TORONTO, March 2, 2015 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced the very positive results from ongoing drilling its
Marathon Gold Deposit, 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). This new deposit consists of dominantly shallow
southwest dipping, multiple vertical stacked gold-bearing
quartz-tourmaline-pyrite (QTP) tensional veining identical in
appearance to the gold-bearing QTP veining found elsewhere
throughout the Valentine Gold Camp.
This most recent drilling at the Marathon Gold Deposit has
succeeded in expanding the dimensions of the mineralizing zone by
intersecting new wide intervals of gold mineralization containing
narrower high-grade ore shoots. The best wide intercepts included
3.02 g/t Au over 32.9 meters true thickness (TT) in MA-15-036, 2.87
g/t Au over 24.2 meters (TT) in MA-15-033, and 2.34 g/t Au over
28.5 meters (TT) in MA-15-034. Drilling to date has outlined a gold
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.
The remaining winter 2015 drilling campaign will focus on
expanding the strike length of the gold mineralized corridors at
the Marathon deposit and continue to add ounces to this developing
near-surface open pit resource within the Valentine Gold Camp. All
of the work programs for 2015 will be executed within the context
of maintaining a strong treasury.
Highlights (all drill intercepts reported at true
thickness):
- Step-out drilling to the southwest intersected 2.87 g/t Au over
24.2 meters with 6.44 g/t Au over 2.2 meters, 60.37 g/t Au over 0.6
meters and 10.38 g/t Au over 0.6 meters in MA-15-033 and 2.81 g/t
Au over 8.4 meters with 9.13 g/t Au over 0.6 meters and 15.91 g/t
Au over 0.6 meters in MA-15-035.
- Step-out drilling to the northeast intersected 3.02 g/t Au over
32.9 meters with 13.96 g/t Au over 4.2 meters and 12.42 g/t Au over
0.7 meters in MA-15-036.
- Infill drill hole MA-15-034 intersected 2.34 g/t Au over 28.5
meters with 16.02 g/t Au over 0.5 meters, 4.64 g/t Au over 4.0
meters and 47.57 g/t Au over 0.5 meters.
- All drill holes (MA-14-001 to MA-15-040) completed to date into
the Marathon deposit have intersected multiple stacked,
gold-bearing quartz-tourmaline-pyrite veining and confirm a
mineralized corridor 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 (Figure 1).
- The continued success in Intersection wide intervals of good
grade gold mineralization with each new step-out drill hole
confirms the Marathon mineralized corridor is open along strike and
to depth. 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 (Figure 1). The remaining winter 2015 drilling
campaign will focus on expanding the strike length of the Marathon
gold deposit with the aim of rapidly developing a significant new
open-pit resource in this area proximal to the Valentine Lake
Thrust Fault, Valentine Gold Camp.
Resource Estimation
A contract has been awarded to complete in Q2 the first open pit
resources at the new Marathon and Sprite deposits and update the
current resource at the Victory deposit. The results of the 2014
and winter 2015 drilling campaigns will be used in developing these
new near-surface open pit resources. The Valentine Gold Camp
currently has a 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), almost all of which is
open pit resource in the Leprechaun Deposit.
"The winter 2015 drilling program is proceeding very well with
robust intersections. It has been an exciting drilling program. We
have over 2 km of gold showings to the north east of the Marathon
Deposit yet to drill tested as well as some potential parallel
zones around the Marathon Deposit that require further drilling.
This deposit is very important in the ongoing development of
Valentine Gold Camp." said Phillip
Walford, President and CEO of Marathon.
TABLE 1: Significant assay intervals from the Marathon
Zone drill holes MA-15-033 to MA-15-036.
DDH
|
Section
|
From
|
To
|
Core Length
(m)
|
True Width
(m)*
|
Gold (g/t)
(Uncut)
|
MA-15-033
|
17110
|
12
|
56
|
44
|
24.2
|
2.87
|
including
|
|
20
|
24
|
4
|
2.2
|
6.44
|
including
|
|
30
|
31
|
1
|
0.6
|
60.37
|
including
|
|
52
|
53
|
1
|
0.6
|
10.38
|
|
|
140
|
143
|
3
|
1.7
|
7.83
|
MA-15-034
|
17190
|
176
|
233
|
57
|
28.5
|
2.34
|
including
|
|
176
|
177
|
1
|
0.5
|
16.02
|
including
|
|
201
|
209
|
8
|
4.0
|
4.64
|
including
|
|
230
|
231
|
1
|
0.5
|
47.57
|
MA-15-035
|
17090
|
72
|
86
|
14
|
8.4
|
2.81
|
including
|
|
75
|
76
|
1
|
0.6
|
9.13
|
including
|
|
83
|
84
|
1
|
0.6
|
15.91
|
|
|
166
|
169
|
3
|
1.8
|
1.53
|
|
|
174
|
177
|
3
|
1.8
|
2.48
|
MA-15-036
|
17350
|
159
|
206
|
47
|
32.9
|
3.02
|
including
|
|
172
|
178
|
6
|
4.2
|
13.96
|
including
|
|
199
|
200
|
1
|
0.7
|
12.42
|
*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