TORONTO,
Oct. 8, 2014 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced the discovery of high-grade gold bearing
quartz-tourmaline-pyrite (QTP) veining in an area located 7
kilometers northeast along strike from the Leprechaun Gold Deposit
and 5 kilometers southwest along strike from the Victory Gold
Deposit, Valentine Lake Property (Figure 1). Trenching in this new
gold zone has exposed multiple stacked QTP veins with abundant
coarse pyrite. Channel samples from a more than 200 square meter
area returned 5.79 g/t Au over 16.5 meters, 2.53 g/t Au over 16.5
meters and 4.84 g/t Au over 9.0 meters (Table 1). Trenching is
continuing in this new gold-rich zone within the southwestern
Marathon Area as well as in the
Narrows and Triangle zones in the Marathon Area, where prospecting has
discovered additional multiple stacked gold-bearing QTP veining.
Drilling will commence next week within the Marathon Area, focused on this new gold-rich
zone.
Drilling is currently ongoing in the Sprite Zone
with drill holes VL-14-589 to VL-14-592 and the extensions of
winter 2014 drill holes VL-14-541 and VL-14-555 focused on
expanding a core area of potential open pit gold mineralization
within the Sprite Zone mineralized corridor (Figure 2). Best drill
intervals included 1.94 g/t Au (cut) over 35.0 meters (TT) in
VL-14-541, 1.48 g/t Au over 11.0 meters (TT) in VL-14-555, 1.18 g/t
Au over 14.0 meters (TT) in VL-14-589, and 1.38 g/t Au over 7.6
meters (TT) in VL-14-592 (Table 2). Assays are pending for drill
holes collared northeast along strike from the current drill
holes. These holes are focused on testing mineralization
directly beneath zones of gold-bearing QTP veining exposed during
the 2014 summer trenching program.
"The exploration program has been very
successful in finding new gold mineralization for open pit resource
evaluation. While the Rainbow drill results to date have not given
the size or grade required to justify further work now, the Sprite
drilling has been encouraging to date. The prospecting results at
the Marathon Area have been
exciting. This area is similar to the Leprechaun Deposit in that
the gold mineralization is near the main thrust fault. The area had
very little work done on it historically and no drilling. The zone
exposed by trenching and sampled by channel cuts is very
significant as a drill target because of the apparent width and
grade exposed. I am looking forward to beginning drilling this
target in the next week." said Phillip
Walford, President and CEO of Marathon.
Highlights of Channeling - Marathon Zone:
- Channel sample results from the newly discovered multiple
stacked QTP-gold zone in the southwestern end of the Marathon Area, located 7 kilometers northeast
of the Leprechaun Gold Deposit, returned high-grade gold intervals
from the first trenching in this area. Channel intervals included
5.79 g/t Au over 16.5 meters with 23.17 g/t Au over 1.5 meters,
2.53 g/t Au over 16.5 meters with 16.0 g/t Au over 1.5 meters, and
4.84 over 9.0 meters with 20.98 g/t Au over 1.5 meters. Channels
were collected over moderately dipping northwest-to-southeast
striking QTP veins as well as numerous low angle to flat QTP-rich
patches.
- Trenching and channel sampling continues in the Marathon Area, focused on this new area of
high-grade gold bearing QTP veining, the Narrows and Triangle Pond,
where prospecting has returned high-grade gold values.
- Drilling will commence early next week in the Marathon Area, with a focus on targeting areas
of high-grade channel and grab samples. The objective of this work
is to quickly develop open-pit resource(s) proximal to the
Valentine Lake Thrust Fault, within the Valentine Lake Gold
Camp
TABLE 1: Marathon Area Channel Samples
Channel |
From |
To |
Channel
Length (m) |
Au_g/t |
MA-CH1 |
0 |
16.5 |
16.5 |
5.79 |
including |
10.5 |
12 |
1.5 |
23.17 |
MA-CH2 |
0 |
16.5 |
16.5 |
2.53 |
including |
7.5 |
9 |
1.5 |
16.00 |
MA-CH3 |
0 |
9 |
9 |
4.84 |
including |
7.5 |
9 |
1.5 |
20.98 |
Metallurgical Program:
The metallurgical program to optimize the
recovery of gold from the Leprechaun Gold Deposit has commenced at
the facilities of Thibault & Associates Inc. in Fredericton, New Brunswick. The program is
expected to be completed in the first quarter of 2015. RDC, the
Research and Development Corporation of Newfoundland and Labrador, is providing $87,000 in grants to cover approximately 75% of
the cost of the program. Marathon
is very appreciative of RDC's support as it continues to move the
project forward.
