TORONTO,
Sept. 15, 2014 /CNW/ - Marathon
Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced the results of drilling in the Sprite Zone, Valentine
Lake Property (Figure 1). Drill holes VL-14-567 to VL-14-570 were
designed to step out from mineralization intersected during
previous winter 2014 drilling. Drill holes VL-14-571 to VL-14-577
were designed to target shallow quartz-tourmaline-pyrite (QTP)
veining located directly beneath areas of anomalous channel
intervals encountered in recent trenching (Figure 1). Best drill
intervals included 2.80 g/t Au over 9.0 meters true thickness (TT)
in VL-14-567, 2.48 g/t Au over 5.1 meters (TT) in VL-14-569 and
1.53 g/t Au over 11.2 meters (TT) in VL-14-575. The information
from this shallow drilling has identified areas for further
drilling and also yielded additional information about the
structural controls on gold mineralization in this area of the
Sprite Zone.
Highlights of Sprite Drilling:
- Best intervals in step-out drill holes included 2.80 g/t Au
over 9.0 meters (TT) including 11.04 g/t Au over 0.9 meters (TT)
and 7.04 g/t Au over 1.8 meters (TT) in VL-14-567, and 2.48 g/t Au
over 5.1 meters (TT) including 8.60 g/t Au over 0.9 meters (TT) in
VL-14-569. Drill holes VL-14-567 and VL-14-569 are 50 meter
step-out holes from the wide gold intercepts found in previous
drill holes VL-14-542 and VL-14-543, respectively.
- Best intervals in shallow-target drilling under trench channel
intercepts included 1.53 g/t Au over 11.2 meters (TT) including
8.30 g/t Au over 0.8 meters (TT) in VL-14-575, and 1.39 g/t Au over
4.8 meters (TT) including 6.01 g/t Au over 0.8 meters (TT) in
VL-14-574.
- Drill holes with significant intercepts with TT yet to be
determined included 9.73 g/t Au over 7.0 meters including 28.22 g/t
over 2.0 meters in VL-14-571 and 3.11 g/t Au over 8.0 meters
including 11.24 g/t Au over 1 meters in VL-14-577. These drill
holes cut at low angle to the dominant trend of mineralization.
- Drilling continues at the Sprite Zone as we further delineate
the areas of most favorable near surface mineralization and build
towards an open pit resource in this area located 2 kilometers NE
of the Leprechaun Gold Deposit.
Marathon Area:
An access trail into the area of new gold
showings at the Marathon Zone is now being completed. A program of
trenching and channel sampling will commence this week with the aim
of determining the surface extent and grade of this new
mineralization. It is expected that any drill targets developed
will be tested this fall.
"Marathon has a
very busy fall ahead as we push forward with our prospecting,
stripping and sampling at the Marathon Zone, and continued drilling
at Rainbow and Sprite Zones. We are very pleased to see the
continuation of the QTP veining at shallow depth along the length
of the mineralized corridor as currently defined in the Sprite
Zone. With our increased understanding of the geology of the
mineralizing system we look forward to continued drilling as we
work towards development of an initial open pit resource at the
Sprite Zone," said Phillip Walford,
President and CEO of Marathon.
TABLE 1: Significant Assay Intervals from
drill holes VL-14-567 to VL-14-577, Sprite Zone
DDH* |
Section |
From |
To |
Core
Length
(m) |
TT (m)** |
Gold (g/t) |
VL-14-567 |
12270 |
118 |
128 |
10 |
9.0 |
2.80 |
including |
|
118 |
119 |
1 |
0.9 |
11.04 |
including |
|
124 |
125 |
2 |
1.8 |
7.04 |
|
|
138 |
141 |
3 |
2.7 |
0.88 |
|
|
145 |
148 |
3 |
2.7 |
1.45 |
VL-14-568 |
12270 |
69 |
72 |
3 |
2.7 |
0.77 |
VL-14-569 |
12220 |
87 |
93 |
6 |
5.1 |
2.48 |
including |
|
87 |
88 |
1 |
0.9 |
8.60 |
VL-14-571 |
12410 |
25 |
32 |
7 |
|
9.73 |
including |
|
28 |
30 |
2 |
|
28.22 |
VL-14-572 |
12500 |
15 |
18 |
3 |
|
0.83 |
VL-14-573 |
12500 |
21 |
24 |
3 |
2.7 |
0.74 |
VL-14-574 |
12620 |
12 |
15 |
3 |
2.7 |
0.83 |
|
|
62 |
68 |
6 |
4.8 |
1.39 |
including |
|
62 |
63 |
1 |
0.8 |
6.01 |
VL-14-575 |
12710 |
23 |
37 |
14 |
11.2 |
1.53 |
including |
|
28 |
29 |
1 |
0.8 |
8.30 |
VL-14-577 |
12710 |
40 |
48 |
8 |
|
3.11 |
including |
|
44 |
45 |
1 |
|
11.24 |
|
|
54 |
57 |
3 |
|
3.64 |
including |
|
54 |
55 |
1 |
|
8.61 |
* Note: No significant intervals in VL-14-570
and VL-14-576
** True thickness not determined
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 of Sprite Zone
showing the collar position of new drill holes VL-14-567 to
VL-14-577, winter 2014 drill collars, historical drill holes,
channel sample intervals, and the mineralized alteration corridor.
(CNW Group/Marathon Gold Corporation)". Image available at:
http://photos.newswire.ca/images/download/20140915_C9059_PHOTO_EN_42773.jpg