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Marathon Gold Reports Additional Berry Drill Results, Valentine Gold Project

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Marathon Gold Reports Additional Berry Drill Results, Valentine Gold Project

 

 

 

 

 

Results include 3.70 g/t Au over 42m, 1.68 g/t Au over 26m, 1.47 g/t Au over 30m, 1.68 g/t Au over 24m

 

 

Marathon Gold Corporation (TSX: MOZ) is pleased to report additional drill results from recent exploration drilling at the Valentine Gold Project, central Newfoundland. These latest results represent fire assay data from fifteen drill holes located within the new Berry Zone which were completed as part of the ongoing Berry infill drill program. Highlights include:

 

  • VL-20-889 intersected 3.70 g/t Au over 42 metres including 73.26 g/t Au over 1 metre and 13.48 g/t Au over 1 metre and 11.84 g/t Au over 1 metre and 11.77 g/t Au over 1 metre, and 1.68 g/t Au over 24 metres including 10.66 g/t Au over 1 metre, and 25.74 g/t Au over 1 metre;
  • VL-20-886 intersected 1.68 g/t Au over 26 metres including 10.55 g/t Au over 1 metre;
  • VL-20-880 intersected 1.47 g/t Au over 30 metres including 10.54 g/t Au over 1 metre;
  • VL-20-883 intersected 1.42 g/t Au over 18 metres;
  • VL-20-881 intersected 1.42 g/t Au over 13 metres and 1.12 g/t Au over 12 metres;
  • VL-20-891 intersected 1.03 g/t Au over 16 metres and 3.82 g/t Au over 5 metres including 11.01 g/t Au over 1 metre;
  • VL-20-893 intersected 3.52 g/t Au over 10 metres including 12.54 g/t Au over 1 metre; and,
  • VL-20-877 intersected 33.29 g/t Au over 1 metre.

 

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

 

Matt Manson, President & CEO commented: “These latest results from the new Berry Zone continue to demonstrate long intersections of Quartz-Tourmaline-Pyrite-Gold mineralization in characteristic “Main Zone” configurations within our in-fill drill area. By the end of this month we expect to have completed our 52,000 metre 2020 exploration drill program at the Valentine Gold project, including the 8,000 metres of infill drilling at Berry. Assay results from this drilling are expected to be released in batches through the end of the year and into January. These will include assay results from Berry, the Sprite Corridor between Berry and the Frozen Ear Pond (FEP) Road, the FEP Road to the Marathon Deposit, and the Narrows area located northeast of the Marathon Deposit. The results of the Berry drilling will then be incorporated in a new Mineral Resource estimate. Given the success of our 2020 exploration drilling, and the scale of mineralization we are seeing at Berry, we anticipate an equally vigorous exploration program in 2021.”

 

Gold mineralization at the Valentine Gold Project is contained predominantly within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold veins. At the Leprechaun and Marathon Deposits, as well as at the new Berry Zone, these QTP-Au veins form densely stacked and northwest plunging “Main Zone” envelopes within intrusive host rocks on the hanging wall (northwest) side of the Valentine Lake Shear Zone. The extent of mineralization appears related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the hanging wall, parallel to the shear zone. Exploration drilling is generally undertaken in two orientations: down steeply towards the northwest at a high angle to the individual veins and down-plunge of the Main Zone stacking, or obliquely towards the southeast sub-parallel to the individual veins and across the strike of Main Zone mineralization.

 

The results released are derived from fourteen drillholes located between sections 13400E and 13650E at the western end of the Berry in-fill area (VL-20-877, 878, 880, 881, 883, 884, 885, 886, 887, 888, 889, 890, 891 and 894), and one hole at section 13970E close to the eastern end (VL-20-893; Figures 2 and 3). All holes were oriented steeply down to the northwest.

 

Overall, fourteen of the fifteen drill holes returned “significant” drill intersections of greater than 0.7 g/t Au (Table 1). Each of these fourteen holes returned additional intersections with gold grades above the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource Estimate for the Project. No economic mineralization was encountered in drill hole VL-20-878 which stayed within footwall sedimentary rocks.

 

Table 1: Significant assay intervals, Sprite Corridor, Valentine Gold Project

 

