TORONTO,
July 23, 2014 /CNW/ - Marathon
Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced the positive results of new trenching and bedrock
sampling in the Rainbow (formerly Leprechaun North) and Sprite
Zones, Valentine Lake property (Figure 1). The Rainbow Zone of
multiple stacked quartz-tourmaline-pyrite ("QTP") veining now
extends over 800 meters from trench 10500 to the shoreline of
Sprite Pond with mineralization exposed in new trenching for over
700 meters, of which 600 meters has never been drilled (Figure 1).
The Sprite Zone multiple stacked QTP veined mineralized zone as
exposed in new trenching now extends intermittently over 1300
meters of which 800 meters has not yet been drill tested. Channel
samples are currently pending for additional new trenches in both
the Rainbow and Sprite Zones.
Highlights include:
- The QTP-Au mineralized zones in the Rainbow and Sprite Zones
give a combined length in excess of 2000 meters, of which 1400
meters has never been drilled. New trenching in both areas has
exposed extensive series of multiple stacked QTP veining. Bedrock
samples from both the Rainbow and Sprite Zones returned numerous
high-grade gold results along the length of the mineralized zones.
Initial channel intervals as well as limited winter 2014 drilling
in the Sprite Zone areas A and B returned wide near surface
intervals with good grade continuous gold mineralization. Channel
sample intervals are pending for new trenches extending over a
combined 1300 meters of mineralized zone strike length in the
Rainbow and Sprite Zones.
- The 2014 bedrock samples from multiple stacked QTP-Au veining
in the Rainbow Zone returned 41.34 g/t Au, 33.31 g/t Au, 26.00 g/t
Au, 21.42 g/t Au, 39.12 g/t Au, 29.17 g/t Au, 10.24 g/t Au, and
14.27 g/t Au while reported initial channel sampling returned 6.19
g/t Au over 9.3 meters, 1.41 g/t Au over 20 meters and 1.03 g/t Au
over 19.0 meters (Figure 1).
- The 2013-2014 bedrock samples from multiple stacked QTP-Au
veining in the Sprite Zone returned up to 84.65 g/t Au, 40.83 g/t
Au, 53.43 g/t Au, 94.13 g/t Au, 58.13 g/t Au, 27.33 g/t Au, 31.37
g/t Au, 19.79 g/t Au, 17.61 g/t Au and 5.92 g/t Au along the length
of the mineralized trend. Channel sampling from initial trenching
returned 2.11 g/t Au over 8.13 meters and 1.85 g/t Au over 7.02
meters while previously reported winter 2014 drilling results
included 2.20 g/t Au over 16.8 meters in VL-14-542, 1.69 g/t Au
over 24.0 meters in VL-14-522, 2.53 g/t Au over 16.5 meters in
VL-14-549, and 5.35 g/t Au over 6.0 meters in VL-14-553 (Figure
1).
- The Rainbow and Sprite Zones, located up to 600 meters north of
the main Valentine Lake Thrust Fault, are interpreted as gold
mineralized zones focused over magnetic low zones interpreted as
splay faults off the main Valentine Lake Thrust Fault (Figure
1).
- Systematic prospecting and trenching continues 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 program will include examining
historic trenches. 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.
"Our summer exploration has been very successful
as we increase our understanding of the gold mineralizing system at
Valentine Lake and the role that splays faults, interpreted as
magnetic lows, played in focusing gold mineralization along these
secondary fault structures for up to 1 kilometer into the hanging
wall away from the main Valentine Lake thrust fault. This is
the same gold deposit model as found in other world-class
structurally controlled orogenic gold camps such as Timmins. Over the past two months, detailed
prospecting along magnetic low areas followed by trenching has
discovered over 2000 meters strike length of new drill targets in
the Sprite - Rainbow area alone. The new mineralization on surface
gold mineralization provides a great opportunity to develop
additional open pit resources. Prospecting focused on magnetic lows
is now underway at the Marathon
area where several new gold occurrences have been found in the last
two weeks. Follow up stripping and trenching will follow.
Marathon's Valentine Lake Property
encompasses more than 17 km strike length of the Valentine Lake
Thrust Fault. The associated multiple imbricated fault splays
extend for more than 1 kilometer away from the main thrust fault
and provide for 10's of kilometers of future exploration targeting.
The Marathon crew is excited, as
am I, as we continue our success in finding additional major new
areas of gold mineralization. We have a long journey of discover
ahead" said Phillip Walford,
President and CEO.
Figure 1: Location map showing of the
Rainbow and Sprite Zones along strike NE of the Leprechaun Gold
Deposit and the series of new trenches exposing extensive QTP and
gold mineralization trends. Both the Rainbow and Sprite Zones
overly magnetic lows interpreted as splay faults off the regional
Valentine Lake Thrust Fault.
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
Image with caption: "Figure 1: Location map showing of the
Rainbow and Sprite Zones along strike NE of the Leprechaun Gold
Deposit and the series of new trenches exposing extensive QTP and
gold mineralization trends. (CNW Group/Marathon Gold Corporation)".
Image available at:
http://photos.newswire.ca/images/download/20140723_C8489_PHOTO_EN_42226.jpg