Mr. Phillip Walford reports
LEPRECHAUN DEPOSIT HIGH-GRADE MAIN ZONE EXPANDING WITH NEW DRILLING: 4.24 G/T AU OVER 74.0M, 6.94 G/T AU OVER 24.0M & 10.03 G/T AU OVER 19.0M, VALENTINE GOLD CAMP, NL
Marathon Gold Corp. has released continued excellent results from infill drilling along the Main zone corridor of the Leprechaun deposit. These drill holes, as well as the previously released 2019 drill holes collared along the upper edge of the Main zone corridor, are part of the series of planned infill drill holes that will cover a more than 800-metre strike length of the Main zone corridor. These drill holes are designed to penetrate down through the shallow southwest-dipping, stacked gold-bearing QTP-gold veins which form the dominant vein orientation within the Main zone corridor of the Leprechaun deposit, increasing the width of the Main zone corridor and improving the continuity of high-grade mineralization extending from surface beyond the bottom of the open pit into potential future underground resource development. The current drilling program is designed both to further confirm the geological model for the Leprechaun deposit and to continue to upgrade inferred resource material into the measured and indicated resource categories.
"These new wide intervals of high-grade gold at Leprechaun continue to expand the size and grade of the high-grade Main zone while the lower grades in the hangingwall will assist in reducing the overall strip ratio of the Leprechaun open pit," said Phillip Walford, president and chief executive officer of Marathon Gold. "The 2019 Leprechaun drilling campaign, which is nearing completion, has succeeded in stitching together the high-grade areas of the Main zone. Drilling has commenced at the Marathon deposit and we look forward to the new Leprechaun deposit resource estimation due in September.
"The gold price is enhancing our project as well. The press release for the PEA released Oct. 30, 2018, considers after tax of project payback, IRR and NPV with changes in gold prices in Table 4. The base price used for the study was $1,250 (U.S.) per ounce of gold gives an after-tax project payback of 2.5 years, an IRR of 30 per cent and an NPV of $432-million (U.S.) with a 5-per-cent discount rate. The highest gold price used in the sensitivities was $1,350 (U.S.) per ounce of gold and that gives an after-tax pay project payback of two years, an IRR of 36 per cent and an NPV of $616-million (U.S.) with a 5-per-cent discount rate. That is a marked improvement from the base case. With the gold price slightly above $1,400 today, all of these economic parameters are higher yet."
SIGNIFICANT ASSAY INTERVALS, LEPRECHAUN DEPOSIT, VALENTINE GOLD CAMP
DDH From (m) To (m) Core length (m) True thickness (m) Gold (g/t) Gold (g/t, cut)
VL-19-703 8 12 4 3.2 4.45
18 21 3 2.4 1.15
27 35 8 6.4 1.86
43 48 5 4.0 2.30
52 71 19 15.2 10.03 4.32
including 61 63 2 1.6 86.08 31.78
97 128 31 24.8 3.59
including 97 99 2 1.6 9.84
including 110 112 2 1.6 10.22
including 120 124 4 3.2 8.57
136 145 9 7.2 1.49
151 163 12 9.6 1.55
including 160 163 3 2.4 3.98
167 170 3 2.4 1.35
VL-19-704 313 316 3 2.7 4.55
VL-19-705 35 38 3 2.4 2.20
56 59 3 2.4 2.90
93 96 3 2.4 1.25
100 103 3 2.4 1.08
128 139 11 8.8 1.68
143 146 3 2.4 3.09
173 176 3 2.4 1.25
197 200 3 2.4 1.65
205 209 4 3.2 1.17
215 218 3 2.4 1.29
223 234 11 8.8 2.40
270 273 3 2.4 2.03
VL-19-706 256 262 6 5.1 4.53
293 297 4 3.4 1.16
VL-19-707 1 4 3 2.4 1.09
18 30 12 9.6 2.15
including 23 25 2 1.6 6.56
49 52 3 2.4 1.67
57 60 3 2.4 6.27
193 196 3 2.4 2.40
203 206 3 2.4 1.18
220 223 3 2.4 2.38
256 259 3 2.4 3.40
266 278 12 9.6 2.34
351 354 3 2.4 2.87
VL-19-708 154 160 4 3.4 3.39
175 178 3 2.6 1.79
187 191 4 3.4 1.16
250 253 3 2.6 1.30
VL-19-709 157 166 9 7.7 1.63
203 221 18 15.3 1.90
including 205 207 2 1.7 5.13
250 253 3 2.6 1.08
VL-19-710 3 15 12 9.6 1.05
19 24 5 4.0 5.06
30 34 4 3.2 1.35
58 61 3 2.4 1.19
67 72 5 4.0 4.42
including 70 72 2 1.6 10.22
91 144 53 42.4 1.93
including 102 104 2 1.6 19.64
176 182 6 4.8 1.50
195 199 4 3.2 1.35
213 216 3 2.4 9.61
222 226 4 3.2 2.43
245 248 3 2.4 1.58
VL-19-711 11 15 4 3.2 3.00
22 27 5 4.0 1.27
145 157 12 9.6 1.68
191 196 5 4.0 3.64
219 243 24 19.2 6.94
including 229 233 4 3.2 18.47
including 239 242 3 2.4 20.35
256 330 74 59.2 4.24 4.19
including 261 263 2 1.6 9.01
including 271 275 4 3.2 35.54 34.69
including 296 299 3 2.4 10.78
including 318 321 3 2.4 17.10
VL-19-712 161 165 4 3.4 3.52
VL-19-713 15 18 3 2.7 6.69
95 105 10 9.0 1.23
111 116 5 4.5 2.19
188 192 4 3.6 2.36
210 214 4 3.6 4.05
219 225 6 5.4 1.46
VL-19-714 144 147 3 2.6 1.04
VL-19-715 19 34 15 12.0 1.03
49 80 31 24.8 2.62
including 52 54 2 1.6 8.11
including 56 58 2 1.6 13.79
including 61 63 2 1.6 5.36
89 92 3 2.4 1.66
115 119 4 3.2 1.04
Acknowledgments
Marathon acknowledges the financial support of the junior exploration assistance program, Department of Natural Resources, government of Newfoundland and Labrador.
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 are analyzed for Au by fire assay (30 g) 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 thickness is 80 per cent to 90 per cent of core length).
About Marathon Gold Corp.
Marathon is a Toronto-based gold company rapidly advancing its 100-per-cent-owned Valentine gold camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. Marathon has confirmed the feasibility of the Valentine Gold Camp, which currently hosts four near-surface, mainly pit-shell constrained, deposits with measured resources totalling 1,166,500 ounces of gold at 2.18 grams per tonne, indicated resources totalling 1.524,900 ounces of gold at 1.66 g/t and inferred resources totalling 1,531,600 ounces of gold at 1.77 g/t.
We seek Safe Harbour.
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