Results include 2.74 g/t Au over 23m, 2.25 g/t Au over 22m, 2.50 g/t Au over 19m, 1.19 g/t Au over 33m, 12.57 g/t Au over 2m

Marathon Gold Corporation (TSX: MOZ) is pleased to report the latest drill assay results from the Valentine Gold Project in central Newfoundland (Figure 1). These latest results represent fire assay data from twenty diamond drill holes completed as part of the ongoing in-fill drill campaign at the 1.5 kilometre long Berry Deposit. Highlights include:

• VL-21-1057 intersected 2.74 g/t Au over 23 metres including 17.20 g/t Au over 1 metre and including 11.33 g/t Au over 1 metre, and 0.87 g/t Au over 14 metres;
• VL-21-1072 intersected 2.25 g/t Au over 22 metres including 10.41 over 1 metre;
• VL-21-1067 intersected 2.50 g/t Au over 19 metres including 12.35 g/t Au over 1 metre and including 12.24 g/t Au over 1 metre and including 10.61 g/t over 1 metre;
• VL-21-1066 intersected 1.19 g/t Au over 33 metres including 11.72 g/t Au over 1 metre;
• VL-21-1063 intersected 12.57 g/t Au over 2 metres including 24.47 over 1 metre; and
• VL-21-1070 intersected 1.14 g/t Au over 17 metres and 0.93 g/t Au over 11 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: “The drill results released today represent the latest in-fill drilling along the length of the Berry Deposit in each of the western, eastern and “saddle” portions of its 1.5 kilometre length. We are reporting steady progress in filling-out our drill coverage in each of these areas, with the aim of having a minimum 120,000 metres of assayed drill coverage at Berry by the middle of next year. We continue to see lengthy intercepts of resource-grade mineralization throughout, as illustrated in the long-section of Figure 3. Both this long-section, and the 14640E cross section from Berry’s eastern area illustrated in Figures 4 and 5, show mineralization outside the scope of the 200 metre deep conceptual pit shells used in the April 2021 Mineral Resource Estimate. For reference, the mine plan contained within the April 2021 Valentine Gold Project Feasibility Study contemplates mining to over 300 metres deep at the nearby Marathon and Leprechaun Deposits.”

Mr. Manson continued: “We currently have four diamond drill rigs operating at Valentine as part of our 2021 exploration program, with two rigs at the Berry Deposit, and two rigs at the Victory Deposit. We continue to see significant lengths of mineralization being returned on a daily basis from both areas, and expect to be reporting results from our exploration drill programs on a regular basis through to the end of the year and into 2022.”

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.

Figure 1 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/ef3bad80-b7e9-42bc-bd80-cc4dc20097b5

The results released today are derived from nine drillholes located between sections 13800E and 13950E at the western end of the Berry Deposit, four drillholes located on sections 14600E and 14640E in the eastern end of the Deposit, and seven drillholes located between sections 14120E and 14320E within the connecting “saddle area” between the two conceptual pit shells utilized in the April 2021 Berry Mineral Resource Estimate (Figure 2).

Four of the twenty holes were oriented on a southeast azimuth towards the footwall contact with the VLSZ in the saddle area, stepping back further to the northwest to locate the contact at depth (VL-21-1056, 1060, 1064, 1069). Sixteen of the twenty holes 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 (VL-21-1054, 1055, 1057, 1058, 1059, 1061, 1062, 1063, 1065, 1066, 1067, 1068, 1070, 1071, 1072, 1073).

All of the twenty 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 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/068ea5cd-bc35-46dc-97e8-e6af36550b14

Figure 3 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/e6e0ac50-431f-4f60-8123-1d3649b1aa70

Table 1: Significant Assay Intervals from Drill Hole Collars VL-21-1054 to VL-21-1073, 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.

Figure 4 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/9656be7f-9201-481e-9768-5c51f676d619

Figure 5 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/18fd1b84-170b-42b0-b23d-cfc7deb8f524

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.