Results include 2.61 g/t Au over 85m, 1.57 g/t Au over 21m, 1.32 g/t Au over 20m, 3.44 g/t Au over 10m and 2.80 g/t Au over 12 m

Marathon Gold Corporation (TSX: MOZ) is pleased to report drill results from recent exploration drilling at the Valentine Gold Project, central Newfoundland. These latest results represent fire assay data from fourteen drill holes completed as part of the in-fill drill program at the Berry Zone within the 6km long Sprite Corridor. Highlights include:

• VL-20-873 intersected 2.61 g/t Au over 85 metres, including 21.68 g/t Au over 2 metres and 13.87 g/t Au over 2 metres, and 1.32 g/t Au over 20 metres;
• VL-20-875 intersected 3.44 g/t Au over 10 metres, including 20.80 g/t Au over 1 metre, and 1.57 g/t Au over 21 metres including 13.33 g/t Au over 1 metre; and
• VL-20-870 intersected 2.80 g/t Au over 12 metres, including 12.64 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: “These most recent assay results from the Valentine Gold Project represent the first holes drilled as part of our in-fill drill program at the new Berry Zone (Figure 1). This program is designed to provide drill coverage at an average 25 metre spacing with a view to an initial mineral resource estimate at Berry by the first quarter of next year. These fourteen holes are located along the western boundary of the in-fill area and within well-developed mineralization in the central portion of the zone (Figure 2). The drilling completed to date at Berry appears to show a characteristic “Main Zone” type sequence of mineralization extending from section 13350E through a particularly intense zone of mineralization between sections 13600E and 13800E and continuing northeast to at least section 14050E, where it remains open. Intermittent hanging wall mineralization has been intersected to the northwest of this Main Zone sequence. These relationships are reminiscent of the nearby Leprechaun Deposit. We currently have four exploration rigs active at Valentine. In addition to continued in-fill drilling at Berry, step out drilling is being conducted along the Sprite Corridor from Berry northeastwards to the Frozen Ear Pond (“FEP”) Road junction, from the margin of the Marathon Deposit southwestwards to the FEP, and scout drilling is being conducted in the “Narrows” area northeast of Marathon. Results from this drilling will be released in the coming weeks grouped by area of activity.”

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 ten drill-holes forming a fence along the western extent of Berry Zone mineralization (VL-20-857,858,860,861,862,863,865,866,868,869), one hole in the far hanging wall of the Berry Zone (VL-20-856), and three holes oriented steeply down to the northwest through main zone mineralization in the central location of the zone (VL-20-870,873,875; Figures 2 and 3).

Overall, eleven of the fourteen drill holes returned “significant” drill intersections of greater than 0.7 g/t Au (Table 1). Each of these eleven holes 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. No economic mineralization was encountered in drill holes VL-20-862 (which stayed within footwall sedimentary rocks), VL-20-866 (which stayed within mafic dyke), and VL-20-869.

Table 1: Significant assay intervals, Berry Zone, 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-20-862, 866 and 869.

Figure 1: Location Map, Valentine Gold Project is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/bb4d44db-30cc-4261-985f-64257b9e7bd3

Figure 2: Location of Berry Zone exploration drill hole collars VL-20-856 to VL-20-875 is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/58a2738b-9aa4-4836-936c-50e888705c33

Figure 3: Cross section 13760E (View NE) Sprite Corridor, Valentine Gold Project is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/26b22a32-8585-49fd-bdb6-a219fbfdf11c

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 (“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.

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.