Mr. Matt Manson reports

MARATHON GOLD REPORTS LATEST DRILL RESULTS FROM THE BERRY ZONE, VALENTINE GOLD PROJECT

Marathon Gold Corp. has provided drill results from recent exploration drilling at the Valentine gold project, central Newfoundland. These latest results represent fire assay data from 14 drill holes completed as part of the infill drill program at the Berry zone within the six-kilometre-long Sprite corridor. Highlights include:

• VL-20-873 intersected 2.61 g/t Au over 85 metres, including 21.68 g/t Au over two metres and 13.87 g/t Au over two metres, and 1.32 g/t Au over 20 metres;
• VL-20-875 intersected 3.44 g/t Au over 10 metres, including 20.80 g/t Au over one metre, and 1.57 g/t Au over 21 metres including 13.33 g/t Au over one metre;
• VL-20-870 intersected 2.80 g/t Au over 12 metres, including 12.64 g/t Au over one metre.

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: "These most recent assay results from the Valentine gold project represent the first holes drilled as part of our infill drill program at the new Berry zone. This program is designed to provide drill coverage at an average 25-metre spacing with a view to an initial mineral resource estimate at Berry by the first quarter of next year. These 14 holes are located along the western boundary of the infill area and within well-developed mineralization in the central portion of the zone. The drilling completed to date at Berry appears to show a characteristic Main-zone-type sequence of mineralization extending from Section 13350E through a particularly intense zone of mineralization between sections 13600E and 13800E and continuing northeast to at least Section 14050E, where it remains open. Intermittent hangingwall mineralization has been intersected to the northwest of this Main zone sequence. These relationships are reminiscent of the nearby Leprechaun deposit. We currently have four exploration rigs active at Valentine. In addition to continued infill drilling at Berry, stepout drilling is being conducted along the Sprite corridor from Berry northeastwards to the Frozen Ear Pond (FEP) Road junction, from the margin of the Marathon deposit southwestwards to the FEP, and scout drilling is being conducted in the Narrows area northeast of Marathon. Results from this drilling will be released in the coming weeks grouped by area of activity."

Gold mineralization at the Valentine gold project is contained predominantly within shallowly southwest-dipping, en echelon stacked quartz-tourmaline-pyrite-gold (QTP-Au) veins. At the Leprechaun and Marathon deposits, as well as at the new Berry zone, these QTP-Au veins form densely stacked and northwest plunging Main zone envelopes within intrusive 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 hanging wall, parallel to the shear zone. Exploration drilling is generally undertaken in two orientations: down steeply toward the northwest at a high angle to the individual veins and down plunge of the Main zone stacking, or obliquely toward the southeast subparallel to the individual veins and across the strike of Main zone mineralization.

The results released today are derived from 10 drill holes forming a fence along the western extent of Berry zone mineralization (VL-20-857, 858, 860, 861, 862, 863, 865, 866, 868 and 869), one hole in the far hangingwall of the Berry zone (VL-20-856), and three holes oriented steeply down to the northwest through main zone mineralization in the central location of the zone (VL-20-870, 873, 875).

Over all, 11 of the 14 drill holes returned significant drill intersections of greater than 0.7 g/t Au (see attached table). Each of these 11 holes returned additional 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 economic mineralization was encountered in drill holes VL-20-862 (which stayed within footwall sedimentary rocks), VL-20-866 (which stayed within mafic dike) and VL-20-869.

          SIGNIFICANT ASSAY INTERVALS, BERRY ZONE, VALENTINE GOLD PROJECT

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

VL-20-856           57          58           1         0.9        2.31
VL-20-857           48          49           1         0.7        1.12
                    71          72           1         0.7        0.91
                   117         118           1         0.7        1.25
                   147         149           2         1.4        2.16
VL-20-858           49          50           1         0.7        8.87
                    70          71           1         0.7        3.18
                   116         117           1         0.7        0.71
VL-20-860           24          25           1         0.7        0.71
VL-20-861           24          25           1         0.7        1.29
                    36          39           3         2.1        2.58
VL-20-863           47          48           1        0.95        0.74
VL-20-865           68          69           1        0.95        1.29
                    94         100           6         5.7        1.73
                   113         115           2         1.9        1.71
                   118         119           1        0.95        2.32
VL-20-868          106         107           1        0.95        1.37
                   109         110           1        0.95        0.97
VL-20-870           55          56           1        0.95        2.21
                    58          59           1        0.95        1.49
                    65          68           3        2.85        1.19
                   153         154           1        0.95        2.60
                   175         176           1        0.95        3.03
                   181         193          12        11.4        2.80
including          182         183           1        0.95       12.64
                   198         199           1        0.95        2.44
VL-20-873          6.7          92        85.3      81.0 5        2.61        2.60
including           24          26           2         1.9       13.87
including           66          68           2         1.9       21.68       21.16
                   162         165           3        2.85        6.06
                   177         178           1        0.95        0.77
                   185         205          20          19        1.32
                   211         212           1        0.95        0.85
VL-20-875           10          12           2         1.9        5.58
                    29          30           1        0.95        1.10
                    41          51          10         9.5        3.44
including           44          45           1        0.95       20.80
                    56        57.3         1.3        1.25       12.84
                    63          64           1        0.95        5.71
                   160         181          21       19.95        1.57
including          172         173           1        0.95       13.33
                   184         185           1        0.95        3.40
                   191         200           9        8.55        1.52
         
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) Cut gold grades are calculated at 30 g/t Au.

(3) No significant assays were returned in drill holes VL-20-862, 866 and 
    869.

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 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 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 oz (26.3 million t at 1.52 g/t) and probable mineral reserves of 600,000 ounces (14.8 million t at 1.23 g/t). Total measured mineral resources (inclusive of the mineral reserves) comprise 1.9 million ounces (31.7 million t at 1.86 g/t) with indicated mineral resources (inclusive of the mineral reserves) of 1.19 million oz (23.2 million t at 1.60 g/t). Additional inferred mineral resources are 960,000 ounces (16.77 million t at 1.78 g/t Au). Please see the technical report dated April 21, 2020, for further details and assumptions relating to the Valentine gold project.

We seek Safe Harbor.