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