Results include 4.16 g/t Au over 11m, 2.51 g/t Au over 13m, 7.64 g/t Au over 4m, 1.24 g/t Au over 24m, 1.99 g/t Au over 11m

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 fifteen diamond drill holes completed as part of the ongoing in-fill drill campaign at the 1.5 kilometre long Berry Deposit. Highlights include:

• VL-21-1040 intersected 10.86 g/t Au over 2 metres, and 9.33 g/t Au over 2 metres including 12.33 g/t Au over 1 metre, and 7.67 g/t Au over 2 metres including 13.29 g/t Au over 1 metre, and 7.18 g/t Au over 2 metres including 12.92 g/t Au over 1 metre;
• VL-21-1042 intersected 4.16 g/t Au over 11 metres including 20.93 g/t Au over 1 metre and including 19.07 g/t Au over 1 metre;
• VL-21-1052 intersected 2.51 g/t Au over 13 metres including 25.33 g/t Au over 1 metre, and 1.03 g/t Au over 12 metres;
• VL-21-1050 intersected 7.64 g/t Au over 4 metres including 27.59 over 1 metre, and 1.24 g/t Au over 24 metres;
• VL-21-1041 intersected 1.99 g/t Au over 11 metres, and 0.90 g/t Au over 18 metres; and
• VL-21-1047 intersected 1.35 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 and CEO, commented: “These latest drill results represent further in-fill drilling at Berry in two areas where positive results offer us the potential to expand the overall scope of the deposit. These are the hanging-wall area in the western portion of the Berry Deposit and the “saddle area” between the two conceptual pit shells used in the April 2021 Mineral Resource Estimate. The western hanging-wall area continues to reward us with strong intercepts of resource grade material and is bulking-up well, as illustrated in plan view in Figure 2 and in the long-section in Figure 3. The “saddle area” is showing mineralization at greater depths, within the scope of a large single pit shell for the whole deposit, as illustrated in the long-section view and in the cross sections of Figures 4 and 5.” Matt Manson continued: “We currently have four diamond drill rigs operating at Valentine as part of our 2021 exploration program: one rig at the Berry Deposit, two rigs at the Victory Deposit, and one rig at the Sprite Deposit. Of note, drilling at Victory has revealed strong areas of mineralization in previously untested areas adjacent to the Valentine Lake Shear Zone, with visible gold. We expect to be reporting results from our exploration drill programs on a regular basis through to the end of the year.”

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 (“VLSZ”; 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: Location Map, Valentine Gold Project

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The results released today are derived from six drillholes located on sections 13700E and 13800E at the western end of the Berry Deposit, and nine drillholes located between sections 14300E and 14540E, close to, or within, the connecting “saddle area” between the two conceptual pit shells utilized in the April 2021 Berry Mineral Resource Estimate (Figure 2).

Three of the fifteen 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-21-1039, 1043, 1045). Twelve of the fifteen holes were oriented steeply down to the northwest testing for Main Zone type stacked QTP-Au mineralization, either close to the VLSZ (VL-21-1040, 1042, 1046, 1048) or within the hanging-wall (VL-21-1041, 1044, 1047, 1049, 1050, 1051, 1052, 1053).

Thirteen of the fifteen drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1), and all but one of the fifteen 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: Location of Berry Deposit Exploration Drill Hole Collars VL-21-1039 to VL-21-1053

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Figure 3: Long Section of the Berry Deposit (View NW) Incorporating 84,448 meters of Drilling up to and Including VL-21-1053 and Assays Above 0.3 g/t Au.

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Table 1: Significant Assay Intervals from Drill Hole Collars VL-21-1039 to VL-21-1053, 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 holes VL-21-1049 and VL-21-1053

Figure 4: Cross Section 14285E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold Project.

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Figure 5: Cross Section 14285E (View NE) with all Fire Assay Data, Berry Deposit, Valentine Gold Project.

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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 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.