TORONTO, June 15, 2015 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (MOZ: TSX) today
announced that it has made the regulatory filing of the report
entitled "Technical Report and Resource Estimate on the Valentine
Lake Project." The resource updated was announced on April 30, 2015 and completed by Micon
International Limited ("Micon").
"The growing resource total at the Valentine Gold Camp confirms
our belief that we have just scratched the surface of this
property's potential. The new Marathon deposit was discovered in the fall of
2014. Just 7 months after the start of prospecting we have been
able to quantify a resource on a high grade potentially low cost
open pit deposit" said Phillip
Walford, President and CEO of Marathon.
Prospecting and trenching is presently underway in the vicinity
of the Marathon Deposit to identify additional mineralization along
strike and in potential parallel zones.
Highlights of the Resource:
- The overall Measured and Indicated resource for the Valentine
Gold Camp has increased by 30% from 816,000 oz Au at a grade of
2.24 g/t to 1,060,000 oz Au at a grade of 2.20 g/t
- The overall Inferred resource for the Valentine Gold Camp has
increased by 34% to 200,000 oz Au at a grade of 2.83 g/t Au.
- The discovery cost of the new resources is approximately
$9 to $10 per oz.
- The Open pit constrained resources represent 87% of the total
Indicated resources
- Further drilling is planned on the Marathon Deposit to
delineate the ultimate size of the deposit before commissioning a
PEA
Phillip Walford P.Geo, President
and CEO of Marathon Gold and Sherry
Dunsworth, VP of Exploration are Marathon's Qualified Person's in compliance
with National Instrument 43-101 with respect to this release. Mr.
Walford and Mrs. Dunsworth have reviewed the contents for accuracy
and have approved this new release on behalf of Marathon.
About Marathon Gold Corporation
Marathon is a Toronto based gold resource company focused on
its 100% owned Valentine Gold Camp located in central Newfoundland. The Valentine Gold Camp
currently hosts four near-surface, mainly pit-shell constrained,
gold resources totaling 1,060,100 oz. gold at 2.20 g/t (Measured
& Indicated) and 200,000 oz. gold at 2.83 g/t (Inferred),
(April 2015). These resources, open
along strike and to depth, cover less than 6% of the total length
of the highly prospective Valentine Lake Thrust Fault and
associated splay faults which host the majority of the gold
mineralization within the property. Certain of Marathon's exploration expenditures at its
mineral properties in Newfoundland
are funded by the Government of Newfoundland and Labrador through its Junior Exploration
Assistance program. 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