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Marathon Gold Reports Additional Drill Results from Berry Zone at the Valentine Gold Project

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Marathon Gold Reports Additional Drill Results from Berry Zone at the Valentine Gold Project

 

 

 

 

 

Marathon Gold Corporation (TSX: MOZ) is pleased to report drill results from recent exploration drilling at the Valentine Gold Project, central Newfoundland. These latest results represent fire assay data from the latest nine drill holes completed in the new Berry Zone, located within the six-kilometre long Sprite Corridor. Highlights include:

 

  • VL-20-835 intersected 2.96 g/t Au over 47 metres, including 7.55 g/t Au over 14 metres, and 32.25 g/t Au over 1 metre, and 27.00 g/t Au over 1 metre;
  • VL-20-834 intersected 2.23 g/t Au over 30 metres, including 6.53 g/t Au over 8 metres;
  • VL-20-829 intersected 2.12 g/t Au over 20 metres including 16.89 g/t Au over 1 metre, and 2.26 g/t Au over 10 metres, and 1.03 g/t Au over 17 metres, and 1.02 g/t Au over 11 metres;
  • VL-20-831 intersected 1.82 g/t Au over 10 metres; and
  • VL-20-830 intersected 0.93 g/t Au over 14 metres.

 

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

 

Matt Manson, President & CEO commented: “The latest batch of drill assays from the new Berry Zone include additional long intersections of high-grade mineralization. The mineralization occurs in the familiar geological setting: quartz-tourmaline-pyrite veining developed in the hanging-wall of the Valentine Lake Shear Zone within “Main Zone” type configurations. The drilling is  establishing broad continuity between 50 metre sections, and has extended the zone to approximately 650 metres in strike length.” Matt Manson continued: ”Our 2020 exploration program is focused on new discovery, with broad step out holes into previously untested areas. Currently, one drill rig is progressing steadily northeastwards from Berry to the area of the “Frozen Ear Pond Road”, approximately 1.5 kilometres from where we started in January. An additional drill rig is scheduled to be mobilized in early September, exploring southwestwards from the margin of the Marathon Deposit towards Frozen Ear Pond Road. At the end of this campaign we will have drilling information along the full 6 kilometres of the Sprite Corridor between Leprechaun and Marathon. This is high-risk, greenfield exploration, with no certainty of success. However, the results achieved to date at the Berry Zone give confidence in the potential for additional discoveries along this highly prospective trend.”

 

Previous drilling in the Berry Zone (Figure 1) has outlined extensive gold mineralization contained within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold veins that are characteristic of the Valentine Gold Project. These QTP-Au veins form steeply northwest plunging “Main Zone” envelopes within quartz-eye porphyry host rocks on the hanging-wall (NW) side of the Valentine Lake Shear Zone. The extent of mineralization appears related to the size and frequency of sheared mafic dykes which extend NE-SW within the hanging-wall, parallel to the shear zone.

 

The nine drill holes released today represent both step out and in-fill drilling over a broad length of the Berry Zone. They extend the strike length of drill intersected mineralization to approximately 650 metres, from section 13350E to 14000E (Figure 2). An area of particularly intense mineralization has now been intersected by several drill holes between sections 13600E and 13800E where QTP-Au veining is concentrated in a 30-50 metre wide zone between a large mafic dyke and the shear zone contact (eg Section 13790E, Figure 3, and Section 13690E from Marathon’s news release dated July 22, 2020).

 

These latest results are derived from drill-holes oriented steeply down through Main Zone QTP-Au stacking towards the northwest (VL-20-829, 830, 831, 834 & 835, Figures 3 and 4), oblique drill-holes across Main Zone mineralization towards the southeast (VL-20-828 & 833), and one drill-hole collared in the hanging-wall and oriented towards the northwest (VL-20-836). Eight of the nine holes returned “significant” drill intersections of greater than 0.7 g/t Au (Table 1), and each of the nine drill holes returned drill 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 significant mineralization was encountered in drill hole VL-20-832, which was collared in the meta-sediments of the southeastern, foot-wall side of the Valentine Lake Shear Zone.

 

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-20-828 13860E 164 -46 7 9 2 1.5  1.12  
        21 22 1 0.75  0.91  
        38 41 3 2.25  1.18  
        102 104 2 1.5  1.13  
        126 129 3 2.25  1.56  
VL-20-829 13790E 343 -77 13 24 11 10.45  1.02  
        29 32 3 2.85  2.93  
        61 63 2 1.9  11.66  
        103 104 1 0.95  1.88  
        108 109 1 0.95  0.76  
        117 118 1 0.95  17.52  
        141 143 2 1.9  10.49  
        150 167 17 16.15  1.03  
        174 194 20 19  2.12  
Including       181 182 1 0.95  16.89  
        212 213 1 0.95  2.22  
        273 283 10 9.5  2.26  
        290 291 1 0.95  1.11  
VL-20-830 14000E 343 -75 27 28 1 0.95  0.82  
        55 56 1 0.95  11.77  
        82 96 14 13.3  0.93  
        113 114 1 0.95  0.71  
        134 135 1 0.95  0.76  
        154 155 1 0.95  1.86  
        164 166 2 1.9  2.43  
VL-20-831 13920E 343 -77 16 17 1 0.95  1.30  
        75 76 1 0.95  2.62  
        84 94 10 9.5  1.82  
        102 103 1 0.95  1.17  
        201 202 1 0.95  1.31  
        228 230 2 1.9  1.89  
        259 261 2 1.9  1.58  
VL-20-833 13540E 163 -62 59 60 1 0.85  3.76  
        71 72 1 0.85  1.58  
        78 79 1 0.85  0.72  
VL-20-834 13460E 343 -84 13 15 2 1.9  2.22  
        121 151 30 28.5  2.23  
        126 134 8 7.6  6.53  
        186 187 1 0.95  0.72  
VL-20-835 13420E 343 -83 16 20 4 3.8  1.55  
        33 34 1 0.95  32.25 30.00
        49 50 1 0.95  9.89  
        76 80 4 3.8  1.30  
        100 101 1 0.95  10.46  
        111 112 1 0.95  10.11  
        146 147 1 0.95  27.00  
        154 156 2 1.9  5.90  
        166 213 47 44.65  2.96 2.41
Including       166 180 14 13.3  7.55 5.69
VL-20-836 13450E 343 -75 43 44 1 0.95  0.83  
        96 97 1 0.95  1.09  

 

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. No significant assays were returned in drill hole VL-20-832

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/6a4f5fe3-93e3-4aa2-a075-3dc30d75978d

 

Figure 2: Location of Berry Zone exploration drill hole collars VL-20-828 to VL-20-836 is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/785cf718-6f25-4f79-ad20-0afb316df8ac

 

Figure 3: Cross section 13790E (View NE) Sprite Corridor, Valentine Gold Project is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/ee1ff9b0-dc18-40c8-888b-3c1901bff590

 

Figure 4: Cross section 13420E (View NE) Sprite Corridor, Valentine Gold Project is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/fd783e6e-8faa-46d1-974c-4f3335264bb6

 


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 (“NI”) 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 August 17, 2020

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