TORONTO, Sept. 12, 2013 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) today announced positive results from the summer trenching program at the Victory Gold deposit area, Valentine Lake Project, Newfoundland (Figure 1). The name has been changed to avoid confusion with the title of the Valentine Lake Property. New trenching, located up to 300 meters northeast along strike from the current open pit boundary of the Victory Gold deposit, has revealed abundant gold-bearing quartz-tourmaline-pyrite (QTP) veining with grab samples ranging up to 140.97 g/t Au, 36.36 g/t Au and 24.16 g/t Au (Figure 1). The QTP veining at the Victory Gold deposit is similar to that which characterizes the Leprechaun Gold deposit located 13 kilometers along strike to the southeast.

Highlights include:

  • Abundant visible gold in newly exposed multiple QTP veining in outcrop up to 300 meters northeast along strike from the current resource pit boundary of the Victory Gold Deposit. Grab samples from QTP veining returned up to 141.97 g/t Au, 36.36 g/t Au and 24.16 g/t Au. The Victory Gold Deposit contains and Indicated open pit resource of 41,000 oz Au  grading 1.67 grams per tonne Au and an Inferred open pit resource of9,000 oz Au of Inferred resource grading 1.47 grams per tonne Au .

  • The new trenching has lengthened the strike length of the gold-bearing mineralized corridor to more than 800 meters at the Victory Gold Deposit area demonstrating a high potential to expand the existing open pit resource.

  • Historical drilling with sporadic and incomplete sampling intersected significant gold intervals, including 2.91 g/t Au over 10.6 meters in VL-99-22 and 3.46 g/t Au over 4.0 meters in VL-99-17, in the area between the new trenching and the current open pit boundary of the Victory Gold deposit is very encouraging for expanding the resource.

  • The Victory Gold deposit alteration and QTP veining appears similar to that which characterizes the Leprechaun Gold Deposit located 13 km along strike to the southwest.

  • In addition, new trenching in the Victory-NE area, located 1.2 kilometers to the NE of the Victory Gold Deposit area, has also revealed extensive QTP veining and corresponding good gold values in grab samples.

  • The veining in the Victory-NE area and in the Victory deposit is in the same mineralized trend so the 1.2 km separating the two areas has potential for mineralization. This area is low lying with few outcrops and will require exploration drilling working from both Victory-NE and from Victory. The total strike length of exploration interest is now in excess of 2 km.

  • Additional trenching is planned this month to define possible drill targets.

"This property is really in the early stages of resource development. However, it already hosts a resource approaching one million ounces of gold that is mostly in the Leprechaun Deposit. Since we announced the first resource at the Victory Gold Deposit June 14, 2013 we have been conducting a cost effective and successful program of prospecting to expand the potential of the deposit. The discovery of significant QTP veining with abundant visible gold in a new area located 300 meters along strike from the current open pit boundary of the Victory Gold Deposit is very exciting.  I see the potential for a significant resource to develop at Victory as well as expanding the Leprechaun Deposit", said Phillip Walford, President and CEO of Marathon. " The Victory Gold Deposit and the Leprechaun Gold Deposit are our top priority for further development."

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 some of the gold on the property, the metallic screening method is used on economically important drill core 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

The Valentine Lake property, owned 100% by Marathon Gold Corporation, hosts two well defined gold deposits with NI 43-101 complaint resources: the Leprechaun Gold Deposit and the Victory Gold Deposit. The Leprechaun Gold Deposit is located near the south-western end of the Valentine Lake property, and the Victory Gold Deposit is located 13 kilometers along strike to the north-east.  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 kilometers 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 Open Pit and Underground Resource (refer to August 1, 2013 news release). The Open Pit Resource is Measured 3.5 million tonnes at 2.8 g/t Au containing 247,000 oz Au, and Indicated 6.2 million tonnes at 2.07 g/t Au containing 412,000 oz Au, and Inferred 1.2 million tonnes at 1.82 g/t Au containing 71,000 oz Au. The Underground Resource is Measured 108,000 tonnes at 4.83 g/t Au containing 17,000 oz Au, and Indicated 764,000 tonnes at 4.05 g/t Au containing 100,000 oz Au, and Inferred 349,000 tonnes at 6.13 g/t Au containing 69,000 oz Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for the open pit resources and a 2.0 g/t Au minimum cut-off for the underground resources. The Leprechaun Gold Deposit is open at depth and along strike.

About the Victory Gold Deposit

The Victory Gold Deposit ( formerly Valentine East Hill) has a first ever NI 43-101 compliant Open Pit Resource (refer to August 1, 2013 news release). The Open Pit Resource is Indicated  761,000 tonnes at 1.67 g/t Au containing 41,000 oz Au, and Inferred 199,000 tonnes at 1.47 g/t Au containing 9,000 oz Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for the open pit resources. The Victory Gold Deposit is open at depth and along strike.

About Marathon Gold Corporation

Marathon 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'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.

SOURCE Marathon Gold Corporation

Image with caption: "Figure 1: Location map of new trenches and grab samples, Victory Gold Deposit Area, Valentine Lake Property, Newfoundland. (CNW Group/Marathon Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20130912_C6415_PHOTO_EN_30720.jpg

Copyright 2013 Canada NewsWire

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