Highlights of Drilling - Sprite Zone:
- Best drill intervals included 1.94 g/t Au (cut) over 35.0
meters (TT) with 35.00 g/t Au (cut) over 1.0 meters (TT), 5.10 g/t
Au over 2.0 meters (TT), and 4.72 g/t Au over 1.0 meters in
VL-14-541, 1.48 g/t Au over 11.0 meters (TT) with 12.56 g/t Au over
1.0 meters (TT) in VL-14-555, 1.18 g/t Au over 14.0 meters (TT)
with 9.35 g/t Au over 1.0 meters (TT) in VL-14-589, and 1.38 g/t Au
over 7.6 meters (TT) in VL-14-592.
- Assays are pending for additional drill holes from the Sprite
Zone as drilling continues to delineate the areas of most favorable
near-surface mineralization and build towards an open pit resource
in this area located 2 kilometers northeast of the Leprechaun Gold
Deposit.
- Narrow and low-grade gold intervals were intercepted in the
Rainbow Zone drill holes VL-14-579 to VL-14-588. The results do not
warrant further drilling at the present time.
TABLE 2: Significant assay intervals from
Sprite Zone DDH's VL-14-589 to VL-14-592, extended DDH's VL-14-541
and VL-14-555 and Rainbow Zone DDH's VL-14-579 to VL-14-588.
Zone |
DDH* |
Section |
From |
To |
Core
Length
(m) |
TT (m) |
Gold (g/t)
(uncut) |
Gold (g/t)
(cut)* |
SZ |
VL-14-541 |
12320 |
130 |
165 |
35 |
35 |
3.01 |
1.94 |
|
including |
|
130 |
136 |
6 |
6 |
13.44 |
7.19 |
|
including |
|
130 |
131 |
1 |
1 |
72.48 |
35.00 |
SZ |
VL-14-555 |
12320 |
114 |
117 |
3 |
3 |
1.72 |
|
|
|
|
124 |
135 |
11 |
11 |
1.48 |
|
|
including |
|
124 |
125 |
1 |
1 |
12.56 |
|
SZ |
VL-14-589 |
12300 |
77 |
94 |
17 |
17 |
0.49 |
|
|
|
|
132 |
138 |
6 |
6 |
0.93 |
|
|
|
|
144 |
158 |
14 |
14 |
1.18 |
|
|
including |
|
157 |
158 |
1 |
1 |
9.35 |
|
SZ |
VL-14-591 |
12300 |
127 |
130 |
3 |
3 |
2.18 |
|
|
|
|
135 |
138 |
3 |
3 |
1.07 |
|
SZ |
VL-14-592 |
12330 |
7 |
15 |
8 |
7.6 |
1.38 |
|
|
|
|
58 |
62 |
4 |
3.8 |
0.88 |
|
|
|
|
114 |
117 |
3 |
2.9 |
2.45 |
|
|
|
|
122 |
126 |
4 |
3.8 |
1.32 |
|
SZ |
VL-14-595 |
12390 |
1.6 |
5 |
3.4 |
3.2 |
1.38 |
|
|
|
|
110 |
113 |
3 |
2.9 |
2.46 |
|
RB |
VL-14-579 |
10610 |
17 |
20 |
3 |
1.8 |
1.17 |
|
|
|
|
29 |
32 |
3 |
1.8 |
0.49 |
|
RB |
VL-14-580 |
10800 |
11 |
17 |
6 |
3.9 |
1.38 |
|
|
|
|
49 |
52 |
3 |
2.0 |
1.53 |
|
RB |
VL-14-584 |
10800 |
1.66 |
5 |
3.34 |
2.7 |
0.75 |
|
|
|
|
110 |
113 |
3 |
2.4 |
0.65 |
|
RB |
VL-14-587 |
10650 |
3.51 |
7 |
3.49 |
3.0 |
0.61 |
|
RB |
VL-14-588 |
10650 |
4 |
7 |
3 |
2.6 |
0.79 |
|
|
|
|
67 |
70 |
3 |
2.6 |
0.56 |
|
* Note: no significant intervals in
VL-14-578, 581, 582, 583, 585, 586 and 590.
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 new
high-grade gold zone, channel intervals and grab samples,
Marathon Area. (CNW Group/Marathon
Gold Corporation)". Image available at:
http://photos.newswire.ca/images/download/20141008_C7328_PHOTO_EN_42973.jpg
Image with caption: "Figure 2: Location map showing the collar
position of Sprite Zone drill holes VL-14-578 to VL-14-592,
VL-14-595, and extended drill holes VL-14-541 and VL-14-555,
channel samples intervals and QTP -Au mineralized corridor. (CNW
Group/Marathon Gold Corporation)". Image available at:
http://photos.newswire.ca/images/download/20141008_C7328_PHOTO_EN_42971.jpg