Marathon Gold Corporation (TSX: MOZ) is pleased to announce the intersection of a very wide, continuous interval of gold mineralization at open-pit depths within the NE end of the main mineralized corridor of the Marathon Deposit (Figure 1). Drill hole MA-18-303 was very successful in intersecting high grade gold intervals within en-echelon stacked QTP veining including 1.54 g/t Au over 149.0 meters with 6.60 g/t Au over 5.0 meters, 6.35 g/t Au over 6.0 meters and 4.86 g/t Au over 6.0 meters as well as 1.47 g/t Au over 10 meters (including 8.08 g/t Au over 1 meter) and 6.54 g/t Au over 3.0 meters. This drill hole was part of the current ongoing infill drilling program at the Marathon Deposit designed to upgrade Inferred to the Measured and resource category.
“The intersection of such a wide thick interval of mineralization with good gold grades in the pit shell is very encouraging in upgrading the Marathon resource.” said Phillip Walford, President and CEO of Marathon Gold. “The infill program is going very well to upgrade the resources in advance of the Pre-Feasibility Study. We are also drilling to reduce the strip ratios of the current resource pits and seeking new pit resources at Victory South West to build on the economic model from the very positive PEA released May 17, 2018.”
TABLE 1: Significant assay intervals, Marathon Deposit, Valentine Lake Gold Camp.
|Gold g/t||Gold g/t
*Cut to 45 g/t Au.
Figure 2: Location of drill hole collars MA-18-298 to MA-18-303, Marathon Deposit.
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 (90-95% of core length).
Marathon Gold Corp. is a high-quality growth-oriented gold development company with a long-term strategy of moving the 100% owned Valentine Lake Gold Camp through to production in central Newfoundland. Marathon recently completed a positive PEA that shows an average annual production of 188,500 ounces per year over the first 10 years, payback of 2.8 years, NPV (5%) of $367 million (USD) and an IRR of 25.3%, all after-tax. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,137,100 oz. of gold at 1.99 g/t and inferred resources totaling 1,104,800 oz. of gold at 1.99 g/t. Most of the resources occur at the Marathon and Leprechaun Deposits. All the deposits are open to expansion. Marathon’s 240 sq. km sized Valentine Lake property has multiple exploration targets to be explored in 2018.
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