Marathon Gold Corporation (TSX: MOZ) is pleased to provide assay results on recent in-fill drilling at the Berry Deposit, part of the Valentine Gold Project located in central Newfoundland.

During 2022, Marathon has been engaged in a program of exploration drilling at the Berry and Victory Deposits, and prospecting for new discovery. These latest drill results represent fire assay data from thirty-six in-fill diamond drill holes at Berry which targeted gaps within the existing Berry drillhole dataset. These gaps are largely assumed to be un-mineralized in the current Berry geological model but are within the conceptual pit shells used in the recent Berry Mineral Resource Estimate. Thirty-two of the thirty-six holes have returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1) and all returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the July 2022 Berry Mineral Resource estimate. Highlights include:

• VL-22-1199 intersected 18.49 g/t Au over 5 metres including 80.82 g/t Au over 1 metre, and 3.51 g/t Au over 10 metres including 21.67 g/t Au over 1 metre, and 4.46 g/t Au over 6 metres including 14.98 g/t Au over 1 metre, and 4.33 g/t Au over 4 metres including 13.57 g/t Au over 1 metre;

• VL-22-1232 intersected 6.90 g/t Au over 15 metres including 15.68 g/t Au over 6 metres;

• VL-22-1211 intersected 10.87 g/t Au over 6 metres including 60.37 g/t Au over 1 metre, and 0.94 g/t Au over 10 metres; and

• VL-22-1230 intersected 3.32 g/t Au over 18 metres including 13.23 g/t Au over 3 metres.

• VL-22-1231 intersected 8.45 g/t Au over 4 metres including 15.13 g/t Au over 2 metres, and 2.51 g/t Au over 8.15 metres, and 0.74 g/t Au over 19 metres.

All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1.

Matt Manson, President and CEO, commented: “In July of this year we reported an updated Mineral Resource Estimate for Berry that showed it to be comparable in scale and gold content to the nearby Leprechaun Deposit. Berry now forms an important part of our future mine-planning. The most recent drilling at Berry has been targeting areas previously under-tested and currently assumed to be un-mineralised. Our objective is to add new ounces within the mineral resource pit shell and to tighten our geological controls on existing ounces. Today’s results are an excellent demonstration of both. We are showing new mineralised zones in areas currently characterised as waste, and the extension of previously modeled mineralised domains into waste domains. This is illustrated in the multiple sections of Figure 4. This is a result that reflects the cautious approach to our geological modelling, upon which our current Mineral Resource Estimate is based, and the opportunity to add additional mineral resources within the Project’s known mineral deposits. Berry continues to be an extremely rewarding exploration target for the Valentine Gold Project.”

Gold Mineralization at the Valentine Gold Project

Gold mineralization at the Valentine Gold Project is contained in Quartz-Tourmaline-Pyrite-Gold veins developed within granitoid rocks of the Valentine Lake Intrusive Suite on the hanging wall, or northwest, side of the Valentine Lake Shear Zone (Figure 1). Up to four orientations of veins have been measured, with shallowly southwest dipping “Set 1” QTP-Au veins observed to be dominant in both abundance and gold content. At the Leprechaun, Marathon and Berry Deposits, Set 1 QTP-Au veins form densely stacked corridors of mineralization referred to as “Main Zones”. The extent and scale of these mineralised corridors appear related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the granitoid rocks, parallel to the shear zone.

Figure 1: Location Map, Valentine Gold Project

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Berry Deposit Drill Results

The drill results released today are derived from thirty-six drill holes located between sections 13370E and 14850E. The drill holes were located along the full 1.5 kilometre extent of the Berry Deposit and located in areas of the Berry geological model that had been previously poorly defined with a view to identifying new areas of mineralization or validating areas of mineralization previously modelled with lower confidence. Twenty-four holes were located in the western hanging-wall area of the deposit, five were located in the western footwall area closer to the VLSZ, and seven holes were located in the central or eastern portions of the deposit.

Twenty-nine holes were oriented steeply to the northwest testing for Main Zone-type stacked QTP-Au mineralization in “Set 1” vein orientations. Seven holes were oriented more shallowly towards the SE in order to better define the thickness of any mineralized zones.

Significance of the New Drill Results

In July 2022, Marathon released an updated Mineral Resource Estimate (“MRE”) for the Project. Total Measured and Indicated Mineral Resources now stand at 4.0 Moz Au (64.6 Mt at 1.90 g/t Au). Additional Inferred Mineral Resources comprise 1.1 Moz Au (20.8 Mt at 1.65 g/t). Within this estimate, the Berry Deposit has Measured and Indicated Mineral Resources of 1.1 Moz Au (17.2 Mt at 1.97 g/t Au), and additional Inferred Mineral Resources of 0.25 Moz Au (5.33 Mt at 1.49 g/t Au). Mineral resources which are not mineral reserves do not have demonstrated economic viability.

