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Marathon Gold Reports Latest Berry Drill Results

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Marathon Gold Reports Latest Berry Drill Results

 

 

 

 

 

Results include 1.96 g/t Au over 101m, 5.19 g/t Au over 21m, 5.07 g/t Au over 19m, 1.49 g/t Au over 51m, 1.11 g/t Au over 51m

 

 

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:

 

  • VL-21-991 intersected 1.96 g/t Au over 101 metres including 17.88 g/t Au over 3 metres, and 1.40 g/t Au over 26 metres including 18.85 g/t Au over 1 metre;
  • VL-21-1000 intersected 5.19 g/t Au over 21 metres including 17.67 g/t Au over 5 metres, and 1.11 g/t Au over 51 metres;
  • VL-21-995 intersected 5.07 g/t Au over 19 metres;
  • VL-21-996 intersected 1.49 g/t Au over 51 metres;
  • VL-21-997 intersected 4.12 g/t Au over 9 metres including 23.12 g/t Au over 1 metre, and 1.13 g/t Au over 14 metres, and 1.44 g/t Au over 10 metres, and 0.75 g/t Au over 14 metres;
  • VL-21-990 intersected 1.45 g/t Au over 30 metres, and 2.36 g/t Au over 6 metres including 11.15 g/t Au over 1 metre; and
  • VL-21-993 intersected 4.37 g/t Au over 5 metres, and 1.14 g/t Au over 19 metres, and 0.80 g/t Au over 14 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: “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

https://www.globenewswire.com/NewsRoom/AttachmentNg/d91e77f2-6f4d-4e7b-8c47-dfae08979f0a

 

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

 

