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Leprechaun Deposit High-Grade Main Zone Expanding with New Drilling: 4.24 g/t Au over 74.0m, 6.94 g/t Au over 24.0m & 10.03 g/t Au over 19.0m, Valentine Gold Camp, NL

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Leprechaun Deposit High-Grade Main Zone Expanding with New Drilling: 4.24 g/t Au over 74.0m, 6.94 g/t Au over 24.0m & 10.03 g/t Au over 19.0m, Valentine Gold Camp, NL

 

 

 

 

 

Marathon Gold Corporation (TSX: MOZ) is pleased to announce continued excellent results from infill drilling along the Main Zone corridor of the Leprechaun Deposit. These drill holes, as well as the previously released 2019 drill holes collared along the upper edge of the Main Zone corridor (refer to Figure 1), are part of the series of planned infill drill holes that will cover a more than 800-meter strike length of the Main Zone corridor. These drill holes are designed to penetrate down through the shallow SW dipping, stacked gold-bearing QTP-Au veins which form the dominant vein orientation within the Main Zone corridor of the Leprechaun Deposit, increasing the width of the Main Zone corridor and improving the continuity of high-grade mineralization extending from surface beyond the bottom of the open pit into potential future underground resource development.  The current drilling program is designed both to further confirm the geological model for the Leprechaun Deposit and to continue to upgrade Inferred resource material into the Measured and Indicated resource categories.

 

“These new wide intervals of high-grade gold at Leprechaun continue to expand the size and grade of the high-grade Main Zone while the lower grades in the hanging wall will assist in reducing the overall strip ratio of the Leprechaun open pit,” said Phillip Walford, President and CEO of Marathon Gold. “The 2019 Leprechaun drilling campaign, which is nearing completion, has succeeded in stitching together the high-grade areas of the Main Zone. Drilling has commenced at the Marathon Deposit and we look forward to the new Leprechaun Deposit resource estimation due in September.”

 

Mr. Walford added “The gold price is enhancing our project as well. The press release for the PEA released October 30, 2018 considers after tax of project payback, IRR and NPV with changes in gold prices in Table 4. The base price used for the study was $ 1250 USD per ounce of gold gives an after-tax project payback of 2.5 years, an IRR of 30%, and an NPV of $ 432 M USD with a 5% discount rate. The highest gold price used in the sensitivities in Table 4 was $ 1350 USD per ounce of gold and that gives an after-tax pay project payback of 2 years, an IRR of 36%, and an NPV of $ 616 M USD with a 5% discount rate. That is a marked improvement from the base case. With the gold price slightly above $1400 today, all of these economic parameters are higher yet.”

 

TABLE 1: Significant assay intervals, Leprechaun Deposit, Valentine Gold Camp

 

 

