TORONTO, ON, Feb. 17, 2015 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced positive results from the drill holes MA-15-028 to
MA-15-032 into the Marathon Zone, located 7 kilometers northeast
along strike from the Leprechaun Gold Deposit and 5 kilometers
southwest along strike from the Victory Gold Deposit, Valentine
Gold Camp (Figure 1). The gold-bearing
quartz-tourmaline-pyrite (QTP) veining at the Marathon Zone
consists of multiple vertical stacked, dominantly shallow southwest
dipping tensional veining identical in appearance to gold-bearing
QTP veining found elsewhere throughout the Valentine Gold Camp.
Drill holes MA-15-028 and MA-15-032, collared into the
southwestern portion of the growing Marathon Zone, intersected wide
intervals of gold mineralization with narrower high-grade ore
shoots. The best intercepts included 1.57 g/t Au over 32.9 meters
true thickness (TT) with 7.17 g/t Au over 2.1 meters (TT) in
MA-15-030, and 0.93 g/t Au over 56.7 meters (TT) with 2.71
g/t Au over 6.3 meters (TT) and 3.77 g/t Au over 2.1 meters (TT) in
in MA-15-029. Drilling to date, including drill holes MA-15-033 to
MA-15-036 with assays pending, has now outlined a gold mineralized
corridor with a strike length of over 350 meters, a true width
ranging from 50 to 100 meters, and a vertical depth of more than
200 meters. A second near surface mineralized corridor has also
been discovered closer to the contact with the Valentine Lake
Thrust Fault (Figure 1). These expanding gold mineralized
corridors are open along strike as well as to depth.
Winter 2015 drilling is focused on expanding the strike length
of the gold mineralized corridors at the Marathon Zone. The
addition of new drill holes adds to the growing database and will
support the development of near-surface open pit resources for this
important new gold deposit within the Valentine Gold Camp. All of
the planned work programs for 2015 will be executed within the
context of preserving our strong cash position.
Highlights (all drill intercepts reported at true
thickness):
- Wide gold intervals in step-out drill holes MA-15-030 with 1.57
g/t Au over 32.9 meters including 7.17 g/t Au over 2.1 meters,
MA-15-029 with 0.93 g/t Au over 56.7 meters including 2.71 g/t A
over 6.3 meters, MA-15-031 with 1.52 g/t Au over 11.2 meters, and
MA-15-032 with 4.54 g/t Au over 4.2 meters with 15.31 g/t Au over
0.7 meters.
- The intersection of multiple stacked, gold-bearing
quartz-tourmaline-pyrite veining in all 36 drill holes completed to
date in the Marathon Zone, including the latest drill holes with
assays pending, proves that the Marathon Zone is open along strike
and to depth with a current strike length in excess of 350 meters,
a true width that ranges from 50 to 100 meters and a vertical depth
in excess of 200 meters.
- Step out drilling to the SW and NE along the Marathon Zone
mineralized corridor confirms that this gold-rich zone is open
along strike and the potential for discovery of additional parallel
mineralized corridors is supported by the continued growth of the
secondary gold zone located closer to the Valentine Lake Thrust
Fault (see Figure 1).
- The aim of the continuing winter 2015 drilling program is to
increase the strike length of the Marathon Zone with the aim of
rapidly developing a significant new open-pit resource(s) in this
area proximal to the Valentine Lake Thrust Fault, Valentine Gold
Camp.
- All of the eleven holes completed to date during the 2015
drilling program have intersected either QTP veining in the Main
Zone of the Marathon Zone gold deposit or they have intersected a
secondary zone developing to the south-east of the Main Zone.
- The Valentine Gold Camp currently has a resource from 2013 of
816,000 oz Au (M&I) at a grade of 2.24 g/t and 149,000 oz Au
(Inferred) at a grade of 2.64 g/t, almost all of which is open pit
resource in the Leprechaun Deposit. The next resource, planned for
the second quarter of 2015, will include the 2014 and winter 2015
drilling and involve an updated resource for the Victory Gold
deposit and first ever resources for the newly discovered Sprite
and Marathon Gold deposits.
"We are very excited with the rapid development of the Marathon
Deposit from a prospector's showing last summer to a robust gold
system in a place where no previous exploration work had been
done," said Phillip Walford,
President and CEO of Marathon. Adding, "The continued success is a
testimony to the skill of our crew and the high potential of the
property. We expect 2015 to be an exciting year for Marathon and
have just scratched the surface as far as this property goes with
only a fraction of favorable area worked in any measurable
detail."
TABLE 1: Significant assay intervals from the Marathon
Zone drill holes MA-15-028 to MA-15-032
DDH
|
Section
|
From
|
To
|
Core Length
(m)
|
True Width
(m)*
|
Gold (g/t)
(Uncut)
|
MA-15-028
|
17170
|
14
|
21
|
7
|
4.2
|
1.09
|
MA-15-029
|
17130
|
91
|
172
|
81
|
56.7
|
0.93
|
included
|
|
114
|
116
|
2
|
1.4
|
2.17
|
included
|
|
130
|
143
|
13
|
9.1
|
1.35
|
included
|
|
147
|
153
|
6
|
4.2
|
1.71
|
included
|
|
163
|
172
|
9
|
6.3
|
2.71
|
|
|
199
|
202
|
3
|
2.1
|
3.77
|
MA-15-030
|
17160
|
89
|
92
|
3
|
2.1
|
1.15
|
|
|
150
|
197
|
47
|
32.9
|
1.57
|
included
|
|
182
|
185
|
3
|
2.1
|
7.17
|
MA-15-031
|
17110
|
157
|
173
|
16
|
11.2
|
1.52
|
|
|
193
|
200
|
7
|
4.9
|
1.43
|
MA-15-032
|
17160
|
53
|
59
|
6
|
4.2
|
4.54
|
included
|
|
58
|
59
|
1
|
0.7
|
15.31
|
|
|
91
|
94
|
3
|
2.1
|
1.40
|
|
|
127
|
130
|
3
|
2.1
|
6.41
|
*TT-Denotes true thickness
All of the samples were fire assayed at Eastern Analytical
Laboratory Ltd., in Springdale,
Newfoundland.
Marathon Gold Corporation acknowledges the financial support of
the JEA Program, Department of
Natural Resources, Government of Newfoundland and Labrador.
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 Gold is a Toronto
based gold resource company with exploration focused on its 100%
owned Valentine Gold Camp located in central Newfoundland. The Valentine Gold Camp
currently hosts two near-surface, mainly pit-shell constrained, NI
43-101 compliant gold resources totaling 816,000 oz. gold at 2.24
g/t (Measured & Indicated) and 149,000 oz. gold at 2.64 g/t
(Inferred), (August, 2013). These resources, open along strike and
to depth, cover less than 5% of the total length of the highly
perspective Valentine Lake Thrust Fault and associated splay faults
which host the majority of the gold mineralization within the
property. Newly discovered gold zones, including the Sprite Zone
and Marathon Zone, have returned wide intervals of near-surface
good gold grades and have yet to be incorporated into new gold
resources for the Valentine Gold Camp. For more information please
visit www.marathon-gold.com.
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