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Marathon Gold Corp
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Close 2020-07-21 C$ 2.06
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Marathon Gold drills 120 m of 3.33 g/t Au at Valentine

2020-07-22 07:35 ET - News Release

Mr. Matt Manson reports

MARATHON GOLD REPORTS FIRST SUMMER DRILL RESULTS FROM BERRY ZONE AT THE VALENTINE GOLD PROJECT

Marathon Gold Corp. has released drill results from recent exploration drilling at the Valentine gold project, central Newfoundland. These latest results represent fire assay data from the initial 10 drill holes completed in the new Berry zone following the restart of drilling operations on June 9, 2020.

Highlights include:

  • VL-20-823 intersected 3.33 grams per tonne gold over 120.0 metres, including 11.83 g/t Au over 10.0 metres, 13.03 g/t Au over 2.0 metres and 4.97 g/t Au over 28.0 metres.
  • VL-20-824 intersected 3.37 g/t Au over 36.0 metres, including 36.14 g/t Au over one metre, and 5.69 g/t Au over 7.0 metres, and 51.52 g/t Au over four metres including 203.65 g/t Au over one metre, and 37.56 g/t Au over one metre.
  • VL-20-822 intersected 2.33 g/t Au over 32.0 metres including 10.49 g/t Au over 4.0 metres, and 7.84 g/t Au over 5.0 metres including 29.20 g/t Au over one metre.
  • VL-20-821 intersected 2.12 g/t Au over 13.0 metres.

All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in the associated table.

The 10 drill holes released today represent stepout drilling to both the southwest and northeast of the new Berry zone, located within the six-kilometre-long Sprite corridor between the Leprechaun and Marathon deposits. Previous drilling in this area has outlined Main zone-style mineralization characteristic of the Valentine gold project, with shallowly southwest-dipping, en echelon stacked quartz-tourmaline-pyrite-gold (QTP-Au) veins contained within steeply northwest-plunging envelopes in the hangingwall of the Valentine Lake shear zone. Drill holes VL-20-823 and 824 returned exceptional results at sections 13690E and 13720E, respectively, drilling down plunge of the stacking and confirming the extension of the Berry zone to the northeast.

Matt Manson, president and chief executive officer, commented: "Our 2020 exploration drill program is focused on new discovery, with broad stepout drilling into areas previously untested. We are particularly encouraged by these continued good results. When we returned to drilling in early June, we picked up where we had left off with a 32,000-metre drill plan extending northeastwards from the Berry zone towards the Frozen Ear Pond Road area and ultimately to the limit of the Marathon deposit, which remains open on the southwestern side. This is a total strike length of approximately three kilometres of high exploration potential. Moving along this trend systematically will remain the goal of our exploration efforts in 2020, with results reported as they become available."

The latest 10 drill holes at the Berry zone represent oblique drilling across the Main zone envelope of QTP-Au veining toward the southeast (such as VL-20-819, 820, 821, 822, 825, 826 and 827) or steeply down through the stacking of the Main zone envelope toward the northwest (such as VL-20-818, 823 and 824). Nine of the 10 holes returned significant drill intersections of greater than 0.7 g/t Au, and each of the 10 drill holes returned drill intersections with gold grades above the 0.3 g/t Au cut-off used in the January, 2020, mineral resource estimate for the project.

The scale of QTP-Au mineralization developed in the Berry zone appears closely controlled by the size and frequency of sheared mafic dikes, which extend northeast-southwest parallel to the Valentine Lake shear zone. Main zone mineralization is contained within a 30-to-100-metre-wide interval between dikes intruding quartz-eye porphyry on the hangingwall (northwest) side and the main shear zone contact with sedimentary rocks on the footwall (southeast) side. This mineralized envelope extends from surface to a depth of over 250 metres, where it remains open. Two drill holes (VL-20-819 and 820) on sections 13340E and 13290Em, respectively, returned only intermittent or low-grade mineralization. QTP-Au mineralization is developed over a broad interval in the area of sections 13400E and 13600E, and then appears to narrow to the northeast where it becomes concentrated between the contact and a particularly large mafic dike in the area of section 13800E. This implies a drill-confirmed strike extent for the Berry zone of approximately 450 metres based on current data to date.

