TORONTO,
Jan. 27, 2014 /CNW/ - Marathon
Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced the intersection of near-surface gold intercepts in the
first two drill holes from the minimal 2,000 meter winter drilling
campaign at the Valentine Lake Project, central Newfoundland, Canada. The winter drilling
campaign is focused on expanding the open pit resource at the
Victory Gold Deposit, and testing new mineralization along strike
to the northeast within the recently identified gold mineralized
corridor (Figure 1). Current drilling will also focus on new
high-grade gold veins in the Sprite NE area.
Highlights include:
- Near surface intercepts of 3.44 g/t Au over 6.75 meters (TT)
including 19.16 g/t Au over 1.13 meters (TT) and 2.21 g/t Au over
7.88 meters (TT) including 5.19 g/t Au over 1.13 meters (TT) in
VGD-14-029.
- Near surface intercepts of 3.59 g/t Au over 5.25 meters (TT)
including 14.53 g/t Au over 0.75 meters (TT) in VGD-14-028.
- The new gold intercepts are of significantly higher grade than
those from proximal historical drilling.
- Newly discovered gold mineralization will contribute to the
ongoing growth of the current open pit resource at the Victory Gold
deposit as Marathon begins to step
out along the gold mineralized corridor that extends 1.5 km
northeast from the current resource boundary.
- Marathon has now commenced a
winter drill program in the Sprite NE area, targeted on multiple
gold-bearing quartz-tourmaline-pyrite veins that returned high
grade prospecting and channel samples.
TABLE 1: Significant Assay Intervals from
drill holes at the Victory Gold Deposit.
DDH |
Section |
From |
To |
Core
Length
(m) |
TT (m) |
Gold
(g/t)
Uncut |
VGD-14-028 |
7075 |
24 |
31 |
7 |
5.25 |
3.59 |
including |
|
28 |
29 |
1 |
0.75 |
14.53 |
|
|
64 |
67 |
3 |
2.25 |
0.92 |
|
|
73 |
76 |
3 |
2.25 |
0.84 |
VGD-14-029 |
7125 |
43.5 |
54 |
10.5 |
7.88 |
2.21 |
including |
|
45 |
46.5 |
1.5 |
1.13 |
5.19 |
|
|
86 |
90.5 |
4.5 |
3.38 |
1.48 |
|
|
94 |
103 |
9 |
6.75 |
3.44 |
including |
|
97 |
98.5 |
1.5 |
1.13 |
19.16 |
"The intersection of new shallow and wide
mineralized intervals with high gold grades confirms the resource
growth potential at the Victory Gold Deposit as drilling continues
along strike in the mineralized corridor. We await the assay
results currently pending for drill holes VGD-14-030 to 037", said
Phillip Walford, President and CEO
of Marathon.
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 Gold Corporation
Marathon is a
Toronto based gold resource
development company focused on the Valentine Lake property in
central Newfoundland. Marathon's mission is to rapidly advance the
Valentine Lake project towards advanced exploration and
pre-development stages. For more information
visit: www.marathon-gold.com.
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 compliant 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. These gold deposits form part of a 23 km
long, highly prospective gold-bearing mineralized corridor focused
along the Valentine Lake Thrust Fault.
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 containing 247,000 oz Au,
and Indicated 6.2 million tonnes 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 containing
17,000 oz Au, and Indicated 764,000 tonnes containing 100,000 oz
Au, and Inferred 349,000 tonnes containing 69,000 oz Au.
The Victory Gold Deposit (formerly Valentine East Hill) has an Open Pit Resource
(refer to August 1, 2013 news
release). The Open Pit Resource is Indicated 761,000 tonnes
containing 41,000 oz Au, and Inferred 199,000 tonnes containing
9,000 oz Au. Both deposits are open to expansion.
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 the Victory Gold
Deposit showing the collar position of VGD-14-028 and VGD-14-029,
current open pit boundary, and gold mineralized corridor. Note:
Assays pending for drill holes VGD-14-031 to VGD-14-037. (CNW
Group/Marathon Gold Corporation)". Image available at:
http://photos.newswire.ca/images/download/20140127_C5247_PHOTO_EN_35863.jpg