Marathon Gold Hits 3.81 g/t Au over 21.6 meters in Step-Out Drilling at the Leprechaun Gold Deposit, Valentine Lake Project
June 05 2012 - 7:00AM
PR Newswire (Canada)
TORONTO, June 5, 2012 /CNW/ - Marathon Gold Corporation ("Marathon"
or the "Company") today announced positive results from the start
of the 2012 summer drilling program at the Valentine Lake
Project, Newfoundland (Figure 1). Step-out drilling at the
Leprechaun Gold Deposit has intersected new high-grade gold
mineralization up to 110 meters down-dip from previously defined
Main Zone mineralization. Current drilling continues to define an
expanding high-grade down-dip ore shoot in the central part of the
Leprechaun Gold Deposit, which remains open both along-strike and
down dip. Highlights include: -- Intersection of new high-grade
Main and Footwall Zone mineralization adds to the development of
down-dip underground mining targets with 3.81 g/t Au over 21.6
meters including 10.16 g/t Au over 2.4 meters, 10.41 g/t Au over
2.4 meters, and 11.37 g/t Au over 1.6 meters in VL-12-440 (Plate
1), and 6.1 g/t Au over 10.2 meters including 13.33 g/t Au over 3.4
meters and 1.57 g/t Au over 12.75 meters including 3.43 g/t Au over
3.4 meters in VL-12-437. -- Growth of the high-grade, down-dip Main
Zone and Footwall Zone mineralization in the northeast end of the
Leprechaun Gold Deposit with 4.42 g/t Au over 9.0 meters including
39.36 g/t Au over 0.90 meters and 4.40 g/t Au over 2.55 meters
including 12.79 g/t Au over 0.85 meters in VL-12-439, and 4.79 g/t
Au over 2.40 meters including 13.43 g/t Au over 0.80 meters and
5.17 g/t Au over 4.0 meters including 10.98 g/t Au over 0.80 meters
in VL-12-436. -- Significant new Main Zone intersections southwest
of the current Leprechaun Gold Deposit boundary with 6.24 g/t Au
over 2.85 meters including 18.70 g/t Au over 0.95 meters and 3.70
g/t Au over 2.85 meters including 11.08 g/t Au over 0.95 meters in
VL-12-435. "The Leprechaun Gold Deposit is demonstrating expanding
continuity to depth. The core of the majority of the intersections
continue to be high-grades, especially in the central part of the
deposit, which is very promising for potential mining from surface
or underground", said Phillip Walford, President and CEO of
Marathon Gold. TABLE 1: Significant Assay Intervals from drill
holes in the Leprechaun Gold Deposit **
_________________________________________________________________ |
| | | | | | Core | |Gold (g/t)| | DDH |Section|Zone| Design
|From|To |Length|TT (m)| Uncut |
|_________|_______|____|________|____|___|______|______|__________|
|VL-12-435|9837.5 | MZ |Step Out|205 |208| 3 | 2.85 | 6.24 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |206 |207| 1 | 0.95 | 18.70 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |211 |214| 3 | 2.85 | 3.70 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |212 |213| 1 | 0.95 | 11.08 |
|_________|_______|____|________|____|___|______|______|__________|
|VL-12-436|10462.5| MZ | Infill |262 |265| 3 | 2.4 | 4.79 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |263 |264| 1 | 0.8 | 13.43 |
|_________|_______|____|________|____|___|______|______|__________|
| | | FW | |310 |315| 5 | 4 | 5.17 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | FW | |310 |311| 1 | 0.8 | 10.98 |
|_________|_______|____|________|____|___|______|______|__________|
|VL-12-437| 10125 | MZ |Step Out|186 |190| 4 | 3.4 | 2.65 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | 60m |186 |187| 1 | 0.85 | 9.20 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |202 |205| 3 | 2.55 | 18.47 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |203 |204| 1 | 0.85 | 54.01 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |208 |211| 3 | 2.55 | 1.95 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |210 |211| 1 | 0.85 | 5.60 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |228 |240| 12 | 10.2 | 6.10 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |234 |238| 4 | 3.4 | 13.33 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |243 |246| 3 | 2.55 | 3.44 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |243 |244| 1 | 0.85 | 9.38 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |257 |260| 3 | 2.55 | 1.67 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |257 |258| 1 | 0.85 | 4.54 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |266 |281| 15 |12.75 | 1.57 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |272 |276| 4 | 3.4 | 3.43 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |348 |360| 12 | 10.2 | 3.29 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |350 |351| 1 | 0.85 | 15.12 |
