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Marathon Gold Corp
Symbol C : MOZ
Shares Issued 140,813,352
Close 2017-09-28 C$ 1.11
Recent Sedar Documents

Marathon Gold drills 151 m of 2.34 g/t Au at Valentine

2017-09-28 07:12 ET - News Release

Mr. Phillip Walford rpeorts

MARATHON'S LATEST DRILLING FURTHER CONFIRMS CONTINUITY OF HIGH-GRADE GOLD THROUGHOUT LEPRECHAUN DEPOSIT MAIN ZONE CORRIDOR: 2.34 G/T AU OVER 151 METERS WITH 6.90 G/T AU OVER 16 METERS

Marathon Gold Corp. has released continued positive results from the latest drill holes designed to penetrate down through the en-echelon stacked quartz-tourmaline-pyrite-gold (QTP) veining of the main zone corridor of the Leprechaun deposit, Valentine Lake gold camp, central Newfoundland. The new drill holes, VL-17-655 and VL-16-656, along with the previously released drill holes VL-17-653 and VL-17-654, cover a 250-metre strike length of the 960-metre long main zone of the Leprechaun deposit. These four drill holes have all succeeded in hitting continuous, wide, high-grade gold intervals in multiple stacked arrays of shallow southwest-dipping QTP veining that dominates throughout the 25-to-60-metre-wide-by-more-than-350-metre-deep main zone corridor of the Leprechaun deposit. The pattern of QTP veining of the Leprechaun and Marathon deposits is the same as that observed elsewhere throughout the Valentine gold camp.

The drill holes VL-17-655 and VL-17-656, collared 130 metres apart on sections 10,120 and 10,250, along with VL-17-653 and VL-17-654 on Section 10,000, were each designed to penetrate down through the main zone corridor of the Leprechaun deposit, proving the continuous nature of the gold mineralization down through the stacked QTP vein arrays as well as laterally out into the hangingwall. VL-17-655 intersected 2.34 g/t Au over 151 metres including 6.90 g/t Au over 16 metres, 3.40 g/t Au over 14 metres, 4.26 g/t Au over 10 metres, and 7.19 g/t Au over five metres. VL-17-656 intersected 3.72 g/t Au over 33 metres including 6.19 g/t Au over 16 metres, 1.84 g/t Au over 34 metres including 3.40 g/t Au over six metres and 2.35 g/t Au over 14 metres as well as 19.01 g/t Au over seven metres.

Drilling continues at the property with the focus now on expanding the Marathon resource with both infill and stepout drill holes designed to increase the measured and indicated category of the resource as well as adding more inferred resource. Marathon has released the results on just 32 per cent of its planned 60,000-metre drill campaign.

Drilling highlights:

  • VL-17-655 intersected 2.34 g/t Au over 181 metres with 6.90 g/t Au over 16 metres, 6.35 g/t Au over five metres, 3.40 g/t Au over 14 metres, 7.19 g/t Au over five metres, 5.67 g/t Au over four metres, and 4.26 g/t Au over 10 metres as well as 4.08 g/t Au over 6.4 metres, 1.91 g/t Au over 47 metres, and 2.73 g/t Au over 14 metres.
  • VL-17-656 intersected 3.72 g/t Au over 33 metres with 6.19 g/t Au over 16 metres, 19.01 g/t Au over seven metres with 40.65 g/t Au over three metres, 1.84 g/t Au over 34 metres with 4.16 g/t Au over five metres and 3.40 g/t Au over six metres, and 2.35 g/t Au over 14 metres.
  • New drill holes VL-17-655 and VL-17-656, as well as previously released VL-17-653 and VL-17-654, were collared along at 250-metre strike length and drilled down through the shallow southwest-dipping arrays of en-echelon stacked QTP veining of the main zone corridor.
  • Remodelling of the Leprechaun deposit, with a focus on the main zone corridor as well as hangingwall QTP veining, is currently under way in advance of the resource update for the Leprechaun gold deposit.

"The results of these new drill holes have aided in defining the higher-grade mineralization in the Leprechaun deposit and may likely have a positive effect on the overall grade in the upcoming resource update," said Phillip Walford, president and chief executive officer of Marathon. "Four drill rigs continue to operate at the Marathon deposit. Marathon Gold is on track to complete the property-wide resource estimation by early November and begin the PEA."

      SIGNIFICANT FIRE ASSAY INTERVALS FROM DRILL HOLES VL-17-655 AND VL-17-656, 
                  LEPRECHAUN GOLD DEPOSIT, VALENTINE LAKE GOLD CAMP

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

VL-17-655     6.6     13               6.4                 5.4     4.08
including     6.6      8               1.4                 1.2    16.30
               18     21                 3                 2.6     7.00
               31     37                 6                 5.1     1.16
               44     52                 8                 6.8     2.69
including      44     46                 2                 1.7     8.38
               71     78                 7                 6.0     1.79
              100    147                47                40.0     1.91
including     111    113                 2                 1.7     7.67
including     119    120                 1                 0.9     7.56
including     123    139                16                13.6     3.22
              280    431               151               128.4     2.34
including     280    296                16                13.6     6.90
including     305    310                 5                 4.3     6.35
including     318    332                14                11.9     3.40
including     403    407                 4                 3.4     5.67
including     410    415                 5                 4.3     7.19
including     421    431                10                 8.5     4.26
              457    461                 4                 3.4     4.31
              478    492                14                11.9     2.73
including     489    492                 3                 2.6     7.15
VL-17-656       3     36                33                26.4     3.72
including      17     33                16                12.8     6.19
               48     51                 3                 2.4     1.06
               69     76                 7                 5.6    19.01            11.74
including      70     73                 3                 2.4    40.65            23.70
               99    111                12                 9.6     1.59
including     105    107                 2                 1.6     4.47
              149    152                 3                 2.4     2.62
              229    263                34                27.2     1.84
including     229    232                 3                 2.4     5.60
including     239    244                 5                 4.0     4.16
including     257    263                 6                 4.8     3.40
              287    290                 3                 2.4    10.15
              311    325                14                11.2     2.35
including     316    317                 1                 0.8     7.13
including     320    323                 3                 2.4     4.29

* Cut-off 33.0 g/t -- 2015 Leprechaun resource update.

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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