Marathon Gold Hits 6.53 g/t Au over 15.3 meters and 2.36 g/t Au over 29.75 meters at the 100% Owned Leprechaun Gold Deposit, Va
July 10 2012 - 7:00AM
PR Newswire (Canada)
TORONTO, July 10, 2012 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") today announced continued positive
results from the summer 2012 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 150 meters down-dip from the previously
defined Main Zone boundary. This new drilling in the central part
of the Leprechaun Gold Deposit continues to expand the high-grade
Main Zone that is currently open at depth. Highlights include: --
Significant down-dip expansion of the Main Zone and growth of
underground mining targets with new high-grade Main Zone
mineralization including 6.53 g/t Au over 15.3 meters with 51.04
g/t Au over 0.9 meters, 15.14 g/t Au over 1.8 meters, and 13.71 g/t
Au over 1.8 meters in VL-12-444, and 2.36 g/t Au over 29.75 meters
with 46.50 g/t Au over 0.85 meters and 7.03 g/t Au over 0.85 meters
in VL-12-448. -- Increased along strike continuity of high-grade
Main Zone mineralization with infill drilling including 5.03 g/t Au
over 10.0 meters with 31.21 g/t Au over 1.0 meters in VL-12-445,
4.75 g/t Au over 7.6 meters with 20.24 g/t Au over 0.95 meters in
VL-12-449 (Photo 1), and 7.56 g/t Au over 5.7 meters with 12.61 g/t
Au over 1.9 meters in VL-12-451. -- Continued growth of the 100%
owned Leprechaun Gold Deposit with down-dip expansion of the
high-grade Main Zone mineralization and development of underground
targets. "The results from this summer's step-out drilling program
have been very successful. These new results confirm that the
Leprechaun Gold Deposit is extending to depth. The central part of
the deposit continues to exhibit high-grade gold mineralization
which provides us with further encouragement, as it demonstrates
that this deposit has the potential to be mined on 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 *
___________________________________________________________________
| DDH |Section|Zone**| Design |From|To | Core |TT (m)|Gold (g/t)| |
| | | | | |Length| | Uncut |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-443|9912.5 | MZ | Infill |145 |148| 3 | 3.0 | 1.99 |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-444| 10175 | MZ |Step out|215 |220| 5 | 4.5 | 4.04 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |215 |217| 2 | 1.8 | 7.12 |
|_________|_______|______|________|____|___|______|______|__________|
| | | MZ | |264 |267| 3 | 2.7 | 2.51 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |265 |266| 1 | 0.9 | 7.51 |
|_________|_______|______|________|____|___|______|______|__________|
| | | MZ | |303 |320| 17 | 15.3 | 6.53 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |303 |304| 1 | 0.9 | 51.04 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |312 |314| 2 | 1.8 | 15.14 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |318 |320| 2 | 1.8 | 13.71 |
|_________|_______|______|________|____|___|______|______|__________|
| | | MZ | |343 |348| 5 | 4.5 | 5.45 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |344 |345| 1 | 0.9 | 15.70 |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-445| 9950 | MZ | Infill |165 |175| 10 | 10.0 | 5.03 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |173 |174| 1 | 1.0 | 31.21 |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-446|10537.5| HW |Step out| 43 |46 | 3 | 3.0 | 2.45 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | HW | | 43 |44 | 1 | 1.0 | 6.23 |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-447|10212.5| MZ |Step out|251 |254| 3 | 2.7 | 1.64 |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-448| 10000 | HW |Step out|108 |113| 5 | 5.0 | 2.21 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |112 |113| 1 | 1.0 | 5.42 |
|_________|_______|______|________|____|___|______|______|__________|
| | | MZ | |232 |238| 6 | 5.1 | 9.75 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |232 |234| 2 | 1.7 | 21.74 |
|_________|_______|______|________|____|___|______|______|__________|
| | | MZ | |250 |285| 35 |29.75 | 2.36 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |266 |267| 1 | 0.85 | 46.50 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |282 |283| 1 | 0.85 | 7.03 |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-449| 10300 | MZ | Infill |139 |147| 8 | 7.6 | 4.75 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |145 |146| 1 | 0.95 | 20.24 |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-450|9987.5 | HW | Infill | 22 |25 | 3 | 3 | 1.23 |
|_________|_______|______|________|____|___|______|______|__________|
| | | MZ | |154 |164| 10 | 9.5 | 2.62 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | |158 |159| 1 | 0.95 | 7.31 |
|_________|_______|______|________|____|___|______|______|__________|
|VL-12-451|10287.5| MZ | Infill | 9 |15 | 6 | 5.7 | 7.56 |
|_________|_______|______|________|____|___|______|______|__________|
|including| | MZ | | 10 |12 | 2 | 1.9 | 12.61 |
|_________|_______|______|________|____|___|______|______|__________|
* Drill hole VL-12-442 returned no significant mineralized
intervals. ** Denotes: MZ - Main Zone, and HW - Hanging Wall Zone
The Valentine Lake Project is now 100% owned by Marathon Gold
Corporation (see July 9, 2012 news release). Marathon has begun a
summer-fall 2012 program of prospecting, geological mapping and
trenching along the highly prospective 23 kilometer strike length
of the property outside of the current boundaries of the Leprechaun
Gold Deposit. All grades in this release are uncut, and all
thicknesses are estimated true thicknesses. A total of 86 drill
holes totaling 22,495 meters (56.2%) 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 Project Marathon Gold Corporation is now the
100% owner of the Valentine Lake Project. 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 focused along the Valentine Lake thrust fault.
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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