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Marathon Gold Reports First 2021 Exploration Drill Results from the Valentine Gold Project, NL

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Results include 6.57 g/t Au over 22m, 3.93 g/t Au over 21m, 9.21 g/t Au over 7m, 14.93 g/t Au over 3m

 

 

Marathon Gold Corporation (TSX: MOZ) is pleased to report results from the first drill holes completed under the 2021 exploration program at the Valentine Gold Project, central Newfoundland. These latest results represent fire assay data from seven drill holes located within the 1.5 kilometre long Berry Zone. Highlights include:

 

  • VL-20-956 intersected 6.57 g/t Au over 22 metres including 29.68 g/t Au over 3 metres;
  • VL-20-957 intersected 3.93 g/t Au over 21 metres including 37.90 g/t Au over 1 metre, and 12.35 g/t Au over 1 metre and 11.54 g/t Au over 1 metre, and 9.21 g/t Au over 7 metres including 29.17 g/t Au over 2 metres, and 8.65 g/t Au over 2 metres including 11.61 g/t Au over 1 metre;
  • VL-20-955 intersected 14.93 g/t Au over 3 metres including 43.70 g/t Au over 1 metre;
  • VL-20-958 intersected 1.75 g/t Au over 12 metres including 15.48 g/t Au over 1 metre; and
  • VL-20-953 intersected 0.92 g/t Au over 24 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: “We are releasing today the first seven holes drilled as part of this year’s $10.5 million exploration program at the Valentine Gold Project. Since the start of the program in mid-January we have completed 37 holes with three rigs operating for a total of 10,335 metres drilled. All of our drilling currently is within the 1.5 kilometre long Berry Zone, and these latest results again demonstrate strong quartz-tourmaline-pyrite-Au mineralization at this location with high grades. A first mineral resource estimate at Berry based on 42,000 metres of drilling completed to the end of 2020 is currently under preparation. A further 30,000 metres of drilling at Berry will be completed as part of the 2021 program with a view to further delineation and resource growth. Additional drilling in 2021 will be completed at the Sprite and Victory Deposits, and on generative projects identified along the 20 kilometres of Valentine Lake Shear Zone contained within the property’s boundaries. Drill results will be released in regular batches through to the end of this year.”

 

Gold mineralization at the Valentine Gold Project is contained predominantly within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) 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 at a low angle of incidence to the individual veins and across the strike of Main Zone mineralization.

 

All seven drill holes released today represent southeast oriented holes designed to test for Main Zone type mineralization at depth along the VLSZ contact from setup locations set back within the hanging wall rocks. Three holes were located at the western end of the Berry Zone between sections 13550E and 13900E (VL-21-953, 954 and 958), two holes were located at the eastern end of the Berry Zone at the Frozen Ear Pond Road between sections 14800E and 14900E (VL-21-955 and 957), and two holes were located within the centre of the Berry Zone between sections 14150E and 14350E (VL-21-956 and 959; Figure 2).

 

All seven drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1), and each drill hole returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource Estimate for the Project.

 

The results from drill hole VL-21-956, which returned 6.57 g/t Au over 22 metres starting at 232 metres down hole, are particularly significant (Figures 2, 3 and 4). This drill hole is located within the central portion of the Berry Zone, which has been drilled to date with predominantly shallow and wider spaced holes returning relatively intermittent mineralization when compared to the more closely drilled and densely mineralized western and eastern ends. Drill hole VL-21-956 suggests the presence of a well developed and high-grade Main Zone-type sequence of gold mineralization at depth along the VLSZ contact, supporting continuity of mineralization through this central Berry area. Also of note, drill hole VL-21-957, in the eastern end of the Berry Zone, exhibited 26 instances of logged visible gold within multiple high grade intercepts (Figure 5).

 

Figure 1: Location Map, Valentine Gold Project

https://www.globenewswire.com/NewsRoom/AttachmentNg/70bd56aa-4a09-481c-9a44-46c290332bdb

 

 

Table 1: Significant Assay Intervals, Berry Zone, Valentine Gold Project

 

DDH Section Az Dip From To Core
Length
(m)
True
Thickness
(m)
Gold g/t Gold g/t
(cut)
VL-21-953 13540E 165 -71 51 75 24 20.40 0.92  
        101 104 3 2.55 2.06  
        117 118 1 0.85 0.85  
        180 181 1 0.85 0.74  
        265 266 1 0.85 0.72  
        276 277 1 0.85 0.88  
        281 282 1 0.85 0.88  
VL-21-954 13900E 161 -70 15 18 3 2.55 1.16  
        29 30 1 0.85 0.98  
        120 122 2 1.70 5.57  
Including       121 122 1 0.85 10.62  
        129 130 1 0.85 1.10  
VL-21-955 14840E 163 -65 49 50 1 0.80 3.54  
        119 122 3 2.40 14.93 10.36
Including       119 120 1 0.80 43.70 30
        162 169 7 5.60 2.30  
VL-21-956 14180E 161 -65 161 164 3 2.40 3.76  
        189 190 1 0.80 5.47  
        210 211 1 0.80 6.80  
        232 254 22 17.60 6.57 5.45
Including       249 252 3 2.40 29.68 21.42
VL-21-957 14820E 165 -65 79 82 3 2.55 0.71  
        91 96 5 4.25 3.03  
        100 102 2 1.7 2.16  
        131 152 21 17.85 3.93 3.55
Including       133 134 1 0.85 11.54  
Including       147 148 1 0.85 37.90 30.00
Including       151 152 1 0.85 12.35  
        172 179 7 5.95 9.21 8.77
Including       172 174 2 1.7 29.17 27.61
        210 211 1 0.85 0.78  
        219 221 2 1.7 8.65  
Including       219 220 1 0.85 11.61  
VL-21-958 13720E 161 -60 103 104 1 0.8 4.57  
        150 153 3 2.4 0.71  
        187 190 3 2.4 4.18  
        189 190 1 0.8 11.09  
        209 217 8 6.4 0.76  
        222 223 1 0.8 0.73  
        309 313 4 3.2 4.02  
        321 322 1 0.8 0.70  
        335 336 1 0.8 0.90  
        337 338 1 0.8 0.72  
        367 379 12 9.6 1.75  
        377 378 1 0.8 15.48  
VL-21-959 14340E 164 -65 194 195 1 0.85 1.17  
        247 249 2 1.7 0.92  
        254 255 1 0.85 17.80  
        304 307 3 2.55 1.39  

 

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.

 

Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-21-953 to VL-20-959

https://www.globenewswire.com/NewsRoom/AttachmentNg/5b0745a1-6ae0-4a0b-aedc-125c65f7ed05

 

Figure 3: Cross Section 14180E (View NE) Berry Zone, Valentine Gold Project.

https://www.globenewswire.com/NewsRoom/AttachmentNg/54065711-8bd5-43ea-abf0-f13a0024f049

 

Figure 4: Long section view of the Berry Zone. Gold fire assay grades are illustrated on 1m samples above a 0.3 g/t Au bottom cut-off. Fire assay grades correlate by colour as yellow (low) to red (high).

https://www.globenewswire.com/NewsRoom/AttachmentNg/211357ed-0a77-43b7-98ec-1c2320777c33

 

Figure 5: Visible Gold occurrences within quartz-tourmaline-pyrite veins in drill hole VL-21-957 between 92 metres and 202 metres downhole.

https://www.globenewswire.com/NewsRoom/AttachmentNg/fdcd0850-8245-43d6-b15b-eef1ce83c489

 

Qualified Person

 

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 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 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 March 11, 2021

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