Mr. Matt Manson reports
MARATHON GOLD REPORTS ADDITIONAL BERRY DRILL RESULTS, VALENTINE GOLD PROJECT
Marathon Gold Corp. has released additional drill results from recent exploration drilling at the Valentine gold project, central Newfoundland. These latest results represent fire assay data from 15 drill holes located within the new Berry zone, which were completed as part of the continuing Berry infill drill program. Highlights include:
-
VL-20-889 intersected 3.70 grams per tonne gold over 42 metres including 73.26 g/t Au over one metre and 13.48 g/t Au over one metre and 11.84 g/t Au over one metre and 11.77 g/t Au over one metre, and 1.68 g/t Au over 24 metres including 10.66 g/t Au over one metre, and 25.74 g/t Au over one metre.
- VL-20-886 intersected 1.68 g/t Au over 26 metres including 10.55 g/t Au over one metre.
- VL-20-880 intersected 1.47 g/t Au over 30 metres including 10.54 g/t Au over one metre.
- VL-20-883 intersected 1.42 g/t Au over 18 metres.
- VL-20-881 intersected 1.42 g/t Au over 13 metres and 1.12 g/t Au over 12 metres.
- VL-20-891 intersected 1.03 g/t Au over 16 metres and 3.82 g/t Au over five metres including 11.01 g/t Au over one metre.
- VL-20-893 intersected 3.52 g/t Au over 10 metres including 12.54 g/t Au over one metre.
- VL-20-877 intersected 33.29 g/t Au over one metre.
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: "These latest results from the new Berry zone continue to demonstrate long intersections of quartz-tourmaline-pyrite-gold mineralization in characteristic Main zone configurations within our infill drill area. By the end of this month we expect to have completed our 52,000-metre 2020 exploration drill program at the Valentine gold project, including the 8,000 metres of infill drilling at Berry. Assay results from this drilling are expected to be released in batches through the end of the year and into January. These will include assay results from Berry, the Sprite corridor between Berry and the Frozen Ear Pond (FEP) Road, the FEP Road to the Marathon deposit, and the Narrows area located northeast of the Marathon deposit. The results of the Berry drilling will then be incorporated in a new mineral resource estimate. Given the success of our 2020 exploration drilling, and the scale of mineralization we are seeing at Berry, we anticipate an equally vigorous exploration program in 2021."
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 hangingwall, 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 14 drill holes located between sections 13400E and 13650E at the western end of the Berry infill area (VL-20-877, 878, 880, 881, 883, 884, 885, 886, 887, 888, 889, 890, 891 and 894), and one hole at Section 13970E close to the eastern end (VL-20-893). All holes were oriented steeply down to the northwest.
Over all, 14 of the 15 drill holes returned significant drill intersections of greater than 0.7 g/t Au. Each of these 14 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 hole VL-20-878, which stayed within footwall sedimentary rocks.
Technical investor session
The company will be hosting an on-line technical session focusing on exploration and engineering plans for the Valentine gold project on Nov. 24 at 10 a.m. Eastern Standard Time. A presentation by management will be followed by questions and answers.
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-20-877 16 17 1 0.95 0.76
58 59 1 0.95 1.74
95 97 2 1.9 0.79
125 126 1 0.95 3.00
130 132 2 1.9 1.27
135 136 1 0.95 0.87
143 146 3 2.85 1.26
150 151 1 0.95 0.83
153 154 1 0.95 33.29 30
VL-20-880 97 98 1 0.95 1.19
101 102 1 0.95 1.05
125 126 1 0.95 2.56
144 174 30 28.5 1.47
including 155 156 1 0.95 10.54
VL-20-881 18 28 10 9.5 1.09
36 38 2 1.9 1.59
42 43 1 0.95 1.62
55 56 1 0.95 0.71
70 71 1 0.95 2.87
103 116 13 12.35 1.42
123 125 2 1.9 1.05
134 146 12 11.4 1.12
154 163 9 8.55 1.18
178 179 1 0.95 0.74
183 185 2 1.9 2.53
189 190 1 0.95 2.04
VL-20-883 28 29 1 0.95 1.36
82 83 1 0.95 3.11
97 98 1 0.95 0.92
104 107 3 2.85 1.20
137 155 18 17.1 1.42
176 178 2 1.9 1.39
VL-20-884 88 89 1 0.95 3.03
VL-20-885 71 73 2 1.9 0.88
78 79 1 0.95 1.37
81 82 1 0.95 0.71
86 88 2 1.9 1.55
96 97 1 0.95 1.28
128 129 1 0.95 2.82
178 180 2 1.9 0.82
VL-20-886 97 123 26 24.7 1.68
120 121 1 0.95 10.55
128 129 1 0.95 0.76
86 88 2 1.9 1.55
96 97 1 0.95 1.28
128 129 1 0.95 2.82
VL-20-887 59 76 17 16.15 0.84
VL-20-888 17 18 1 0.95 1.45
40 41 1 0.95 0.94
VL-20-889 11 12 1 0.95 0.89
15 16 1 0.95 25.74
21 22 1 0.95 0.85
37 79 42 39.9 3.70 2.67
including 44 45 1 0.95 11.77
including 52 53 1 0.95 11.84
including 71 72 1 0.95 73.26 30
including 78 79 1 0.95 13.48
117 123 6 5.7 0.90
126 127 1 0.95 2.26
129 130 1 0.95 0.93
145 146 1 0.95 1.96
155 179 24 22.8 1.68
including 156 157 1 0.95 10.66
204 205 1 0.95 0.85
209 210 1 0.95 1.73
251 252 1 0.95 0.97
268 269 1 0.95 1.21
280 281 1 0.95 6.43
297 298 1 0.95 0.74
VL-20-890 54 55 1 0.95 0.75
62 63 1 0.95 15.01
81 82 1 0.95 1.20
126 127 1 0.95 4.82
132 133 1 0.95 4.30
VL-20-891 8 10 2 1.9 5.04
25 26 1 0.95 3.38
30 34 4 3.8 2.66
42 43 1 0.95 3.16
106 107 1 0.95 0.94
135 136 1 0.95 0.91
140 156 16 15.2 1.03
170 174 4 3.8 2.89
188 189 1 0.95 0.90
195 200 5 4.75 3.82
including 199 200 1 0.95 11.01
253 254 1 0.95 1.62
VL-20-893 24 25 1 0.95 8.08
35 36 1 0.95 2.60
43 44 1 0.95 1.40
48 51 3 2.85 1.39
56 66 10 9.5 3.52
including 61 62 1 0.95 12.54
93 94 1 0.95 1.13
102 103 1 0.95 7.17
107 108 1 0.95 5.84
124 126 2 1.9 1.35
221 223 2 1.9 0.76
VL-20-894 128 129 1 0.95 0.85
138 139 1 0.95 0.96
144 145 1 0.95 1.16
151 152 1 0.95 2.31
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-20-878.
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 is 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 (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 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).
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