Results include 1.85 g/t Au over 95m, 2.32 g/t Au over 68m, 2.38 g/t over 41m, 12.80 g/t Au over 14m, 7.42 g/t Au over 12m

Marathon Gold Corporation (TSX: MOZ) is pleased to report additional drill results from recent exploration drilling at the Valentine Gold Project, central Newfoundland. These latest results represent fire assay data from sixteen drill holes located within the 1.5 kilometre long Berry Zone. Highlights include:

• VL-20-915 intersected 1.85 g/t Au over 95 metres including 24.69 g/t Au over 1 metre, 21.12 g/t Au over 1 metre and 11.22 g/t Au over 1 metre;
• VL-20-922 intersected 2.32 g/t Au over 68 metres including 45.78 g/t Au over 1 metre, and 2.38 g/t Au over 41 metres including 31.46 g/t Au over 1 metre and 19.91 g/t Au over 1 metre;
• VL-20-919 intersected 12.80 g/t Au over 14 metres including 91.01 g/t Au over 1 metre and 37.83 g/t Au over 1 metre;
• VL-20-918 intersected 7.42 g/t Au over 12 metres including 70.09 g/t Au over 1 metre;
• VL-20-916 intersected 2.51 g/t Au over 26 metres including 33.94 g/t Au over 1 metre and 12.19 g/t Au over 1 metre;
• VL-20-909 intersected 10.85 g/t Au over 4 metres including 35.73 g/t Au over 1 metre; and
• VL-20-920 intersected 4.44 g/t Au over 7 metres including 10.82 g/t Au over 1 metre and 10.49 g/t Au over 1 metre;

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 fire assay results from the Valentine Gold Project represent additional long and high-grade intercepts both from within the infill drill area at the Berry Zone and from the Frozen Ear Pond Road area further to the northeast. The results from our 2020 exploration drilling have demonstrated the potential for further resource growth at the Project, with the 1.5 kilometre long Berry Zone emerging as an important new area of concentrated gold mineralization. Fire assay results from the final twenty-nine holes drilled in 2020, representing 6,056 metres, are expected to be received shortly and will be released through the end of January. A first mineral resource estimate for Berry is expected toward the end of Q1 2021. In the meantime, we expect to recommence exploration activities at Valentine shortly after our year-end break, with a continued focus on the Berry Zone and other areas of potential new discovery. Details of our 2021 exploration program will be released prior to the end of the month.”

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 Zone, 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. 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 sub-parallel to the individual veins and across the strike of Main Zone mineralization.

The results released today are derived from eleven drillholes located within the Berry infill drilling area between sections 13350E and 14000E, and an additional five drillholes in the FEP Road area between sections 14800E and 14870E (Figure 2).

Overall, nine 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-20-904, 912, 915, 916, 918, 919, 920, 922 and 923; Figures 3 and 4). Four holes were oriented steeply down to the northwest within hanging wall rocks but at a greater distance from the shear zone contact (VL-20-910, 914, 917 and 921). One hole was oriented to the southeast from the hanging wall toward the footwall contact (VL-20-909). Finally, two holes were located south of the shear zone contact within footwall meta-sedimentary rocks and were terminated early (VL-20-911 and 913).

Twelve of the sixteen drillholes returned “significant” drill intersections of greater than 0.7 g/t Au (Table 1). A further two drillholes returned additional intersections with gold grades above the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource Estimate for the Project. Two drillholes did not intersect mineralization.

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/e75c9e83-1031-4341-9563-feebcee4f3b2

Table 1: Significant assay intervals, Sprite Corridor, 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 2020 Pre-Feasibility Study mine plan (see technical report dated April 21, 2020). 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 January 2020 Mineral Resource Estimate for the Project 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-20-911, 913, 917 and 923

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/62bb23d1-3d9c-4e6d-8eaf-51f1b51cc27f

https://www.globenewswire.com/NewsRoom/AttachmentNg/5bf20934-3976-4f8d-8e46-5456c1f8ee0d

https://www.globenewswire.com/NewsRoom/AttachmentNg/59bff277-c21c-4830-89d5-673c69c29855

Qualified Person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, P.Geo. (NL), Project Manager for exploration at the Valentine Gold Project. 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.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

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 four mineralized deposits along a 20-kilometre system. An April 2020 Pre-Feasibility Study outlined an open pit mining and conventional milling operation over a twelve-year mine life with a 36% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.3 Moz (26.3 Mt at 1.52 g/t) and Probable Mineral Reserves of 0.6 Moz (14.8 Mt at 1.23 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Please see the Technical Report dated April 21, 2020 for further details and assumptions relating to the Valentine Gold Project.