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Marathon Gold Corp
Symbol C : MOZ
Shares Issued 136,912,352
Close 2017-05-30 C$ 1.05
Recent Sedar Documents

Marathon Gold drills 118 m of 1.56 g/t Au at Valentine

2017-05-31 07:14 ET - News Release

Mr. Phillip Walford reports

MARATHON ANNOUNCES AGGRESSIVE 60,000-METER DRILLING PROGRAM FOR ACCELERATED RESOURCE GROWTH, VALENTINE LAKE GOLD CAMP

Marathon Gold Corp. has provided its plans for exploration and development activities at the Valentine Lake gold camp following the recent closing of the bought deal financing which generated gross proceeds of $18.6-million. The net proceeds of the offering will allow Marathon to continue infill, extension and exploration drilling at the Valentine Lake gold camp, advance the metallurgical programs, and increase the continuing environmental work at the property in preparation for future mine permitting, among other activities as set out in additional detail within the final short-form prospectus of the company dated May 16, 2017. Marathon has increased staff and expanded facilities at the Valentine camp as the company commences its expanded exploration program.

Highlights of new program:

  • 60,000-metre drill program focused primarily on the Marathon deposit;
  • Three drills on-site, with a fourth to be added in the third quarter of 2017;
  • Prospecting a seven-kilometre area to the northeast of the Victory deposit, where historical gold showings warrant additional work;
  • Advanced environmental studies for future mine permitting;
  • Additional metallurgical work to optimize recoveries for conventional milling and heap leaching;
  • Updated property-wide resource update expected in the third quarter of 2017 followed by a preliminary economic assessment in the fourth quarter of 2017.

"We now have the financial capacity needed to move the Valentine Lake gold camp to the next level including an expanded drill campaign, continued exploration of deeper mineralization and prospecting work throughout the entire property," commented Phillip Walford, president and chief executive officer of Marathon. "We plan to complete a 60,000-metre drill campaign at the Valentine Lake gold camp which will allow us to expand the Marathon deposit along strike to the southwest and to depth. This is going to be a very busy year for us as we look to significantly expand the property-wide resource."

The company is also happy to announce the following new drill results from the Marathon deposit at the Valentine Lake gold camp:

  • Drill hole MA-17-176 intersected 118 metres grading 1.56 grams per tonne gold including higher-grade intervals of 22 metres grading 3.58 g/t Au and some narrower high-grade intercepts as well. Deeper in the hole a 15-metre intersection grading 2.73 g/t Au contained four metres of 7.28 g/t Au.
  • Drill hole MA-17-177 intersected the mineralized corridor as planned at 190 metres and intersected numerous small zones with good grades including seven metres grading 4.82 g/t Au and two metres grading 11.11 g/t Au.
  • Drill hole MA-17-178 intersected the mineralized corridor at 200 metres and encountered 89 metres grading 1.84 g/t. This intersection has several intervals of good grade including four metres of 14.1 g/t and nine metres of 5.07 g/t Au. This hole is still in progress with the last reportable intersection from 531 to 534 metres grading 10.03 g/t Au.

 SIGNIFICANT FIRE ASSAY INTERVALS FROM DRILL HOLES MA-17-176 TO MA-17-178, 
           MARATHON GOLD DEPOSIT, VALENTINE LAKE GOLD CAMP 

DDH           From     To      Core length      True thickness        Gold  
No.            (m)    (m)              (m)                 (m)       (g/t)

MA-17-176      129    132                3                 2.9        1.42
               141    259              118               112.1        1.56
including      141    142                1                   1       15.19
including      148    150                2                 1.9        4.58
including      204    226               22                20.9        3.58
including      229    231                2                 1.9        3.41
               397    412               15                14.3        2.73
including      397    401                4                 3.8        7.28
including      422    425                3                 2.9         4.5
               447    451                3                 2.9        1.33
MA-17-177      191    194                3                 2.9        1.92
               201    204                3                 2.9        2.38
               246    253                7                 6.7        4.82
including      247    249                2                 1.9       11.11
               271    281               10                 9.5        1.64
including      273    275                2                 1.9        6.94
               412    415                3                 2.9        3.39
               437    450               13                12.4         1.6
including      443    447                4                 3.8        3.42
               468    472                4                 3.8        3.13
               497    500                3                 2.9        2.81
               521    524                3                 2.9        3.38
               537    544                7                 6.7        2.87
including      543    544                1                   1       11.45
               548    551                3                 2.9        3.25
MA-17-178       86     90                4                 3.8        2.98
               207    210                3                 2.9        1.15
               220    223                3                 2.9        1.64
               323    326                3                 2.9        3.01
               339    428               89                84.6        1.84
including      339    343                4                 3.8        14.1
including      359    360                1                   1        6.53
including      410    419                9                 8.6        5.07
including      426    428                2                 1.9        6.41
               461    465                4                 3.8        2.02
               507    510                3                 2.9        2.44
               531    534                3                 2.9       10.03

Acknowledgments

Marathon acknowledges the financial support of the JEA program, Department of Natural Resources, government of Newfoundland and Labrador. The Research & Development Corp. of Newfoundland and Labrador has granted approximately 75 per cent of the costs of the current seismic program to Marathon Gold and the company appreciates this support.

Quality assurance/quality control

Sherry Dunsworth, MSc, PGeo, senior vice-president of exploration, Marathon's qualified person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon. Thorough QA/QC protocols are followed including 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 were analyzed for Au by fire assay (30 grams) with AA finish. All samples above 0.10 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 table as core lengths and estimated true thicknesses (75 per cent to 95 per cent of core length).

About Marathon Gold Corp.

Marathon is a gold exploration company rapidly advancing its 100-per-cent-owned Valentine Lake gold camp located in Newfoundland, one of the top mining jurisdictions in the world. The Valentine Lake gold camp currently hosts four near-surface, mainly pit-shell-constrained gold resources totalling 1,388,200 ounces gold at 1.91 g/t (measured and indicated) and 766,500 ounces gold at 2.24 g/t (inferred) (February, 2017).

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