|_________|_______|____|________|____|___|______|______|__________|
|VL-12-438| 9825 | MZ |Step Out|218 |221| 3 | 2.85 | 1.87 |
|_________|_______|____|________|____|___|______|______|__________|
|VL-12-439|10487.5| MZ |Step Out|195 |205| 10 | 9 | 4.42 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | 60m |195 |196| 1 | 0.9 | 39.36 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |241 |247| 6 | 5.4 | 1.24 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |243 |244| 1 | 0.9 | 5.34 |
|_________|_______|____|________|____|___|______|______|__________|
| | | FW | |304 |307| 3 | 2.55 | 4.40 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | FW | |305 |306| 1 | 0.85 | 12.79 |
|_________|_______|____|________|____|___|______|______|__________|
|VL-12-440|10137.5| MZ |Step Out|247 |252| 5 | 4.5 | 1.90 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ |80-120m |248 |249| 1 | 0.9 | 4.02 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |251 |252| 1 | 0.9 | 4.41 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |266 |269| 3 | 2.7 | 1.17 |
|_________|_______|____|________|____|___|______|______|__________|
| | | MZ | |369 |396| 27 | 21.6 | 3.81 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |369 |372| 3 | 2.4 | 10.16 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |379 |382| 3 | 2.4 | 10.41 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | MZ | |383 |385| 2 | 1.6 | 11.37 |
|_________|_______|____|________|____|___|______|______|__________|
|VL-12-441| 9900 | HW | Infill | 26 |30 | 4 | 3.6 | 2.80 |
|_________|_______|____|________|____|___|______|______|__________|
|including| | HW | | 26 |28 | 2 | 1.8 | 8.09 |
|_________|_______|____|________|____|___|______|______|__________|
* Denotes: MZ - main zone, HW - hanging wall zone, and FW -footwall
zone All grades in this release are uncut and all thicknesses are
estimated true thicknesses. The Valentine Lake Project, including
the Leprechaun Gold Deposit, is currently subject of a binding
Arrangement Agreement between Marathon Gold and Mountain Lake
Resources Inc., whereby Marathon will acquire 100% ownership of the
Valentine Lake Project by acquiring Mountain Lake Resources. The
agreement is subject to shareholder and regulatory approval.
Summer-Fall Drilling Slow Down A total of 74 drill holes amounting
to 20,292 meters (50.7%) of the planned 40,000 meter 2012 program
have been completed and Marathon is very pleased with the rate of
drilling, which was ahead of schedule. Marathon will slow down
drilling efforts for the summer, reducing its drills from three to
one, as a result of the binding Arrangement Agreement between
Marathon and Mountain Lake, which includes a cessation of Mountain
Lake's funding contributions to the budgeted 2012 program at
Valentine Lake since the end of March. The Company must make
prudent use of its capital in this difficult market. Marathon's
summer-fall 2012 program will consist of prospecting, geological
mapping and trenching along the highly prospective 23 kilometer
strike length of the property outside of the current boundary of
the Leprechaun Gold Deposit. The summer-fall program is currently
underway with the purpose of finding new gold zones along the belt.
Some of the future drilling is planned for follow-up along these
potential new zones. 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
Marathon's Pending 100% Acquisition of the Valentine Lake Project
The Valentine Lake Project is subject of a binding Arrangement
Agreement ("Arrangement") whereby Marathon Gold Corporation
("Marathon") will acquire all of the outstanding common shares of
Mountain Lake Resources Incorporated ("Mountain Lake") and become
100% owner of the Valentine Lake Project. Under the terms of the
Arrangement, Mountain Lake shareholders will receive 0.40 of a
Marathon common share and 0.40 of a common share of a spin out
company to be formed by 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 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, as sole owner, is now funding the 2012
exploration and development initiatives at the Valentine Lake
Project, including the planned 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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