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 sixteen drill holes located in the high priority Berry Zone area and northeastwards along an 850 metre strike length towards the Frozen Ear Pond Road. These were the last exploration holes completed prior to the COVID-19 related closure of the exploration camp on March 14, 2020.
All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1.
Exploration drilling in the six kilometre long Sprite Corridor between the Leprechaun and Marathon Deposits is continuing to outline “Main Zone”-type mineralization of a type characteristic of the Valentine Gold Project, with shallowly SW dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veins contained within steeply NW dipping envelopes in the hanging-wall of the Valentine Lake Shear Zone (Figure 1). In the new Berry Zone (Figure 1), the mineralized envelope appears bound on the northwest side by sheared mafic dykes, is up to 40 metres wide, extends from surface to a depth of over 200 metres, and has now been drilled on multiple sections over more than 350 metres of strike extent.
Matt Manson, President & CEO commented: “We are again encouraged by the latest drill results from the Sprite Corridor, and at the developing Berry Zone in particular. When our camp was closed on March 14, 2020, we had completed 5,007 metres in 24 drill holes in the Sprite Corridor. Our 2020 drill program includes a drill budget of up to 32,000 metres comprising broad exploration step outs from the Berry Zone through the Frozen Ear Pond Road and ultimately to the limit of the Marathon Deposit, which remains open on the southwestern side. This is a total strike length of approximately three kilometres of high exploration potential. Completing this plan will be our priority when we return to drilling. However, additional in-fill drilling at the Berry Zone to confirm the continuity of mineralization and, potentially, the area’s first Mineral Resource, is now warranted.”
The latest sixteen drill holes represent oblique drilling across the dip of the Main Zone envelope towards the SE (such as VL-20-803, 804, 806 and 813) or down the dip of the Main Zone envelope steeply towards the NW, such as VL-20-815, 817 and 817 (Figure 2, and sections 13560E and 13700E on Figures 3 and 4 respectively). Each of the sixteen holes returned drill intersections of varying length with gold grades above the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource Estimate for the Project.
Table 1: Significant assay intervals, Sprite Corridor, Valentine Gold Project
|Gold g/t||Gold g/t
Figure 1: Priority Areas for 2020 Exploration Drilling, Valentine Gold Project. (See News Release Dated February 3, 2020).
Figure 2: Location of the 2020 Sprite Corridor exploration drill hole collars VL-20-802 to VL-20-817. Note sections 13,560E and 13,700E. (See news releases dated December 18, 2019 and March 2, 2020 for results relating to cross sections 13,410E and 13,500E respectively).
Figure 3: Cross section 13,560E (View NE) Sprite Corridor, Valentine Gold Project.
Figure 4: Cross section 13,700E (View NE) Sprite Corridor, Valentine Gold Project.
Disclosure of a scientific or technical nature in this news 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 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).
Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Marathon is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in central Newfoundland, 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 and Probable Mineral Reserves of 1.87 Moz (41.05 Mt at 1.41 g/t Au) and Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.09 Moz (54.9 Mt at 1.75 g/t Au). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). An updated Technical Report prepared in accordance with the requirements of NI 43-101 will be filed on SEDAR shortly including details on the Pre-Feasibility Study and assumptions relating to the Valentine Gold Project.
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We acknowledge the [financial] support of the Government of Canada.