TORONTO,
June 18, 2014 /CNW/
- Marathon Gold Corporation ("Marathon" or the "Company")
(TSX: MOZ) today announced the positive results of initial
prospecting and trenching in an area located 300 meters north of
the current NE end of the Leprechaun Gold deposit and 500 meters
north of the Valentine Lake thrust fault (Figure 1). This newly
discovered zone of high-grade gold mineralization is exposed in two
100 meter long trenches covering a 200 meter NE strike length. The
new gold zone overlies a magnetic low zone interpreted as a splay
fault off the main Valentine Lake thrust fault (Figure 1). Multiple
stacked quartz-tourmaline-pyrite-gold veins exposed throughout the
trenches returned grab outcrop samples up to 41.34 g/t Au, 33.31
g/t Au, 32.12 g/t Au, 29.17 g/t Au, 26.00 g/t Au and 21.42 g/t Au.
Future prospecting and trenching will focus in this area as well as
NE into the Sprite and Marathon Zones as Marathon continues to define drill-ready
targets for future development of additional near-surface open-pit
resources.
Highlights include:
- Discovery of multiple high-grade gold-bearing
quartz-tourmaline-pyrite veining in trenches located 300 meters
north of the current Leprechaun Gold deposit resource boundary and
overlying a magnetic low region interpreted as a splay fault of the
main Valentine Lake thrust fault.
- Outcrop samples of the newly exposed QTP-Au veining returned
high-grade gold results including: 41.34 g/t Au, 33.31 g/t Au,
32.12 g/t Au, 29.17 g/t Au, 26.00 g/t Au, 21.42 g/t Au, 9.03 g/t
Au, 9.17 g/t Au, 10.26 g/t Au and 5.08 g/t Au.
- Systematic prospecting and trenching continue to discover new
gold-rich QTP zones and this exploration work will continue
throughout the summer focused along the entire Sprite Zone as well
as north-east into the Marathon
area where good gold values were found in extensive QTP-rich
surface veining last year. The goal of this work is to define more
future drilling targets for ongoing development of near-surface
open pit resources in the Valentine Lake property.
"The discovery of this new area of significant
gold bearing QTP veining located 300 meters north of the Leprechaun
Gold deposit current resource boundary, overlying a magnetic low
interpreted as a main splay fault off the regional Valentine Lake
thrust fault, and outside of any previous drilling, is very
exciting", said Phillip Walford,
President and CEO. "We will continue with our aggressive and
cost-effective program of prospecting and trenching in the 2014
exploration season with the goal of uncovering additional new areas
of significant gold mineralization and delineating future drilling
targets along a 17 km long corridor of mineralization.
All of the samples were fire assayed at Eastern
Analytical Laboratory Ltd., in Springdale, Newfoundland.
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 move 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. As a
result of favorable drilling results in 2013 and 2014, the Sprite
Area, which is adjacent to the Leprechaun Gold Deposit, will be a
focus of continued exploration this year. The Sprite Area adjoins
the Leprechaun Gold Deposit and recent promising drilling is
located 1.5 km to the north east of the Leprechaun Gold
Deposit.
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