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New High-Grade Gold Zones in the Southwest Marathon Deposit: 17.39 g/t Au over 5.0 m, 19.63 g/t Au over 3.0 m & 4.90 g/t Au over 13.0 m, Valentine Lake Gold Camp, Newfoundland

 

 

 

 

 

Marathon Gold Corporation (TSX: MOZ) is excited by our continued success in predicting and intersecting high-grade gold mineralization at open-pit depths in the southwestern part of the Marathon Deposit (Figure 1). Drill holes MA-18-336 to MA-18-339, MA-18-341, MA-18-343 and extended drill hole MA-17-216 all succeeded in intersecting significant intervals of good gold grades as we continue to further define the main mineralized corridor in this southwestern part of the Marathon Deposit; focusing on widening the shallow open pit resources and decreasing strip ratio.

 

“We are pleased to be announcing these encouraging drilling results from the later stages of our 2018 drilling program”, said Phillip Walford, President and CEO of Marathon Gold. “We continue to intersect high-grade gold over wide intervals at open-pit depths which will be added to a resource update for the Pre-Feasibility Study. 2018 has been a very productive year at Valentine Lake. We have added 844,000 ounces of M&I and 519,000 ounces Inferred of gold to the total overall resources this year through some very challenging gold markets. As this year comes to a close, we look forward to a better gold market in 2019 as we continue to grow the largest gold deposit in Atlantic Canada.”

 

TABLE 1: Significant assay intervals, Marathon Deposit, Valentine Lake Gold Camp.

 

DDH Section From To Core Length (m) True Thickness (m) Gold g/t Gold g/t (cut)*
MA-18-336 16710 158 167 9 7.7 4.96  
including   164 166 2 1.7 18.21  
    217 230 13 11.1 2.38  
including   227 229 2 1.7 6.36  
    241 244 3 2.6 1.50  
    267 270 3 2.6 1.38  
    276 279 3 2.6 3.12  
MA-18-337 16720 25 28 3 2.9 2.27  
    134 138 4 3.8 1.29  
    188 191 3 2.9 3.18  
    193 206 13 12.4 4.90 4.77
including   200 202 2 1.9 24.49 23.61
MA-18-338 16680 12 15 3 2.6 6.54  
    111 116 5 4.3 2.32  
MA-18-339 16750 100 103 3 2.9 4.13  
    110 113 3 2.9 2.20  
    124 127 3 2.9 4.86  
MA-18-341 16940 36 40 4 3.0 1.71  
    67 70 3 2.3 19.63 15.95
including   68 69 1 0.8 56.04 45.00
MA-18-343 16780 40 43 3 2.9 1.00  
    93 96 3 2.9 1.44  
    101 104 3 2.9 1.46  
    171 174 3 2.9 1.31  
    213 218 5 4.8 17.39 10.45
including   213 215 2 1.9 42.76 25.42
MA-17-216 Ext 16920 252 264 12 9.6 2.28  
including   258 260 2 1.6 7.63  
    306 309 3 2.4 6.59  
    484 487 3 2.4 2.98  
* No significant intervals in MA-18-340, 342, FA analysis cut to 45.0 g/t Au  

 

A figure accompanying this announcement is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/65a60ae5-6fc3-4a8e-80e0-8ea32e121a37

 

Acknowledgments

 

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

 

Quality Assurance-Quality Control

 

Sherry Dunsworth, M.Sc., P. Geo., Senior VP 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 Limited in Springdale, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) 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 Table 1 as core lengths and estimated true thickness (75-95% of core length).

 

About Marathon

Marathon is a Toronto based gold exploration company rapidly advancing its 100% 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, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t. The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the pit shell.  Both deposits are open to depth and on strike.  Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. The four deposits outlined to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had little detailed exploration activity to date.

The Valentine Lake Gold Camp is accessible by year-round road and is located in close proximity to Newfoundland’s electrical grid. Marathon maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via low cost heap leaching at both the Leprechaun and Marathon Deposits.

Posted December 3, 2018

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