Results include 7.47 g/t Au over 12m, 3.80 g/t Au over 23m, 1.92 g/t Au over 31m
50,000m of Drilling Planned in 2022
Marathon Gold Corporation (TSX: MOZ) is pleased to report the latest drill assay results from the Valentine Gold Project in central Newfoundland (Figure 1), and to announce the Company’s 2022 exploration plans.
The latest drill results represent fire assay data from seventeen diamond drill holes completed as part of the 2021 in-fill drill campaign at the 1.5 kilometre long Berry Deposit. Highlights include:
All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 2.
Following a successful 2021 exploration program, the Board of Directors of Marathon has approved a 2022 program of 50,000 metres of diamond drilling, focussed on the Berry and Victory Deposits. The 2022 program will also include a significant prospecting program along the approximately 13 kilometres of geological contact at the Valentine Lake Shear Zone between the Victory Deposit and the eastern boundary of the property. Marathon considers this area to be highly prospective for gold mineralisation, and to have been largely unexplored until now. The programs of drilling and prospecting will be supported by additional structural geological and geophysical surveys, which have been proving essential in understanding the setting of the five currently known Valentine Gold Project mineral deposits.
Matt Manson, President and CEO, commented: “During 2021, we completed 74,000 metres of drilling at the Valentine Gold Project, including 58,200 metres at the Berry Deposit. In total, the inventory of drilling at Berry now stands at approximately 100,000 metres. Assays from sixty-two 2021 Berry drill holes, representing 16,700 metres, remain outstanding. Once received, we will commence the next Berry Mineral Resource estimate. As a reminder, the initial Berry estimate was published in April 2021, and comprised 0.64 Moz classified as Inferred Mineral Resources in 11.33 Mtonnes at 1.75 g/t Au. This was based on 42,000 metres of Berry drilling completed as of November 2020. Given the consistently good results received during the course of 2021, we are optimistic about the potential of Berry to add a meaningful quantity of future mineral resources to the Valentine Gold Project mine plan.”
Mr. Manson continued: “In addition to the remaining Berry results, fire assays remain outstanding from our 2021 drilling at the Victory and Sprite Deposits, and from the Marathon waste rock facility area (Table 1). The processing of screen metallic assays from our 2021 Reverse Circulation drill program at the Leprechaun and Marathon Deposits is also ongoing. Results from these programs will be reported as they are received. Our 2022 exploration program has already commenced with three rigs currently operational.”
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.
Table 1: 2021 and 2022 Diamond Drilling Exploration Programs
|Marathon Waste Rock Facility||3,700||6,700||3,700||—|
Figure 1: Location Map, Valentine Gold Project
Gold mineralization at the Valentine Gold Project is contained predominantly within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold veins. At the Leprechaun, Marathon and Berry Deposits, 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 (Figure 1). 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.
The results released today are derived from seventeen drill holes located between sections 13650E and 14270E and within the western conceptual pit shell utilized in the April 2021 Berry Mineral Resource estimate (Figure 2). All but one of the seventeen drill holes (VL-21-1094) were oriented steeply down to the northwest testing for Main Zone-type stacked QTP-Au mineralization in “Set 1” vein orientations progressively further out into Berry’s hanging wall rocks.
The 2021 infill drill program at the Berry Deposit has been conducted with the objective of achieving an approximate 25 metre drill spacing over Berry’s Main Zone of dense mineralisation, and extending drill coverage into the Berry hanging-wall to the northwest and down to a vertical depth of 300 metres. Figures 3 and 4 illustrate the extent to which this has been achieved, in long section and oblique views, after approximately 83,000 metres of assay results.
Figure 2: Location of Berry Deposit Exploration Drill Hole Collars VL-21-1089 to VL-21-1108
Figure 3: Long Section of the Berry Deposit (View NW) Incorporating all Drilling up to and Including VL-21-1088, Representing 83,249 metres, and Assays Above 0.3 g/t Au.
Figure 4: Oblique View of the Berry Deposit (View NE) Incorporating all Drilling up to and Including VL-21-1088, Representing 83,249 metres, and Assays Above 0.3 g/t Au.
All of the seventeen drill holes 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 used in the April 2021 Berry Mineral Resource estimate.
Table 1: Significant Assay Intervals from Drill Hole Collars VL-21-1089 to VL-21-1108, Berry Deposit, Valentine Gold Project
|Gold g/t||Gold g/t
Notes on the Calculation of Assay Intervals
Figure 5: Cross Section 14190E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold Project.
Figure 6: Cross Section 14190E (View NE) with all Fire Assay Data, Berry Deposit, Valentine Gold Project.
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.
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.
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