Mr. Matt Manson reports
MARATHON GOLD REPORTS POSITIVE DRILL RESULTS FROM SPRITE ZONE, VALENTINE GOLD PROJECT
Marathon Gold Corp. has provided new drill results from the 2019 Sprite zone exploration program at the Valentine gold project in central Newfoundland. These latest results represent fire assay data from 40 out of a total of 46 drill holes located along an approximately three-kilometre strike length of the Sprite zone, located three to five km northeast of the project's Leprechaun deposit. Highlights include:
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VL-19-786 intersected 7.60 grams per tonne Au over 22.0 metres;
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VL-19-776 intersected 10.43 g/t Au over 5.0 metres, and 4.80 g/t Au over 6.0 metres;
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VL-19-780 intersected 7.25 g/t Au over 10.0 metres;
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VL-19-769 returned multiple intersections of 1.63 g/t Au over 16.0 metres, 2.04 g/t Au over 9.0 metres, 4.33 g/t Au over 9.0 metres, 7.53 g/t Au over 5.0 metres and 2.30 g/t Au over 15.0 metres;
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VL-19-779 returned multiple intersections of 3.82 g/t Au over 13.0 metres, 5.54 g/t Au over 11.0 metres, and 4.30 g/t Au over 5.0 metres;
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VL-19-778 intersected 9.74 g/t Au over 6.0 metres, and 4.73 g/t Au over 5.0 metres;
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VL-19-777 intersected 1.54 g/t Au over 16.0 metres.
All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in the attached table.
Matt Manson, president and chief executive officer, commented: "We are encouraged by these exploration results from an area of the Sprite zone that was last explored with drilling in 2014 and 2018. The new drill holes were designed to step out from areas of previously identified mineralization. About half hit new mineralization, some significantly so. Of note, the drilling has confirmed a new Main zone type sequence of stacked, en echelon quartz-tourmaline-pyrite veining with significant gold grades at Section 13410E. This new zone is located proximal to the Valentine Lake shear zone, extends to a depth of at least 250 metres with an apparent thickness of up to 50 metres, and is bounded by mafic dikes. This is similar to the geological setting of the Main zones of both the Leprechaun and Marathon deposits. Hole VL-19-786, which returned 7.60 g/t over 22 metres, represents a 300-metre stepout to the northeast, suggesting potential extension of the mineralization along strike. We expect that Sprite, and this new discovery area in particular, will be a priority for follow-up drilling in our 2020 exploration program."
The Sprite zone constitutes a broad area of previously identified quartz-tourmaline-pyrite-Au (QTP-Au) veining extending northeast of the project's Leprechaun deposit and southwest of the Marathon deposit. Previous drilling in the area identified a modest estimate of measured and indicated mineral resources of 40,000 ounces (720,000 tonnes at 1.17 g/t) and inferred mineral resources of 90,000 oz (2.05 million tonnes at 1.40 g/t) in several small and shallow pit shell settings. Mining in these Sprite zone pit areas was not contemplated in the October, 2018, preliminary economic assessment and is not expected to be included in the upcoming prefeasibility study.
Twenty of the 40 exploration drill holes reported today returned no significant intervals of mineralization. These represent drilling in stepout areas showing no developed QTP-Au veining, drill holes extending northwestward into the hangingwall and away from previously identified mineralization closer to the Valentine Lake shear zone, or lateral stepout holes within the hangingwall adjacent to previously identified areas of mineralization. Results from the remaining six 2019 Sprite drill holes remain outstanding.
SIGNIFICANT ASSAY INTERVALS, SPRITE ZONE, VALENTINE GOLD PROJECT
DDH From To Core length m True thickness m Gold g/t Gold g/t (cut)
VL-19-749 28 31 3 2.9 1.62
VL-19-750 57 60 3 2.9 7.05
VL-19-755 132 135 3 2.6 1.50
VL-19-756 128 131 3 2.7 2.36
VL-19-760 5 8 3 2.9 2.28
74 77 3 2.9 1.14
107 111 4 3.8 2.14
VL-19-765 53 56 3 2.7 2.91
124 127 3 2.7 1.57
190 193 3 2.7 2.56
VL-19-769 9 12 3 2.9 3.62
61 77 16 15.2 1.63
including 61 63 2 1.9 7.21
115 124 9 8.6 2.04
including 116 118 2 1.9 7.77
133 142 9 8.6 4.33
including 140 142 2 1.9 17.11
149 152 3 2.9 2.51
158 163 5 4.8 7.53
including 159 161 2 1.9 18.07
170 173 3 2.9 2.37
194 209 15 14.3 2.30
including 194 197 3 2.9 7.08
VL-19-773 66 70 4 3.4 2.14
82 85 3 2.6 2.20
VL-19-774 94 97 3 2.1 2.32
VL-19-775 62 65 3 2.1 1.70
VL-19-776 9 14 5 3.5 10.43
including 9 11 2 1.4 18.78
85 91 6 4.2 4.80
including 85 87 2 1.4 9.06
VL-19-777 40 43 3 2.6 1.24
61 77 16 13.6 1.54
including 72 74 2 1.7 8.06
108 111 3 2.6 1.31
VL-19-778 56 59 3 2.9 1.12
183 189 6 5.7 9.74
including 186 188 2 1.9 24.12
240 245 5 4.8 4.73
including 243 245 2 1.9 9.85
VL-19-779 32 36 4 3.8 2.96
50 63 13 12.4 3.82
including 58 60 2 1.9 18.25
72 75 3 2.9 1.15
85 96 11 10.5 5.54
including 90 91 1 1.0 30.63
including 92 94 2 1.9 12.46
132 137 5 4.8 4.30
including 133 135 2 1.9 8.51
229 232 3 2.9 1.17
254 257 3 2.9 2.62
261 264 3 2.9 1.43
VL-19-780 98 102 4 2.8 1.17
121 131 10 7.0 7.25
including 121 124 3 2.1 14.59
including 129 131 2 1.4 11.70
VL-19-781 5 8 3 2.1 1.13
10 13 3 2.1 1.08
85 88 3 2.1 1.86
156 159 3 2.1 7.39
VL-19-783 31 34 3 2.6 1.92
VL-19-785 52 55 3 2.1 1.22
VL-19-786 73 78 5 3.5 1.16
165 187 22 15.4 7.60 6.97
including 171 175 4 2.8 31.08 27.58
including 179 180 1 0.7 11.19
VL-19-787 34 37 3 2.9 2.93
86 92 6 5.7 2.12
97 100 3 2.9 2.01
126 129 3 2.9 1.77
133 136 3 2.9 1.02
151 155 4 3.8 7.24
** No significant intervals in VL-19-748, VL-19-751, VL-19-752, VL-19-753,
VL-19-754, VL-19-757, VL-19-758, VL-19-759, VL-19-761, VL-19-762, VL-19-763,
VL-19-764, VL-19-766, VL-19-767, VL-19-768, VL-19-770, VL-19-771, VL-19-772,
VL-19-782 and VL-19-784.
Acknowledgments
Marathon acknowledges the financial support of the junior exploration assistance program, Department of Natural Resources, government of Newfoundland and Labrador.
Qualified person
Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Sherry Dunsworth, MSc, PGeo (Newfoundland), the senior vice-president of exploration and a qualified person under National Instrument 43-101.
Quality assurance-quality control (QA/QC)
QA/QC protocols followed at the Valentine gold project include 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 0.30 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 attached table as core lengths and estimated true thickness (70 per cent to 95 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 project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine gold project comprises a series of mineralized deposits along a 20-kilometre system of gold-bearing quartz-tourmaline-pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits.
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