          SIGNIFICANT ASSAY INTERVALS, SPRITE CORRIDOR, VALENTINE GOLD PROJECT

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

VL-20-818              45       47             2               1.9        1.47
                       93       94             1               1.0        4.39
                      107      110             3               2.9        0.77
                      132      134             2               1.9        3.67
                      149      151             2               1.9        0.72
                      204      210             6               5.7        2.26
VL-20-820               6        7             1               0.7        0.85
                      130      132             2               1.4        1.76
VL-20-821              40       41             1               0.8        0.72
                       51       52             1               0.8        1.79
                       72       73             1               0.8        3.59
                       78       91            13               9.8        2.12
                      152      154             2               1.5        0.96
                      171      175             4               3.0        0.77
                      195      196             1               0.8        1.36
                      205      206             1               0.8        1.36
                      220      223             3               2.3        0.93
VL-20-822              67       99            32              24.0        2.33
including              90       94             4               3.0       10.49
                      106      107             1               0.8        3.81
                      113      118             5               3.8        7.84
including             114      115             1               0.8       29.20
                      128      132             4               3.0        3.50
VL-20-823              79       80             1               1.0        3.94
                       87      207           120             114.0        3.33            3.31
including             119      129            10               9.5       11.83           11.57
including             144      146             2               1.9       13.03
including             161      189            28              26.6        4.97
                      228      232             4               3.8        1.23
                      234      235             1               1.0        1.23
                      253      254             1               1.0        0.83
                      272      273             1               1.0        1.34
                      332      334             2               1.9        1.17
VL-20-824              19       23             4               3.8       51.52            8.18
including              21       22             1               1.0      203.36           30.00
                       38       39             1               1.0        2.83
                       43       44             1               1.0       37.56           30.00
                       49       56             7               6.7        5.69
                       64       65             1               1.0       15.97
                       72       73             1               1.0        0.97
                       77       81             4               3.8        1.87
                      107      143            36              34.2        3.37            3.20
including             119      120             1               1.0       36.14           30.00
                      149      152             3               2.9        1.49
                      169      171             2               1.9        1.86
                      181      185             4               3.8        1.05
VL-20-825              23       25             2               1.4        9.09
                      124      125             1               0.7        1.18
                      141      142             1               0.7        0.79
VL-20-826             130      131             1               0.7        2.47
VL-20-827              86       87             1               0.7        0.80
                       90       92             2               1.4        3.01

Notes on the calculation of assay intervals

(1) Significant assay intervals are defined as one m core length or more of mineralization with an average fire assay result of greater than 0.7 g/t Au, representing the bottom cut-off for high-grade mill feed in the Marathon April, 2020, prefeasibility study mine plan (see technical report dated April 21, 2020). Assay intervals with an average fire assay result of between 0.3 g/t Au and 0.7 g/t Au are above the cut-off used in the January, 2020, mineral resource estimate for the project but are not considered significant for the purposes of this news release.

(2) No significant assays were returned in drill hole VL-20-819.

Qualified person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, PGeo (Newfoundland), project manager for exploration at the Valentine gold project. Exploration data quality assurance and control for Marathon are under the supervision of Jessica Borysenko, PGeo (Newfoundland), GIS manager for Marathon Gold. Both Mr. Capps and Ms. Borysenko are qualified persons 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 atomic absorption 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 associated table as core lengths and estimated true thickness (70 to 95 per cent of core length), and reported with and without a top cut of 30 g/t Au applied.

Acknowledgments

Marathon acknowledges the financial support of the junior exploration assistance program, Department of Natural Resources, government of Newfoundland and Labrador.

About Marathon Gold Corp.

Marathon is a Toronto-based gold company advancing its 100-per-cent-owned Valentine gold project located in central Newfoundland, one of the top mining jurisdictions in the world.

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