DDH Section Az Dip From To Core Length (m) True Thickness (m) Gold g/t Gold g/t (cut)
VL-20-877 13400 345 -79 16 17 1 0.95 0.76  
        58 59 1 0.95 1.74  
        95 97 2 1.9 0.79  
        125 126 1 0.95 3.00  
        130 132 2 1.9 1.27  
        135 136 1 0.95 0.87  
        143 146 3 2.85 1.26  
        150 151 1 0.95 0.83  
        153 154 1 0.95 33.29 30
VL-20-880 13430 345 -76 97 98 1 0.95 1.19  
        101 102 1 0.95 1.05  
        125 126 1 0.95 2.56  
        144 174 30 28.5 1.47  
including       155 156 1 0.95 10.54  
VL-20-881 13450 343 -77 18 28 10 9.5 1.09  
        36 38 2 1.9 1.59  
        42 43 1 0.95 1.62  
        55 56 1 0.95 0.71  
        70 71 1 0.95 2.87  
        103 116 13 12.35 1.42  
        123 125 2 1.9 1.05  
        134 146 12 11.4 1.12  
        154 163 9 8.55 1.18  
        178 179 1 0.95 0.74  
        183 185 2 1.9 2.53  
        189 190 1 0.95 2.04  
VL-20-883 13480 343 -78 28 29 1 0.95 1.36  
        82 83 1 0.95 3.11  
        97 98 1 0.95 0.92  
        104 107 3 2.85 1.20  
        137 155 18 17.1 1.42  
        176 178 2 1.9 1.39  
VL-20-884 13500 347 -79 88 89 1 0.95 3.03  
VL-20-885 13480 345 -81 71 73 2 1.9 0.88  
        78 79 1 0.95 1.37  
        81 82 1 0.95 0.71  
        86 88 2 1.9 1.55  
        96 97 1 0.95 1.28  
        128 129 1 0.95 2.82  
        178 180 2 1.9 0.82  
VL-20-886 13480 344 -80 97 123 26 24.7 1.68  
        120 121 1 0.95 10.55  
        128 129 1 0.95 0.76  
        86 88 2 1.9 1.55  
        96 97 1 0.95 1.28  
        128 129 1 0.95 2.82  
VL-20-887 13480 337 -78 59 76 17 16.15 0.84  
VL-20-888 13540 343 -75 17 18 1 0.95 1.45  
        40 41 1 0.95 0.94  
VL-20-889 13580 342 -77 11 12 1 0.95 0.89  
        15 16 1 0.95 25.74  
        21 22 1 0.95 0.85  
        37 79 42 39.9 3.70 2.67
including       44 45 1 0.95 11.77  
Including       52 53 1 0.95 11.84  
Including       71 72 1 0.95 73.26 30
Including       78 79 1 0.95 13.48  
        117 123 6 5.7 0.90  
        126 127 1 0.95 2.26  
        129 130 1 0.95 0.93  
        145 146 1 0.95 1.96  
        155 179 24 22.8 1.68  
Including       156 157 1 0.95 10.66  
        204 205 1 0.95 0.85  
        209 210 1 0.95 1.73  
        251 252 1 0.95 0.97  
        268 269 1 0.95 1.21  
        280 281 1 0.95 6.43  
        297 298 1 0.95 0.74  
VL-20-890 13580 342 -76 54 55 1 0.95 0.75  
        62 63 1 0.95 15.01  
        81 82 1 0.95 1.20  
        126 127 1 0.95 4.82  
        132 133 1 0.95 4.30  
VL-20-891 13630 342 -75 8 10 2 1.9 5.04  
        25 26 1 0.95 3.38  
        30 34 4 3.8 2.66  
        42 43 1 0.95 3.16  
        106 107 1 0.95 0.94  
        135 136 1 0.95 0.91  
        140 156 16 15.2 1.03  
        170 174 4 3.8 2.89  
        188 189 1 0.95 0.90  
        195 200 5 4.75 3.82  
Including       199 200 1 0.95 11.01  
        253 254 1 0.95 1.62  
VL-20-893 13970 345 -75 24 25 1 0.95 8.08  
        35 36 1 0.95 2.60  
        43 44 1 0.95 1.40  
        48 51 3 2.85 1.39  
        56 66 10 9.5 3.52  
Including       61 62 1 0.95 12.54  
        93 94 1 0.95 1.13  
        102 103 1 0.95 7.17  
        107 108 1 0.95 5.84  
        124 126 2 1.9 1.35  
        221 223 2 1.9 0.76  
VL-20-894 13650 343 -75 128 129 1 0.95 0.85  
        138 139 1 0.95 0.96  
        144 145 1 0.95 1.16  
        151 152 1 0.95 2.31  

 

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 2020 Pre-Feasibility Study mine plan (see technical report dated April 21, 2020). 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 January 2020 Mineral Resource Estimate for the Project 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 assays were returned in drill holes VL-20-878

 

Figure 1: Location Map, Valentine Gold Project. (See News Release Dated February 3, 2020 for a Description of the 2020 Exploration Drill Program) is available at 

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/45733e0c-754e-4202-9724-b20dc813ebd7

Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-20-877 to VL-20-894 is available at 

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/f6979e9c-a717-4958-b48e-5dfa60c74593

 

Figure 3: Cross section 13580E (View NE) Sprite Corridor, Valentine Gold Project is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/cb23a20c-a27d-4314-b9b5-7dac48ea2522

 

Qualified Person

 

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, P.Geo. (NL), Project Manager for exploration 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 Gold Corporation. Both Mr. Capps and Ms. Borysenko are qualified persons under National Instrument 43-101.

 

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.

 

Acknowledgments

 

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

 

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 four mineralized deposits along a 20-kilometre system. An April 2020 Pre-Feasibility Study outlined an open pit mining and conventional milling operation over a twelve-year mine life with a 36% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.3 Moz (26.3 Mt at 1.52 g/t) and Probable Mineral Reserves of 0.6 Moz (14.8 Mt at 1.23 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Please see the Technical Report dated April 21, 2020 for further details and assumptions relating to the Valentine Gold Project.

 

Posted November 19, 2020

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