Marathon Gold Corporation (TSX: MOZ) is pleased to report results from the latest batch of exploration drill holes completed at the Valentine Gold Project, central Newfoundland. These latest results represent fire assay data from fourteen drill holes located within the 1.5 kilometre long Berry Deposit, for which the Company recently released the first mineral resource estimate (see Marathon news release dated April 21, 2021). Highlights of the latest drilling include:
All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1.
Matt Manson, President & CEO commented: “Today’s assay results represent the last batch of drill holes completed prior to our annual spring shutdown in late March. These are infill holes in the western and central areas of the Berry Deposit, and confirm again long intersections of resource grade mineralization. Our initial mineral resource estimate at Berry, based on the 42,000 metres completed to the end of November 2020, is 0.64 Moz of Inferred Mineral Resources in 11.33 Mt at 1.75 g/t Au. Our drilling at Berry is now directed towards expanding and upgrading this estimate along the full 1.5 kilometre length of the deposit and below the conceptual pit shells used in the estimate, which are relatively shallow at 200 metres deep. With the recently announced additional 50,000 metres of Berry drilling, we expect to have a total of approximately 120,000 metres completed by the summer of 2022. Exploration drilling has now resumed after the spring break and will continue to the end of the year.”
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
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 Deposit, 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 (“VLSZ”). 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.
Figure 1: Location Map, Valentine Gold Project
The results released today are derived from seven drillholes located between sections 13540E and 13760E at the western end of the Berry Deposit, and seven drillholes located between sections and 14100E and 14270E, close to or within the connecting area between the two conceptual pit shells utilized in the April 2021 Berry Mineral Resource Estimate (Figures 2 – 4).
Eight of the fourteen holes were oriented steeply down to the northwest testing for Main Zone type stacked QTP-Au mineralization close to the Valentine Lake Shear Zone (VL-21-991, 993, 995, 996, 997, 998, 1000 and 1003). The remaining six holes were oriented to the southeast from the hanging wall toward the footwall contact (VL-21-990, 992, 994, 999, 1001 and 1002).
All fourteen 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 April 2021 Berry Mineral Resource Estimate.
Table 1: Significant Assay Intervals from Drill Hole Collars VL-21-990 to VL-21-1003, Berry Deposit, Valentine Gold Project
|Gold g/t||Gold g/t
Notes on the Calculation of Assay Intervals
Figure 2: Location of Berry Deposit Exploration Drill Hole Collars VL-21-990 to VL-21-1003
Figure 3: Cross Section 13540E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold Project.
Figure 4: Cross Section 13540E (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.
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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