Results include 5.59 g/t Au over 21m, 2.07 g/t Au over 37m, 1.58 g/t Au over 26m, 2.27 g/t Au over 13m, 2.08 g/t Au over 14m

Marathon Gold Corporation (TSX: MOZ) is pleased to report the latest assay results from ongoing in-fill drilling at the 1.5 kilometre long Berry Deposit located at the Valentine Gold Project in central Newfoundland (the ‘Project”; Figure 1), and provide a general update on ongoing exploration activities.

The results released today represent fire assay data from the first twenty diamond drill holes completed at Berry upon the recommencement of drilling in May after the annual spring break. The Company recently released the first mineral resource estimate for Berry (see Marathon news release dated April 21, 2021). These latest holes represent in-fill drilling within less delineated hanging-wall portions of the deposit, and in the connecting area between the northeastern and southwestern resource pit shells (Figure 2). Highlights include:

• VL-21-1010 intersected 5.59 g/t Au over 21 metres including 41.43 g/t Au over 2 metres, and 1.58 g/t Au over 26 metres including 10.22 g/t Au over 1 metre;
• VL-21-1015 intersected 2.07 g/t Au over 37 metres including 11.78 g/t Au over 1 metre;
• VL-21-1023 intersected 2.08 g/t Au over 14 metres, and 2.32 g/t Au over 10 metres;
• VL-21-1020 intersected 0.86 g/t Au over 32 metres, and 0.74 g/t Au over 12 metres, and 1.41 g/t Au over 12 metres;
• VL-21-1007 intersected 4.16 g/t Au over 5 metres including 12.19 g/t Au over 1 metre, and 1.34 g/t Au over 10 metres, and;
• VL-21-1021 intersected 2.27 g/t Au over 13 metres.

All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1.

Matt Manson, President and CEO, commented: “These latest drill results represent the progressive filling-out of our drill coverage at Berry over its full 1.5 kilometre extent, and at greater depths. We are seeing a distribution of mineralization very familiar to us from the nearby Leprechaun Deposit. This pattern is strong “Main Zone” type mineralization close to the Valentine Lake Shear Zone and generally more sporadic mineralization further out into the hanging-wall rocks. Hanging-wall mineralization can be locally very well developed, however, as demonstrated by drill hole VL-21-1010 in this recent batch, which returned multiple intercepts including 5.59 g/t Au over 21 metres starting at 28 metres down-hole. Overall, the deposit is developing consistent with our expectations. We currently have four diamond drill rigs operating at Valentine on our 2021 Exploration program, and an additional Reverse Circulation rig operating on our grade control and resource reconciliation program. We expect to be reporting results from these drill programs on a regular basis through to the end of the year.”

A graphic accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/cbe85688-5946-4357-b823-70b656808b34

The results released today are derived from seven drillholes located between sections 13488E and 13650E at the western end of the Berry Deposit, and thirteen drillholes located between sections and 14080E and 14590E, close to, or within, the connecting area between the two conceptual pit shells utilized in the April 2021 Berry Mineral Resource Estimate (Figures 2 and 3).

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. 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.

Eleven of the twenty holes were oriented on a southeast azimuth towards the footwall contact with the VLSZ to test for mineralization at progressive distances into the Berry Deposit’s hanging-wall rocks (VL-21-1004, 1005, 1007, 1008, 1009, 1010, 1012, 1015, 1017, 1021, 1022). Nine of the twenty holes were oriented steeply down to the northwest testing for Main Zone type stacked QTP-Au mineralization, either close to the VLSZ (VL-21-1020, 1023) or within the hanging-wall (VL-21-006, 1011, 1013, 1014, 1016, 1018, 1019).

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

Graphics accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0b301420-917c-49d4-8f26-a09c6f4f282a

https://www.globenewswire.com/NewsRoom/AttachmentNg/8df22387-fb83-443c-8b78-b8f96c1d6e32

Table 1: Significant Assay Intervals from Drill Hole Collars VL-21-1004 to VL-21-1023, 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.
3. No significant assays were returned in drill hole VL-21-1013

Update on 2021 Exploration Program

On February 2, 2021, the Company announced a 2021 Exploration Program focussed on growing the Project’s Mineral Resources. This program comprised a total of 52,000 metres of diamond drilling comprising up to 30,000 metres at the Berry Deposit, up to 8,000 metres at the Sprite and Victory Deposits, and up to 6,000 metres on grassroots initiatives. On May 6, 2021 the Company announced an expansion of the Berry drill program with an additional 50,000 metres of drilling to be completed prior to the summer of 2022, to bring the total inventory of drill data at Berry to approximately 120,000 metres.

As of July 20, 2021, the Company had completed 119 drill holes at Berry in 2021, for a total of 31,691 metres, and released results for 71 holes representing 18,699 metres. Total drill metres completed at Berry to date stands at 73,309 metres. An additional 10 drill holes have also been completed for condemnation purposes in the area of the Marathon Waste Rock Facility, for a total of 1,538 metres. Four diamond drill rigs are currently operating at the Project. Drilling at the Berry Deposit is scheduled to continue steadily through to the end of November with up to three drill rigs. Drilling with the fourth rig has now commenced at the Victory Deposit, and is scheduled to commence at the Sprite Deposit in September.

On May 6, 2021, the Company also announced a Reverse Circulation drill program of approximately 8,000 metres on the Leprechaun and Marathon Deposits, designed to test resource reconciliation and grade distribution within the first of the three planned mining pit phases at both ore bodies.

This program comprises 6 x 12 metre drill spacings to a depth of up to 60 metres, designed to test broad-scale grade continuity. A tighter program of 6×6 metre drilling will test close grade continuity within the Marathon Deposit on the scale of the proposed 6x6x6 metre mining blocks.

As of July 20, 2021, 51 RC holes had been completed at the Leprechaun Deposit, for 2,358 metres, and 127 holes had been completed at the Marathon Deposit for 5,292 metres. Drilling on this program is ongoing, and results from this program are expected to be available later this year.

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 (“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.