Results include 4.04 g/t Au over 11m and 0.88 g/t Au over 33m at Victory, 3.02 g/t Au over 19m and 1.25 g/t Au over 26m at the Marathon Waste Rock Facility

Marathon Gold Corporation (TSX: MOZ) is pleased to report the latest drill assay results from the Valentine Gold Project in central Newfoundland (Figure 1). These results represent 2021 drilling at the Victory and Sprite Deposits, and in the area of the proposed Marathon Waste Rock Facility. Taken together, these new data indicate the wide prevalence of gold mineralization at the Project outside of the confines of the mineral resources currently estimated at the Marathon, Leprechaun and Berry Deposits.

The latest drill results represent fire assay data from 22 diamond drill holes completed at the Victory Deposit, 16 holes completed at the Sprite Deposit, and 21 holes completed at the MWRF. The Victory and Sprite drilling was completed as part of the 2021 exploration program at the Project, while the MWRF drilling was completed as part of the 2021 condemnation program. Highlights include:

• VGD-21-071 (Victory) intersected 4.04 g/t Au over 11 metres including 36.70 g/t Au over 1 metre;
• VGD-21-064 (Victory) intersected 2.05 g/t over 9 metres including 10.00 g/t Au over 1 metre, and 2.50 g/t Au over 5 metres, and 0.94 g/t Au over 14 metres;
• VGD-21-078 (Victory) intersected 0.88 g/t Au over 33 metres;
• MA-C-21-032 (MWRF) intersected 3.02 g/t Au over 19 metres including 43.50 g/t Au over 1 metre;
• MA-C-21-044 (MWRF) intersected 1.25 g/t Au over 26 metres;
• MA-C-21-032 (MWRF) intersected 1.56 g/t Au over 19 metres including 12.44 g/t Au over 1 metre; and
• MA-C-21-025 (MWRF) intersected 101.94 g/t Au over 1 metre;

All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Tables 1, 2 and 3.

Matt Manson, President and CEO, commented: “The principal focus of our current exploration at Valentine is infill drilling at our Berry Deposit which has the potential to add a meaningful quantity of future gold resources to the Project’s mine plan. The results presented today are from our 2021 drilling at the Victory and Sprite Deposits, which reflect our efforts to identify additional areas of concentrated gold mineralization. We are particularly encouraged by the Victory area, where we are delineating an extensive system of alteration and gold mineralizing fluids over a broad area. This merits additional drilling in 2022. The mineralization at Sprite, as well as at the proposed site of the Marathon Waste Rock Facility, appears more localized, but is reflecting the ubiquity of gold mineralization almost everywhere along the length of the Valentine Lake Shear Zone which has been explored to date. Our 2022 exploration program is designed to bring out this larger potential, with prospecting along the full eastern arm of the property and drill programs at Berry and Victory.”

Figure 1: Location Map, Valentine Gold Project (Figures 2, 5 and 6 shown as insets)

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Gold Mineralization at the Valentine Gold Project and Historical Mineral Resources

Gold mineralization at the Valentine Gold Project is contained in Quartz-Tourmaline-Pyrite-Gold veins developed within granitoid rocks of 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 and Marathon Deposits, as well as at the Berry Deposit, 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.

Total Mineral Resources at the Project comprise 1.92 Moz (32.59 Mt at 1.83 g/t) categorized as Measured and 1.22 Moz (24.07 Mt at 1.57 g/t) categorized as Indicated. Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). The bulk of these Mineral Resources are contained within the Marathon, Leprechaun and Berry Deposits. The Victory and Sprite Deposits are significantly smaller, with Indicated Mineral Resources of 0.05 Moz (1.1 Mt at 1.46 g/t Au) and 0.04 Moz (0.7 Mt at 1.74 g/t) respectively and Inferred Mineral Resources of 0.1 Moz (2.3 Mt at 1.26 g/t Au) and 0.05 Moz (1.2 Mt at 1.26 g/t). These estimates are based on limited historical drilling and shallow conceptual pit shells. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Please see the National Instrument 43-101 Technical Report dated April 23, 2021 for a summary of the Mineral Reserves and Mineral Resources at the Valentine Gold Project.

Victory Deposit Drill Results

In total, twenty-eight drill holes were completed at the Victory Deposit in 2021. Results from twenty-two are reported here and results from six remain outstanding. The new drilling was located to the southwest of the area of historical drilling and the existing mineral resources (Figure 2). The objective was to test for a “Main Zone” type configuration of gold mineralization adjacent to the Valentine Lake Shear Zone, as seen at the Leprechaun and Berry Deposits. The holes were located within hanging-wall Precambrian granitoid rocks and oriented predominantly to the southeast to find the younger Rogerson Lake Conglomerate at the shear zone contact. Surprisingly, the contact was located much further to the southeast than anticipated and at an original, southeast dipping attitude. This demonstrates that the historical drilling locations were much further away from the contact than previously understood, opening up a large, new prospective area for exploration.

Figure 2: Location of Victory Deposit Exploration Drill Hole Collars VGD-21-058 to VGD-21-085

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All of the twenty-two Victory drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1). All returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the November 2020 and April 2021 Valentine Gold Project Mineral Resource estimates.

