zone | 14 | 17 |
3 | 3 | 6.46 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | HW | | 14 | 15 | 1 | 1 |19.14 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-429 | 8600 | MZ | Zone | 93 | 96 |
3 | 2.7 | 1.86 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-431 | 8475 | MZ | Zone | 92 | 157
| 65 |61.75| 0.64 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 92 | 93 | 1 |0.95 |12.90 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 105 | 108 | 3 |2.85 | 1.03 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 123 | 126 | 3 |2.85 | 1.17 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 139 | 142 | 3 |2.85 | 1.68 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 154 | 157 | 3 |2.85 | 1.50 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-432 | 9450 | MZ | Zone | 248 | 251
| 3 |2.85 | 1.80 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-433 | 8900 | HW | Zone | 45 | 48 |
3 | 3 | 2.31 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | |Frank | | | | | | | VL-12-434 | 8600 | MZ | Zone | 155 | 160
| 5 | 4.5 | 1.55 |
|___________|_________|_________|______|________|_______|________|_____|______|
| | | MZ | | 183 | 193 | 10 | 9 | 1.52 |
|___________|_________|_________|______|________|_______|________|_____|______|
| including | | MZ | | 192 | 193 | 1 | 0.9 | 6.95 |
|___________|_________|_________|______|________|_______|________|_____|______|
* Denotes: MZ - main zone, and HW - hanging wall zone ** No
significant intervals in VL-12-419, 420, 421, 422, 423, 425, 427,
430 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
planned 40,000 meter 2012 drilling program in which Marathon is the
operator. The 2012 exploration program has started at the
Leprechaun Gold Deposit and will continue to expand southwest into
the J. Frank Zone and northeast into the Sprite Zone. All grades in
this release are uncut, and all thicknesses are estimated true
thicknesses. A total of 57 drill holes totaling 15,359 meters
(38.4%) of the planned 2012 drilling campaign have now been
completed. 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. The J. Frank Zone, which currently extends over an
area in excess of 850 meters in length and 250 meters in width, is
located up to 0.5 kilometers 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 the $11.53 million budget in 2012 that includes plans
for 40,000 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 6,446,000 tonnes
grading 2.05 g/t gold, for a total estimated 424,000 ounces of gold
(news release, March 29, 2012). The Inferred Resource is 5,742,000
tonnes grading 1.65 g/t gold, for an estimated 305,000 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. 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, the prolific Coeur d'Alene
Mining District of Idaho and the historic gold rich Greenhorn
District of Oregon, USA. 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: 1-416-987-0714E-mail:
jguay@marathon-gold.com
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