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Marathon Gold Corp
Symbol C : MOZ
Shares Issued 118,008,952
Close 2017-02-28 C$ 0.96
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Marathon Gold drills 43 m of 4.18 g/t Au at Valentine

2017-02-28 07:10 ET - News Release

Mr. Phillip Walford reports

LATEST MARATHON DEPOSIT DRILLING HITS 4.18 G/T AU OVER 43 METERS, 2.12 G/T AU OVER 125 METERS AND 1.91 G/T AU OVER 82 METERS, VALENTINE LAKE GOLD CAMP

Marathon Gold Corp. has had continued drilling success at the Valentine Lake gold camp with the intersection of wide intervals of excellent grade gold including 2.12 grams per tonne gold over 125 metres and 4.08 g/t Au over 43 metres in MA-17-162, and 1.91 g/t Au over 82 metres and 3.20 g/t Au over 22 metres in MA-17-163. The results from MA-17-162 are included in the latest property-wide gold resource totalling 1,388,200 ounces Au at 1.91 g/t (measured and indicated) and 766,150 ounces Au at 2.24 g/t (inferred) (press release dated Feb. 21, 2017). The results of MA-17-163, MA-17-164 and continuing drilling will be included in further resource update expected to be completed later in 2017.

The February, 2017, resource update at the Marathon deposit has outlined a substantially larger resource pit shell which now extends along strike for almost 1,500 metres and has a width of up to 750 metres. The mineralized corridor of the Marathon deposit that contains the deep mineralization has a current well-defined strike length of over 550 metres, has been traced to depths of more than 500 metres, and is open both along strike and to depth. This subvertical 50-to-100-metre-wide mineralized structure consists of tightly spaced and gently southwest-dipping arrays of en-echelon-stacked quartz-tourmaline-pyrite-gold (QTP) veining. Drilling continues with 23,000 metres remaining in 2017 with particular focus at the Marathon and Leprechaun deposits.

Marathon has commissioned a seismic company, Acoustic Zoom Inc., to conduct an innovative seismic survey over the Marathon deposit and for two kilometres along strike to the southwest of the deposit along the mineralized corridor in an area of the property which is covered by bog and overburden. The purpose of this survey is to detect the vein swarms that comprise the deposit along strike from surface to a depth of 1,000 metres. All gold mineralization to date is in veins. This method, if successful, will provide both shallow and deep targets for immediate drilling in the Marathon corridor and make blind vein systems more readily detectable when applied elsewhere on the property.

Highlights:

  • Best intercepts in MA-17-162 include: 4.18 g/t Au (uncut) over 43 metres with 9.11 g/t Au over five metres and 2.12 g/t Au over 125.0 metres with 4.34 g/t Au over 16.0 metres. This subvertical drill hole has gold grades that are higher than the average for the Marathon deposit, is included in the February, 2017, resource update, and proves the near-continuous distribution of mineralization vertically down through the mineralized corridor of the deposit.
  • Best intercepts in MA-17-163 include: 1.91 g/t Au over 82.0 metres with 7.82 g/t Au over five metres. This subvertical drill hole was lost within strong mineralization, is not in the February, 2017, resource update, and will contribute to the growth of the measured and indicated category of mineralization in the next resource update.
  • These near-vertical drill holes MA-17-162 and MA-17-163, as well as previously released MA-17-158 to MA-17-161, collar within the mineralized corridor of the Marathon deposit. These six drill holes penetrate normal (90 degrees) to and down through the gentle southwest-dipping en-echelon-stacked QTP veining of the Marathon deposit and prove the vertical continuity of the strong gold mineralization from near surface to more than 500 metres in depth.
  • Detailed drilling covers only about 30 per cent of the current known strike length of the Marathon deposit and future drilling will focus on expanding the resources along strike and to depth.
  • Marathon's cash position is strong with over $7-million to finance the planned 2017 exploration program, including an additional 25,000 metres of drilling remaining from the 30,000 m 2017 program.

"These are exciting times for Marathon Gold as our drilling continues to generate wide intervals of increasing gold grades in the mineralized corridor of the Marathon deposit. Given that the deposit remains open along strike and at depth, there exists an even greater potential for increasing the resource," commented Phillip Walford, president and chief executive officer. "Our main objective for the continuing 2017 drilling campaign is to realize rapid growth of additional gold resources as we aim towards an updated resource and PEA."

    
 SIGNIFICANT FIRE ASSAY INTERVALS FROM DRILL HOLES MA-17-162 AND MA-17-1641, 
               MARATHON GOLD DEPOSIT, VALENTINE LAKE GOLD CAMP

                  From       To  Core length    True width    Gold         Gold
DDH                (m)      (m)          (m)           (m)   (g/t)  (g/t) (cut)

MA-17-162           12       16            4           3.8    1.42
                    35      160          125         118.8    2.12
including           67       73            6           5.7    5.26
including           89       93            4           3.8    7.81
including          109      125           16          15.2    4.34
including          129      132            3           2.9    4.75
including          144      151            7           6.7    3.67
                   179      183            4           3.8    2.26
                   210      253           43          40.9    4.18         4.08
including          210      211            1           1.0   15.55
including          219      222            3           2.9    8.12
including          227    229.0            2           1.9   25.11        23.06
including          239      244            5           4.8    9.11
including          247      251            4           3.8    4.51
                   279      300           21          20.0    1.79
MA-17-163            4       26           22          20.9    3.20
including            4        5            1           1.0   11.79
including           13       16            3           2.9   13.43
                    45      127           82          77.9    1.91
including           67       73            6           5.7    5.18
including           90       97            7           6.7    3.95
including          122      127            5           4.8    7.82
                   142      147            5           4.8    2.75
                   166      170            4           3.8    2.78
                   187      197           10           9.5    1.58
                   220      242           22          20.9    2.74
including          225      231            6           5.7    7.02
                   280      283            3           2.9    3.20
                   372      382           10           9.5    3.79
MA-17-164          115      118            3           2.4    2.87
                   327      330            3           2.4    3.99


* Cut-off 45 g/t Au (based on February, 2017, resource update).

Acknowledgments

Marathon Gold acknowledges the financial support of the JEA program, Department of Natural Resources, government of Newfoundland and Labrador. The Research and Development Corp. of Newfoundland and Labrador has granted approximately 75 per cent of the costs of the current metallurgical program to Marathon Gold and the company appreciates this support.

Quality assurance/quality control (QA/QC)

Sherry Dunsworth, MSc, PGeo, vice-president of exploration, Marathon's qualified person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon. All core samples were collected using established quality assurance/quality control protocols including insertion of blanks, standards and duplicates at regular intervals in each sample batch. All reported core samples were analyzed for Au by fire assay (30 grams) with AA finish at Eastern Analytical, Springdale, Nfld. Significant mineralized intervals are reported in the table as core lengths and estimated true thicknesses (95 per cent of core length).

About Marathon Gold Corp.

Marathon Gold is a gold exploration company rapidly advancing its 100-per-cent-owned Valentine Lake gold camp located in Newfoundland. The Valentine Lake property currently hosts four near-surface, mainly pit shell constrained, gold resources totalling 1,060,100 ounces gold at 2.20 g/t (measured and indicated) and 200,000 ounces gold at 2.85 g/t (inferred) (April, 2015).

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