DDH Zone Section From To Core Length (m) True Thickness (m) Gold g/t Gold g/t (cut)
VL-19-703 MZ 10280 8 12 4 3.2 4.45  
      18 21 3 2.4 1.15  
      27 35 8 6.4 1.86  
      43 48 5 4.0 2.30  
      52 71 19 15.2 10.03 4.32
including     61 63 2 1.6 86.08 31.78
      97 128 31 24.8 3.59  
including     97 99 2 1.6 9.84  
including     110 112 2 1.6 10.22  
including     120 124 4 3.2 8.57  
      136 145 9 7.2 1.49  
      151 163 12 9.6 1.55  
including     160 163 3 2.4 3.98  
      167 170 3 2.4 1.35  
VL-19-704 HW 10230 313 316 3 2.7 4.55  
VL-19-705 MZ 10300 35 38 3 2.4 2.20  
      56 59 3 2.4 2.90  
      93 96 3 2.4 1.25  
      100 103 3 2.4 1.08  
      128 139 11 8.8 1.68  
      143 146 3 2.4 3.09  
      173 176 3 2.4 1.25  
      197 200 3 2.4 1.65  
      205 209 4 3.2 1.17  
      215 218 3 2.4 1.29  
      223 234 11 8.8 2.40  
      270 273 3 2.4 2.03  
VL-19-706 HW 10250 256 262 6 5.1 4.53  
      293 297 4 3.4 1.16  
VL-19-707 MZ 10320 1 4 3 2.4 1.09  
      18 30 12 9.6 2.15  
including     23 25 2 1.6 6.56  
      49 52 3 2.4 1.67  
      57 60 3 2.4 6.27  
      193 196 3 2.4 2.40  
      203 206 3 2.4 1.18  
      220 223 3 2.4 2.38  
      256 259 3 2.4 3.40  
      266 278 12 9.6 2.34  
      351 354 3 2.4 2.87  
VL-19-708 HW 10270 154 160 4 3.4 3.39  
      175 178 3 2.6 1.79  
      187 191 4 3.4 1.16  
      250 253 3 2.6 1.30  
VL-19-709 HW 10290 157 166 9 7.7 1.63  
      203 221 18 15.3 1.90  
including     205 207 2 1.7 5.13  
      250 253 3 2.6 1.08  
VL-19-710 MZ 10340 3 15 12 9.6 1.05  
      19 24 5 4.0 5.06  
      30 34 4 3.2 1.35  
      58 61 3 2.4 1.19  
      67 72 5 4.0 4.42  
including     70 72 2 1.6 10.22  
      91 144 53 42.4 1.93  
including     102 104 2 1.6 19.64  
      176 182 6 4.8 1.50  
      195 199 4 3.2 1.35  
      213 216 3 2.4 9.61  
      222 226 4 3.2 2.43  
      245 248 3 2.4 1.58  
VL-19-711 MZ 10350 11 15 4 3.2 3.00  
      22 27 5 4.0 1.27  
      145 157 12 9.6 1.68  
      191 196 5 4.0 3.64  
      219 243 24 19.2 6.94  
including     229 233 4 3.2 18.47  
including     239 242 3 2.4 20.35  
      256 330 74 59.2 4.24 4.19
including     261 263 2 1.6 9.01  
including     271 275 4 3.2 35.54 34.69
including     296 299 3 2.4 10.78  
including     318 321 3 2.4 17.10  
VL-19-712 HW 10280 161 165 4 3.4 3.52  
VL-19-713 MZ 10430 15 18 3 2.7 6.69  
      95 105 10 9.0 1.23  
      111 116 5 4.5 2.19  
      188 192 4 3.6 2.36  
      210 214 4 3.6 4.05  
      219 225 6 5.4 1.46  
VL-19-714 HW 10280 144 147 3 2.6 1.04  
VL-19-715 MZ 10350 19 34 15 12.0 1.03  
      49 80 31 24.8 2.62  
including     52 54 2 1.6 8.11  
including     56 58 2 1.6 13.79  
including     61 63 2 1.6 5.36  
      89 92 3 2.4 1.66  
      115 119 4 3.2 1.04  

 

Three figures accompanying this announcement are available at: 

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/6d63de3b-ea27-4202-9297-2ecb72944c21

 

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/77af7df0-086b-4503-9e1e-66b20e0964a3

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/b6ef896a-f15f-45f4-afeb-299f220f6e90

 

Please view the new video posted on our website www.marathon-gold.com showing layout plan for future mine site.

 

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 (80% – 90% of core length).

 

About Marathon

 

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world.  Marathon has confirmed the feasibility of the Valentine Gold Camp, which currently hosts four near-surface, mainly pit-shell constrained, deposits with measured resources totaling 1,166,500 oz. of gold at 2.18 g/t, indicated resources totaling 1.524,900 oz. of gold at 1.66 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 current open pit shell.  Both deposits are open at depth and on strike.  Gold mineralization has been traced down almost a kilometer vertically at Marathon and over 350 meters at Leprechaun. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.

 

The Valentine Gold Camp is accessible by year-round road and is in close proximity to the provincial 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 an average of 65 to 72% extraction rates for 23 mm (1/2 inch) material via lower cost heap leaching at the Marathon and Leprechaun Deposits respectively.

 

Posted July 11, 2019

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