18:33:17 EDT Sat 17 Aug 2019
Enter Symbol
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Marathon Gold Corp
Symbol C : MOZ
Shares Issued 140,778,352
Close 2017-08-23 C$ 1.00
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Marathon Gold drills 326 m of 2.13 g/t Au at Marathon

2017-08-24 07:18 ET - News Release

Mr. Phillip Walford reports

MARATHON INTERCEPTS CONTINUOUS MINERALIZATION WITH 2.13 G/T AU OVER 326 METERS INCLUDING 3.36 G/T AU OVER 61 METERS & 4.04 G/T AU OVER 32 METERS, MARATHON DEPOSIT, VALENTINE LAKE GOLD CAMP, NEWFOUNDLAND

Marathon Gold Corp. has released excellent results from new infill drilling at the Marathon deposit, Valentine Lake gold camp, central Newfoundland. Drill hole MA-17-188, drilled subvertically down through the main mineralized corridor, intersected continuous mineralization downhole with 2.13 grams per tonne gold over 326.0 metres with wide higher-grade intervals, including 3.36 g/t Au over 61.0 m and 4.04 g/t Au over 32.0 m. This impressive intersection of gold mineralization confirms the 75- to 100-metre width and at least 350-metre depth of the mineralized corridor in this section of the Marathon deposit and will assist in upgrading inferred resources to the measured and indicated categories. Drill hole MA-17-187, drilled down-dip along the eastern margin of the main mineralized corridor, intersected significant gold intercepts along the outer margin of the subvertical corridor including 2.35 g/t Au over 27.0 m and 2.79 g/t Au over 10.0 m. Drilling with four rigs continues 24 hours a day, seven days a week at the Valentine Lake gold camp as Marathon works toward maximizing drill coverage in preparation for a resource update scheduled for the fourth quarter of 2017.

Drilling highlights

  • Drill hole MA-17-188, drilled subvertically down through the main mineralized corridor in the central part of the Marathon deposit, succeeded in intersecting continuous mineralization over more than 325 m vertical depth down through the main mineralized corridor of the Marathon deposit with 2.13 g/t Au over 326.0 m with numerous higher-grade intercepts including 4.91 g/t Au over 12.0 m, 3.08 g/t Au over 6.0 m, 3.36 g/t Au over 61.0 m, 4.04 g/t Au over 32.0 m and 3.18 g/t Au over 22.0 m.
  • Drill hole MA-17-187, drilled subvertically down along the eastern footwall edge of the main mineralized corridor of the Marathon deposit, succeeded in intersecting significant gold intercepts along the outer margin of the subvertical corridor including 2.35 g/t Au over 27.0 m, including 5.24 g/t Au over 7.0 m, 2.79 g/t Au over 10.0 m, 5.98 g/t Au over 3.0 m and 4.19 g/t Au over 3.0 m.
  • Both drill holes MA-17-188 and MA-17-187 confirm the 75 to 100 m width and continuity of consistent good to high gold grades down through the mineralized corridor of the Marathon deposit. These intercepts will add significantly to the Marathon deposit resource and the upgrading of existing resources at the Marathon deposit from the inferred resource to measured and indicated.
  • Four drill rigs are operating 24 hours a day, seven days a week at the Valentine Lake gold camp. The Marathon deposit has three drill rigs working on expanding the open-pit resource along strike to the southwest, deepening the open pit in the central portion of the deposit as well as expanding the underground resource. The Leprechaun deposit has one drill focused on expanding the down-dip extension of the high-grade underground resource. With these new drill holes, the company is reporting completion of 16 per cent of its 60,000 m drilling campaign.
  • Over the next month drilling at the Marathon deposit will involve a combination of exploration and infill holes. Longer drill holes will be designed for infill in the upper portion of the hole and exploration in the deeper sections. Some planned holes will explore along strike to the southwest to expand the pit shell while others will explore for additional mineralization in the hangingwall and footwall of the resource pit and reduce the strip ratio.

"We are very excited to report the intersection of consistent mineralization in excess of two g/t Au from 21 m below surface to a vertical depth of 340 m at the Marathon deposit. The higher-grade intervals within the 2.13 g/t Au zone are very important and consistent with what we see in other long intersections in the mineralized corridor. These intersections will provide a good basis for an updated resource estimate and future engineer/economic studies commencing in October," said Phillip Walford, president and chief executive officer of Marathon. "We continue drilling at both the Marathon and Leprechaun deposits and anticipate releasing more infill and exploration results over the coming months as we continue building both shallow open-pit and deeper underground resources at the Valentine Lake gold camp."

                       SIGNIFICANT INTERVALS FROM MARATHON DEPOSIT

Hole           From (m)     To (m)     Core length (m)   True thickness (m) Gold (g/t)

MA-17-187           49         52                   3                  2.9       5.98
including           49         50                   1                  1.0      15.55
                   146        150                   4                  3.8       1.40
                   165        168                   3                  2.9       1.42
                   358        368                  10                  9.5       2.79
including          358        359                   1                  1.0       5.92
including          362        364                   2                  1.9       5.09
                   374        377                   3                  2.9       1.62
                   383        386                   3                  2.9       3.05
                   403        406                   3                  2.9       1.93
                   415        421                   6                  5.7       1.54
                   473        500                  27                 25.7       2.35
including          477        478                   1                  1.0       5.44
including          484        491                   7                  6.7       5.24
including          499        500                   1                  1.0      12.67
                   572        575                   3                  2.9       4.19
                   717        720                   3                  2.9       3.59
MA-17-188           21        347                 326                309.7       2.13
including           21         33                  12                 11.4       4.91
including           46         48                   2                  1.9       3.96
including           53         59                   6                  5.7       3.08
including           63         64                   1                  1.0       4.50
including           78        139                  61                 58.0       3.36
including          154        156                   2                  1.9      10.87
including          209        241                  32                 30.4       4.04
including          250        251                   1                  1.0       5.24
including          272        275                   3                  2.9       8.64
including          298        299                   1                  1.0       4.20
including          308        310                   2                  1.9       3.43
including          317        339                  22                 20.9       3.18
including          343        346                   3                  2.9       3.19

Acknowledgments

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

Quality assurance/quality control

Sherry Dunsworth, MSc, PGeo, senior vice-president of exploration, Marathon's qualified person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon. Thorough QA/QC protocols are followed including the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one-half retained at site, the other half tagged and sent to Eastern Analytical Ltd. in Springdale, Nfld. All reported core samples were analyzed for Au by fire assay (30 grams) with AA finish. All samples above 0.10 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in the table as core lengths and estimated true thicknesses (75 per cent to 95 per cent of core length).

About Marathon Gold Corp.

Marathon is a gold exploration company rapidly advancing its 100-per-cent-owned Valentine Lake gold camp located in Newfoundland, one of the top mining jurisdictions in the world. The Valentine Lake gold camp currently hosts four near-surface, mainly pit-shell-constrained gold resources totalling 1,388,200 ounces gold at 1.91 g/t (measured and indicated) and 766,500 ounces gold at 2.24 g/t (inferred) (February, 2017).

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