The MRE was supported by new geological models for each of the Marathon, Leprechaun and Berry Deposits. These models comprised wireframed geological domains for each geological unit, including a domain for QTP-Au veining (the “QTPV” domain), the principal host of mineralization at the Project, and the Mafic Dyke domain, an important control on the distribution of mineralization. The QTPV domains were interpreted based on both the occurrences of logged QTP-Au veins, grade, and structural data indicating their orientation. Within the MRE, 95% of the contained metal classified as Measured and Indicated Mineral Resources was located inside the QTPV domains. Mineral resource blocks located outside the QTPV domains are generally classified as Inferred Mineral Resources. As such, therefore, the QTPV domains serve to restrict the volumes and classification of mineral resources for each deposit compared to previous estimates.

The Berry MRE published in July 2022 was based on 99,845 metres of drilling completed to the end of November 2021. Since that cut-off, Marathon has completed and released an additional 9,809 metres of drilling up to and including today’s report. The purpose of the 2022 drilling is to in-fill areas within the Berry drill dataset and geological models that have been previously under drilled. These under-drilled areas tend to lie outside the modelled QTPV domains, given the restrictive modelling approach described above, and thus generally comprise areas of interpreted waste rock.

Figure 4 indicates four separate sections where the latest drill holes are showing intercepts of resource grade QTP-au veining outside areas of existing QTPV domain but inside the conceptual pit shell used in the July 2022 MRE. Figure 4 also indicates several locations where drill intercepts in the new drill holes are validating previously modelled QTPV domains, and locations where the new drilling is demonstrating the extension of existing QTPV domains into new areas. These results imply the potential to add additional mineral resources at Berry compared to the current estimate.

Table 1: Significant Assay Intervals from Drill Hole Collars VL-22-1199 to VL-22-1234, Berry Deposit, Valentine Gold Project

Notes on the Calculation of Assay Intervals

1. “Significant” assay intervals are defined as 1m core length or more of mineralization with an average fire assay result of greater than 0.7 g/t Au, representing the bottom cut-off for high-grade mill feed in the Marathon April 2021 Feasibility Study mine plan. Assay intervals with an average fire assay result of between 0.3 g/t Au and 0.7 g/t Au are above the cut-off used in the July 2022 Mineral Resource estimate for the Berry Deposit but are not considered “significant” for the purposes of this news release.
2. Cut gold grades are calculated at 30 g/t Au.
3. No significant results in drill holes VL-22-1204, 1214, 1218 and 1233.

Figure 2: Location of Berry Deposit Exploration Drill Hole Collars VL-22-1199 to VL-22-1234

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Figure 3: Long Section of the Berry Deposit (View NW) incorporating all drilling up to and including VL-22-1234, Representing 109,795 metres, and Assays Above 0.3 g/t Au. New drill holes reported today are illustrated in blue.

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Figure 4: Cross-sections of the Berry Geological Model and new drillholes. Disks represent fire assay data on 1 metre samples above the 0.3 g/t Au cut-off used in the July 2022 Mineral Resource Estimate. QTPV domains are illustrated in yellow. Mafic Dyke domains in Green. Sections are 20 metres thick. Arrows indicate areas of new mineralization outside modelled QTPV domains, with implied SW dipping “Set 1” vein orientations

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Qualified Persons

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. David Ross, P.Geo. (Ont), Vice President of Geology and Exploration for Marathon Gold Corporation and Mr. Nicholas Capps, P.Geo. (NL), Manager of Exploration for Marathon Gold Corporation. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P.Geo (NL), GIS Manager for Marathon Gold Corporation. Mr. Ross, Mr. Capps and Ms. Borysenko are qualified persons under National Instrument (“NI”) 43-101. Mr. Roy Eccles, P.Geo. (NL), of APEX Geoscience Ltd. is a Qualified Person for purposes of NI 43-101, is independent of Marathon and the Valentine Gold Project, and has reviewed and takes responsibility for the updated July 2022 MRE prepared by John T. Boyd Company.

Quality Assurance-Quality Control

QA/QC protocols followed at the Valentine Gold Project include 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, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 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 (70 – 95% of core length) and reported with and without a top-cut of 30 g/t Au applied.

About Marathon

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). Please see Marathon’s Annual Information Form for the year ended December 31, 2021, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.