Marathon Gold Corporation (TSX: MOZ) is pleased to report the latest drill assay results from the Valentine Gold Project in central Newfoundland. The latest drill results represent fire assay data from the first fifteen diamond drill holes completed as part of the 2022 drill campaign at the Berry Deposit and an additional five holes from 2021 and 2022 drilling at the Victory Deposit.

Berry highlights include:

• VL-22-1189 intersected 8.68 g/t Au over 16 metres including 20.55 g/t Au over 6 metres, and 6.17 g/t Au over 2 metre including 10.78 g/t Au over 1 metre, and 0.75 g/t Au over 15 metres;
• VL-22-1193 intersected 1.56 g/t Au over 40 metres including 12.67 g/t Au over 1 metre, and 6.44 g/t Au over 2 metres including 11.85 g/t Au over 1 metre;
• VL-22-1191 intersected 3.86 g/t Au over 13 metres including 21.33 g/t Au over 1 metre, and 1.29 g/t Au over 25 metres including 12.76 g/t Au over 1 metre;
• VL-22-1198 intersected 25.25 g/t Au over 2 metres, and 1.97 g/t Au over 14 metres including 13.06 g/t Au over 1 metre; and
• VL-22-1185 intersected 2.58 g/t Au over 13 metres including 12.74 g/t Au over 1 metre, and 13.55 g/t Au over 1 metre, and 13.04 g/t Au over 1 metre, and 1.38 g/t Au over 9 metres.

Victory highlights include:

• VGD-22-086 intersected 3.85 g/t Au over 17 metres including 45.55 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 and 2.

Matt Manson, President and CEO, commented: “Today’s results are from the first drill holes completed at the Berry Deposit during our 2022 exploration program. Their purpose is to continue the task of in-filling along the 1.5 kilometre length of the deposit delineated to date. These results will not be included in the upcoming mineral resource update for Berry which is based on drilling completed to the end of November 2021. However, once again we are reporting multiple long intercepts of high-grade mineralisation. Of note in today’s release is another significant drill hole from the Victory Deposit, VGD-22-086, which returned 17 metres of high-grade mineralisation starting at just 48 metres down-hole. The location of this drill hole adjacent to the Valentine Lake Shear Zone and well away from the location of the historical Victory Mineral Resources validates our exploration thesis for the area, and points to the potential for new discoveries within the underexplored portions of the Valentine Lake property. Drilling at Berry and Victory, as well as grassroots prospecting along the Eastern Arm of the property, are the priorities for our 2022 exploration program.”

Gold Mineralization at the Valentine Gold Project

Gold mineralization at the Valentine Gold Project is contained in Quartz-Tourmaline-Pyrite-Gold veins developed within granitoid rocks on the hanging wall, or northwest, side of the Valentine Lake Shear Zone (“VLSZ”; 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, Marathon and Berry Deposits, 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. In addition to the dominant en-echelon Set 1 veins found in the other deposits, the Victory Deposit displays networked tourmaline veining which infills fracturing in the granitoid intrusives.

Figure 1: Location Map, Valentine Gold Project

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Berry Deposit Drill Results

The results released today are derived from fifteen drill holes located between sections 13420E and 14750E. Seven of these drill holes are located within the western conceptual pit utilized in the April 2021 Berry Mineral Resource Estimate (Figure 2). Seven holes were located in the eastern conceptual pit shell. One hole was located in the far hanging wall area at the western extent of the deposit. All but two holes (VL-22-1184 and VL-22-1187) were oriented steeply to the northwest testing for Main Zone-type stacked QTP-Au mineralization in “Set 1” vein orientations.

All fifteen drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1) and all returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the April 2021 Berry Mineral Resource estimate.

Figure 2: Location of Berry Deposit Exploration Drill Hole Collars VL-22-1184 to VL-22-1198

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The 2021 infill drill program at the Berry Deposit was conducted with the objective of achieving an approximate 25 metre drill spacing over Berry’s Main Zone over its full length. As of the end of 2021, a total of 99,986 metres of drilling had been completed at Berry and fire assay data for these drill holes had been published as of April 2022. These data, supplemented by metallic screen fire assays and a better constrained geological model, are being incorporated into an updated Mineral Resource Estimate for Berry. This is expected to be completed shortly. The fifteen new drill holes published today comprise part of the 2022 drill program, which is targeting specific areas of the Berry geological model for in-fill.

Of note in the latest drilling, drill hole VL-21-1189 (Figure 2) returned a broad zone of very high-grade mineralisation (8.68 g/t Au over 16 metres including 20.55 g/t Au over 6 metres) starting at 247 metres down-hole within a dense zone of mineralization at the eastern edge of the western conceptual pit shell. This is one of three areas at Berry where mineralization appears to plunge to the northeast (Figure 3).

Figure 3: Long Section of the Berry Deposit (View NW) Incorporating all Drilling up to and Including VL-22-1198, Representing 103,685metres, and Assays Above 0.3 g/t Au.

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Table 1: Significant Assay Intervals from Drill Hole Collars VL-22-1184 to VL-22-1198, Berry 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 Marathon 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.

Victory Deposit Drill Results

In total, twenty-eight drill holes were completed at the Victory Deposit in 2021. Results from twenty-six were reported previously (Marathon news releases dated March 10, 2022 and April 21, 2022). The remaining two 2021 holes and a further three holes from the 2022 program are reported here. The 2021 and 2022 drilling at Victory, the first since 2014, is focussed to the south and southwest of the area of historical drilling and the existing mineral resources (Figure 4). The objective was to test for a Main Zone type configuration of gold mineralization adjacent to the VLSZ, as seen at the Leprechaun and Berry Deposits. All of the new holes have been located within hanging-wall Precambrian granitoid rocks and oriented predominantly to the southeast to define the younger Rogerson Lake Conglomerate at the shear zone contact.

All five drill holes reported today returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 2), and all returned additional intercepts with gold grades above the 0.3 g/t Au cut-off.

Of note in the latest drilling, hole VGD-22-086 has returned the most significant individual intercept observed at Victory to date, 3.85 g/t Au over 17 metres, including 45.55 g/t Au over 1 metre, starting at 48 metres down-hole. Mineralization at Victory remains open in all directions.

Figure 4: Location of Victory Deposit Exploration Drill Hole Collars VGD-21-079 to VGD-22-089

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Figure 5: Long Section of the Victory Deposit (View NW) Incorporating all Drilling up to VGD-22-089, representing 19,809 metres, and Assays Above 0.3 g/t Au (top) and 0.1 g/t Au (bottom).

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Table 2: Significant Assay Intervals from Drill Hole Collars VGD-21-079 to VGD-22-089, 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 Marathon 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.

Figure 6: Cross Section 141100E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold Project.

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Figure 7: Cross Section 14110E (View NE) with all Fire Assay Data, Berry Deposit, Valentine Gold Project.

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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, 2021 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.