The Victory drilling revealed the Project’s characteristic QTPV-Au “Set 1” extensional veins with visible gold. However, Victory also exhibits flooded tourmaline-rich mineralization in highly altered stockwork configurations (Figure 3), a style seen at the nearby Marathon Deposit. The presence of such extensive zones of tourmaline-rich stockworks points to an intense local supply of gold mineralizing fluid that has resulted in gold mineralization at lower grades over broad lengths. To illustrate this, Figure 4 illustrates gold mineralization at the Victory Deposit in long section using the conventional 0.3 g/t Au bottom cut-off (top image) and with a 0.1 g/t Au cut-off (bottom image). Mineralization at Victory remains open to the northeast and southwest, and up to 12,000 metres of new drilling has been planned in this area in 2022.

Figure 3: Tourmaline-Rich Stockwork at the Victory Deposit, VGD-21-058, 380 to 397 metres.

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Figure 4: Long Section of the Victory Deposit (View NW) Incorporating all Drilling up to VGD-21-084, Representing 17,514 Metres, and Assays Above 0.3 g/t Au (top) and 0.1 g/t Au (bottom).

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Table 1: Significant Assay Intervals from Drill Hole Collars VGD-21-058 to VGD-21-085, Victory 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 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 April 2021 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. Data for drill holes VGD-21-067, 069, 079, 081, 083 and 085 remain outstanding.

Sprite Deposit Drill Results

Sixteen drill holes were completed at the Sprite Deposit in 2021. The new drilling was located in between areas of historical drilling upon which the existing mineral resource estimate is based (Figure 5). As at the Victory Deposit, the objective was to test for a “Main Zone” type configuration of gold mineralization adjacent to the Valentine Lake Shear Zone, as seen at the Leprechaun and Berry Deposits. The holes were located within hanging-wall Precambrian granitoid rocks and oriented predominantly to the southeast. Limited new areas of concentrated QTP-Au mineralisation were found, in part because of large mafic dykes dominating the Precambrian granitoid rocks at the shear zone contact. No further work in the Sprite Deposit area is planned in 2022.

Ten of the sixteen Sprite drill holes reported today returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 2). Fourteen of the sixteen returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the November 2020 and April 2021 Valentine Gold Project Mineral Resource estimates.

Figure 5: Location of Sprite Deposit Exploration Drill Hole Collars VL-21-1103 to VL-21-1133

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Table 2: Significant Assay Intervals from Drill Hole Collars VL-21-1103 to VL-21-1133, Sprite 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 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 April 2021 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 for drill holes VL-21-1103, 1109, 1116, 1120, 1127 and 1131.

Marathon Waste Rock Facility Drill Results

In 2020 Marathon undertook a condemnation drill program of approximately 3,000 metres in twenty-one drill holes in the area of the proposed Marathon Waste Rock Facility located north of the Marathon open pit area. The site was selected to overlie a large gabbro considered to be non-prospective for the style of brittle deformation associated with the principal gold mineralization at the Project. Gold mineralization in four of these initial holes was observed in a localized area of the proposed MWRF, prompting a follow up drill program of 3,744 metres in 2021.

Figure 6: Location of MWRF Condemnation Drill Hole Collars MA-C-21-022 to MA-C-21-045

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In total, twenty-four new drill holes were completed in 2021 of which results have been received for twenty-one. Sixteen of the twenty-one MWRF drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 3). None of the remaining five drill holes returned any intercept with gold grades above the 0.3 g/t Au cut-off used in the November 2020 and April 2021 Valentine Gold Project Mineral Resource estimates.

The mineralization at the MWRF appears related to an unmapped raft of Quartz-Eye Porphyry rocks entrained within the larger gabbro, and the area of mineralization appears limited in both lateral and vertical extent. Marathon does not consider the site to have the potential to form an economic deposit, allowing it to be condemned and utilized for waste rock disposal. Nonetheless, the exercise has demonstrated that the more brittlely deforming granitoid rocks of the Valentine Lake Property, such as the Trondhjemites underlying the Leprechaun Deposit and the Quartz-Eye Porphyries underlying the Berry and Marathon deposits, are prospective for gold mineralization wherever they occur, even at significant distances away from the Valentine Lake Shear Zone contact.

Table 3: Significant Assay Intervals from Drill Hole Collars MA-C-21-022 to MA-C-21-045, MWRF, 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 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 April 2021 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 for drill holes MA-C-027, 028, 039, 040, 041
4. Data for drill holes MA-C-034 and 036 remain outstanding.

Qualified Persons

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of 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. Both Mr. Capps and Ms. Borysenko are qualified persons under National Instrument (“NI”) 43-101. The Qualified Person responsible for the preparation of the April 2021 Mineral Resource estimate for the Berry Deposit is Robert Farmer, P.Eng. of John T Boyd Company. Mr. Farmer is considered to be “independent” of Marathon and the Valentine Gold Project for purposes of 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.

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). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see Marathon’s Annual Information Form for the year ended December 31, 2020 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.