Marathon Gold Corporation (TSX: MOZ) is pleased to report an additional tranche of consistent and positive results from the ongoing infill drilling campaign at the Marathon Deposit, part of the Valentine Gold Project in central Newfoundland. The new drilling continues to delineate significant new zones of Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veining in areas of limited previous drilling within the southwestern area of the planned Marathon open pit (Figures 2 and 3). Highlights of the latest drilling include:
These latest drill results represent a continuation of an infill drill program in the southwest extension area of the 1,500 meter long “Main Zone” within the Marathon Deposit. This is an area of either no previous drilling or material currently classified as Inferred Mineral Resources in the October 2018 Mineral Resource Estimate. The Main Zone represents a mineralized corridor of between 100 and 125 meters width, extending from surface to more than 300 meters depth, and comprised of SW dipping, echelon stacked QTP-Au veining. Drilling is oriented downward at a high-angle through the dominant shallowly dipping vein orientation (Table 1; Figures 1 to 3). Assays are pending for further drill holes that have intersected additional QTP-Au veining in this area.
Drilling in the Marathon Deposit will be completed this week. Thereafter, three drill rigs will move on to complete a planned 7,000-meter exploration drilling campaign at the Sprite Zone. The approximately 60,000 meters of Marathon and Leprechaun infill drilling completed in 2019 will be utilized in the upcoming Mineral Resource update for the Valentine Gold Project, expected to be completed in the fourth quarter of this year.
In addition to the infill drilling, hydrogeology drilling and preliminary geotechnical programs were recently completed, the results of which will be used in the ongoing Valentine Environmental Assessment process and Pre-Feasibility Study.
|TABLE 1: Significant assay intervals, Marathon Deposit, Valentine Gold Camp|
* MZ=Main Zone, FW = Footwall Zone, HW = Hanging Wall Zone
|** No significant intervals in MA-19-437 (FW), MA-19-439 (HW) and MA-19-441 (MZ)|
Figure 1: Location of the Main Zone mineralized corridor, October 2018 pit shell outline, drill holes MA-19-436 to MA-19-450, MA-19-475 (assays pending) and cross sections 16750E and 16920E, Marathon Deposit:
Figure 2: Cross section 16750E (View NE) showing drill hole MA-19-442 with assay intervals of 2.17 g/t Au over 52.0 meters including 7.14 g/t Au over 5.0 meters as well as 4.84 g/t Au over 3.0 meters and 3.30 g/t Au over 4.0 meters in gentle SW dipping en-echelon stacked QTP veining:
Figure 3: Cross section 16920E (View NE) showing drill hole MA-19-450 with assay intervals of 3.99 g/t Au over 29.0 meters including 20.76 g/t Au over 1.0 meter and 65.15 g/t Au over 1.0 meter as well as 7.52 g/t Au over 3.0 meters in gentle SW dipping en-echelon stacked QTP veining:
Marathon utilizes Corebox for 3D visualization of our drill results at the Valentine Gold Project. Please visit our website at www.Marathon-Gold.com.
Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Sherry Dunsworth, MSc., P.Geo. (NL), the Senior VP of Exploration and a qualified person 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, 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 (85% – 95% of core length).
Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20-kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve-year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.
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