DDH Section Az Dip From To Core
Length
(m)
True
Thickness
(m)
Gold g/t Gold g/t
(cut)
VL-21-990 13690E 164 -70 19 20 1 0.85 1.22  
        44 45 1 0.85 1.02  
        52 54 2 1.70 4.94  
        74 75 1 0.85 1.16  
        109 110 1 0.85 6.69  
        151 157 6 5.10 2.36  
Including       156 157 1 0.85 11.15  
        162 164 2 1.70 0.98  
        189 198 9 7.65 1.62  
        204 205 1 0.85 1.25  
        220 250 30 25.50 1.45  
        256 258 2 1.70 1.25  
        268 269 1 0.85 2.06  
VL-21-991 13730E 344 -78 14 115 101 90.90 1.96 1.96
Including       14 17 3 2.70 17.88 17.71
        166 192 26 23.40 1.40  
Including       182 183 1 0.90 18.85  
        207 209 2 1.80 7.80  
        213 215 2 1.80 0.77  
        223 224 1 0.90 0.96  
        237 239 2 1.80 1.09  
VL-21-992 14100E 165 -70 9 15 6 5.10 3.77  
Including       10 11 1 0.85 15.38  
        35 36 1 0.85 1.03  
        42 43 1 0.85 1.34  
VL-21-993 13750E 344 -77 8 13 5 4.50 1.76  
        22 27 5 4.50 2.60  
        38 57 19 17.10 1.14  
        65 66 1 0.90 5.00  
        71 72 1 0.90 8.95  
        79 84 5 4.50 4.37  
        102 103 1 0.90 0.87  
        154 156 2 1.80 1.03  
        171 172 1 0.90 1.81  
        178 183 5 4.50 1.71  
        188 189 1 0.90 1.02  
        197 211 14 12.60 0.80  
VL-21-994 14100E 162 -70 32 33 1 0.85 2.03  
        37 38 1 0.85 1.15  
        50 51 1 0.85 1.83  
        81 83 2 1.70 0.72  
        89 90 1 0.85 2.11  
VL-21-995 14150E 336 -83 20 22 2 1.90 2.53  
        65 67 2 1.90 0.90  
        93 94 1 0.95 2.96  
        105 124 19 18.05 5.07  
Including       107 109 2 1.90 27.52  
        135 138 3 2.85 3.11  
        168 170 2 1.90 6.20  
VL-21-996 13760E 343 -78 11 12 1 0.90 2.29  
        18 23 5 4.50 3.20  
        32 83 51 45.90 1.49  
Including       80 81 1 0.90 15.73  
        89 90 1 0.90 1.14  
        103 104 1 0.90 2.89  
VL-21-997 13565E 343 -75 11 12 1 0.90 3.46  
        32 33 1 0.90 1.17  
        38 52 14 12.60 0.75  
        75 85 10 9.00 1.44  
        94 108 14 12.60 1.13  
        118 120 2 1.80 2.18  
        140 141 1 0.90 2.93  
        154 163 9 8.10 4.12  
Including       161 162 1 0.90 23.12  
        175 176 1 0.90 1.03  
        252 253 1 0.90 3.08  
        276 277 1 0.90 3.23  
        282 284 2 1.80 3.94  
        297 299 2 1.80 1.53  
VL-21-998 14150E 339 -82 73 74 1 0.95 3.13  
        106 116 10 9.50 1.23  
        148 167 19 18.05 0.73  
        183 184 1 0.95 1.26  
        193 197 4 3.80 3.20  
        207 209 2 1.90 0.71  
        216 242 26 24.70 1.54  
VL-21-999 14150E 163 -69 62 63 1 0.85 0.88  
        68 70 2 1.70 6.52  
Including       69 70 1 0.85 12.20  
        75 76 1 0.85 1.18  
        133 150 17 14.45 0.87  
        166 180 14 11.90 2.00  
        189 199 10 8.50 0.89  
VL-21-1000 13540E 343 -74 24 25 1 0.90 1.29  
        60 67 7 6.30 1.56  
        73 74 1 0.90 0.91  
        108 129 21 18.90 5.19  
Including       121 126 5 4.50 17.67  
        139 146 7 6.30 0.93  
        164 215 51 45.90 1.11  
        231 232 1 0.90 1.12  
        284 285 1 0.90 0.94  
        290 291 1 0.90 0.77  
VL-21-1001 14200E 162 -70 54 57 3 2.55 13.10  
Including       56 57 1 0.85 29.60  
        68 69 1 0.85 0.89  
        76 77 1 0.85 3.19  
        111 113 2 1.70 0.74  
        118 120 2 1.70 1.14  
        129 130 1 0.85 2.89  
        138 144 6 5.10 2.64  
Including       142 143 1 0.85 11.21  
        184 185 1 0.85 2.38  
VL-21-1002 14270E 161 -70 222 225 3 2.55 2.68  
        238 240 2 1.70 1.24  
        249 250 1 0.85 1.25  
        258 259 1 0.85 0.88  
        265 266 1 0.85 1.02  
        268 270 2 1.70 1.07  
VL-21-1003 13610E 345 -75 32 37 5 4.50 1.58  
        171 172 1 0.90 1.30  
        186 190 4 3.60 10.82 8.09
Including       188 189 1 0.90 40.94 30
        201 202 1 0.90 2.82  
        205 210 5 4.50 1.04  
        234 239 5 4.50 1.15  

 

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 2: Location of Berry Deposit Exploration Drill Hole Collars VL-21-990 to VL-21-1003

https://www.globenewswire.com/NewsRoom/AttachmentNg/709fe7d4-165a-47c8-bc50-8033f275e433

 

Figure 3: Cross Section 13540E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold Project.

https://www.globenewswire.com/NewsRoom/AttachmentNg/80cea637-b1cf-4f11-a68a-77810ce3ccc3

 

Figure 4: Cross Section 13540E (View NE) with all Fire Assay Data, Berry Deposit, Valentine Gold Project.

https://www.globenewswire.com/NewsRoom/AttachmentNg/57f0e61a-2ccc-4c50-a1ae-f015b382e08b

 

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.

 

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, 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.

 

Posted May 18, 2021

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