Marathon Gold Corporation (TSX: MOZ) announces its financial results for the first quarter ending March 31, 2021 and provides an update on the Company’s activities at the Valentine Gold Project located in central Newfoundland.
First Quarter Highlights
Matt Manson, President and CEO commented: “During the first quarter of this year we accomplished a number of important milestones in the development of the Valentine Gold Project. We completed the Feasibility Study and confirmed the Project’s ‘right sized’ design, cost and value attributes first laid out in our 2020 Pre-Feasibility Study. Our exploration efforts continued to deliver strong results, with a maiden resource estimate at the new Berry Deposit pointing to substantial mine life extension potential. Our Environmental Assessment continues on course, with diligent technical support being provided for the public and regulatory review of our EIS. Our Socio-Economic Agreement with Qalipu, completed in early April, reflects the focus on communities and people that we are bringing to the development process. Finally, subsequent to the quarter end, we announced a re-commitment to exploration at the Project, with additional drilling metres committed at Berry, and an optimized construction strategy based on prioritizing the construction of the Project’s infrastructure elements prior to commencing site works, and establishing the ‘best’ conditions for a successful build. Our work going forward into the summer will be focussed on continued exploration and resource growth, detailed project engineering and scheduling, and support for the ongoing Environmental Assessment. This will be supported with ongoing public consultation and the build-out of our Newfoundland based team.”
The results of operations for the first quarter of 2021 are summarized below (all figures are in Canadian dollars unless otherwise noted):
|(Stated in thousands of Canadian dollars)||For the Three Months Ended
|General and administrative expense||$||1,709||$||881|
|Finance income, net||(26||)||(116||)|
|Loss before tax||1,647||726|
|Deferred income tax expense / (recovery)||995||(658||)|
Three months ended March 31, 2021:
Disclosure of a scientific or technical nature in this news release has been approved by Mr. Tim Williams, FAusIMM, Chief Operating Officer of Marathon, Mr. Paolo Toscano, P.Eng. (Ont.), Vice President, Projects for Marathon, and Mr. James Powell, P.Eng. (NL), Vice President, Regulatory and Government Affairs for Marathon. Mr. Williams, Mr. Toscano and Mr. Powell are qualified persons under National Instrument (“NI”) 43-101. Nicholas Capps, P.Geo. (NL), Exploration Manager of Marathon, is responsible for the design and operation of exploration programs at the Valentine Gold Project. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P.Geo (NL), GIS Manager for Marathon. Mr. Williams, Mr. Toscano, Mr. Powell, Mr. Capps and Ms. Borysenko are Qualified Persons in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and have approved the technical content of this MD&A. Marathon’s mineral resources and mineral reserves have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) and in accordance with the requirements of NI 43-101. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Mineral resources are reported inclusive of mineral reserves. Information on data verification performed on, and other scientific and technical information relating to, the Valentine Gold Project are contained in Marathon’s Annual Information Form (“AIF”) for the year ended December 31, 2020 and the current technical report for the Valentine Gold Project prepared in accordance with NI 43-101 titled “NI 43-101 Technical Report & Feasibility Study on the Valentine Gold Project, Newfoundland and Labrador, Canada” prepared by Ausenco Engineering Canada Inc. with an effective date of April 15, 2021 (the “2021 Valentine Technical Report”). The AIF and the 2021 Valentine Technical Report are available at www.sedar.com.
Marathon is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 20-kilometre system. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see Marathon’s Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to Marathon and the Valentine Gold Project.
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We acknowledge the [financial] support of the Government of Canada.