TORONTO,
Feb. 10, 2014 /CNW/ - Marathon
Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) is
pleased to announce that it has closed its non-brokered private
placement of flow-through shares. On closing, the Company issued
1,456,300 flow-through shares, for gross proceeds of $509,705. The proceeds of the
Offering will be used to extend the Company's winter drilling
program at Valentine Lake.
"We are encouraged by the high level of demand
and positive responses to raising capital at this time, which will
help us move the Valentine Lake Project forward. The money raised
will allow us to follow up the results of the 2,000 m drilling
program announced in January, which was completed this week. We
were very pleased to be able to fill the entire placement in just 2
days," commented Phillip Walford,
President and CEO of Marathon.
All of the shares issued pursuant to the
Offering will be subject to a statutory hold period of four months
and one day from the closing date.
Marathon's
2,000 meter drilling program aimed at exploring for and increasing
the open pit resources on the Victory Gold Deposit and the Sprite
Zone, was completed on February
5th, 2014. The Victory holes were largely
step-out and exploration holes. The Sprite holes were all
exploration holes testing an area outlined by prospecting and
trenching in 2013. The Sprite target identified had not been
drilled before. Both the Victory and Sprite Zone drilling have
encountered typical quartz, pyrite and tourmaline mineralization in
most of the holes as well as some visible gold in the better
mineralized intersections. The drilling has been suspended for two
weeks to enable the assays to be returned. Further drilling will
focus on the areas returning encouraging gold values.
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