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Marathon Gold Corp
Symbol MOZ
Shares Issued 205,597,869
Close 2020-08-17 C$ 2.60
Market Cap C$ 534,554,459
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Marathon Gold drills 47 m of 2.96 g/t Au at Valentine

2020-08-17 07:34 ET - News Release

Mr. Matt Manson reports

MARATHON GOLD REPORTS ADDITIONAL 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 latest nine drill holes completed in the new Berry zone, located within the six-kilometre-long Sprite corridor. Highlights include:

  • VL-20-835 intersected 2.96 grams per tonne gold over 47 metres, including 7.55 g/t Au over 14 metres, and 32.25 g/t Au over one metre, and 27.00 g/t Au over one metre.
  • VL-20-834 intersected 2.23 g/t Au over 30 metres, including 6.53 g/t Au over eight metres.
  • VL-20-829 intersected 2.12 g/t Au over 20 metres, including 16.89 g/t Au over one metre, and 2.26 g/t Au over 10 metres, and 1.03 g/t Au over 17 metres, and 1.02 g/t Au over 11 metres.
  • VL-20-831 intersected 1.82 g/t Au over 10 metres.
  • VL-20-830 intersected 0.93 g/t Au over 14 metres.

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

Matt Manson, president and chief executive officer, commented: "The latest batch of drill assays from the new Berry zone include additional long intersections of high-grade mineralization. The mineralization occurs in the familiar geological setting: quartz-tourmaline-pyrite veining developed in the hangingwall of the Valentine Lake shear zone within Main zone-type configurations. The drilling is establishing broad continuity between 50-metre sections, and has extended the zone to approximately 650 metres in strike length." Mr. Manson continued: "Our 2020 exploration program is focused on new discovery, with broad stepout holes into previously untested areas. Currently, one drill rig is progressing steadily northeastwards from Berry to the area of the Frozen Ear Pond Road, approximately 1.5 kilometres from where we started in January. An additional drill rig is scheduled to be mobilized in early September, exploring southwestwards from the margin of the Marathon deposit towards Frozen Ear Pond Road. At the end of this campaign we will have drilling information along the full six kilometres of the Sprite corridor between Leprechaun and Marathon. This is high-risk, greenfield exploration, with no certainty of success. However, the results achieved to date at the Berry zone give confidence in the potential for additional discoveries along this highly prospective trend."

Previous drilling in the Berry zone has outlined extensive gold mineralization contained within shallowly southwest-dipping, en echelon stacked quartz-tourmaline-pyrite-gold (QTP-Au) veins that are characteristic of the Valentine gold project. These QTP-Au veins form steeply northwest-plunging Main zone envelopes within quartz-eye porphyry host rocks on the hangingwall (northwest) side of the Valentine Lake shear zone. The extent of mineralization appears related to the size and frequency of sheared mafic dikes, which extend northeast-southwest within the hangingwall, parallel to the shear zone.

The nine drill holes released today represent both stepout and infill drilling over a broad length of the Berry zone. They extend the strike length of drill-intersected mineralization to approximately 650 metres, from sections 13350E to 14000E. An area of particularly intense mineralization has now been intersected by several drill holes between sections 13600E and 13800E where QTP-Au veining is concentrated in a 30-to-50-metre-wide zone between a large mafic dike and the shear zone contact (that is, Section 13790E and Section 13690E from Marathon's news release dated July 22, 2020).

These latest results are derived from drill holes oriented steeply down through Main zone QTP-Au stacking toward the northwest (VL-20-829, 830, 831, 834 and 835), oblique drill holes across Main zone mineralization toward the southeast (VL-20-828 and 833), and one drill hole collared in the hangingwall and oriented toward the northwest (VL-20-836). Eight of the nine holes returned significant drill intersections of greater than 0.7 g/t Au, and each of the nine 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. No significant mineralization was encountered in drill hole VL-20-832, which was collared in the metasediments of the southeastern, footwall side of the Valentine Lake shear zone.

          SIGNIFICANT ASSAY INTERVALS, SPRITE CORRIDOR, VALENTINE GOLD PROJECT

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

VL-20-828         7        9               2               1.5           1.12
                 21       22               1              0.75           0.91
                 38       41               3              2.25           1.18
                102      104               2               1.5           1.13
                126      129               3              2.25           1.56
VL-20-829        13       24              11             10.45           1.02
                 29       32               3              2.85           2.93
                 61       63               2               1.9          11.66
                103      104               1              0.95           1.88
                108      109               1              0.95           0.76
                117      118               1              0.95          17.52
                141      143               2               1.9          10.49
                150      167              17             16.15           1.03
                174      194              20                19           2.12
including       181      182               1              0.95          16.89
                212      213               1              0.95           2.22
                273      283              10               9.5           2.26
                290      291               1              0.95           1.11
VL-20-830        27       28               1              0.95           0.82
                 55       56               1              0.95          11.77
                 82       96              14              13.3           0.93
                113      114               1              0.95           0.71
                134      135               1              0.95           0.76
                154      155               1              0.95           1.86
                164      166               2               1.9           2.43
VL-20-831        16       17               1              0.95           1.30
                 75       76               1              0.95           2.62
                 84       94              10               9.5           1.82
                102      103               1              0.95           1.17
                201      202               1              0.95           1.31
                228      230               2               1.9           1.89
                259      261               2               1.9           1.58
VL-20-833        59       60               1              0.85           3.76
                 71       72               1              0.85           1.58
                 78       79               1              0.85           0.72
VL-20-834        13       15               2               1.9           2.22
                121      151              30              28.5           2.23
                126      134               8               7.6           6.53
                186      187               1              0.95           0.72
VL-20-835        16       20               4               3.8           1.55
                 33       34               1              0.95          32.25          30.00
                 49       50               1              0.95           9.89
                 76       80               4               3.8           1.30
                100      101               1              0.95          10.46
                111      112               1              0.95          10.11
                146      147               1              0.95          27.00
                154      156               2               1.9           5.90
                166      213              47             44.65           2.96           2.41
including       166      180              14              13.3           7.55           5.69
VL-20-836        43       44               1              0.95           0.83
                 96       97               1              0.95           1.09

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-20-832.

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 the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The project comprises a series of four mineralized deposits along a 20-kilometre system. An April, 2020, prefeasibility study outlined an open-pit mining and conventional milling operation over a 12-year mine life with a 36-per-cent after-tax rate of return. The project has estimated proven mineral reserves of 1.3 million ounces (26.3 million tonnes at 1.52 g/t) and probable mineral reserves of 600,000 ounces (14.8 mt at 1.23 g/t). Total measured mineral resources (inclusive of the mineral reserves) comprise 1.9 million ounces (31.7 mt at 1.86 g/t) with indicated mineral resources (inclusive of the mineral reserves) of 1.19 million ounces (23.2 mt at 1.60 g/t).

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