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Marathon Gold Reports Latest Drill Results from the Valentine Gold Project and Announces Commencement of 2021 Drill Program

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Results include 4.67 g/t Au over 34m, 5.91 g/t Au over 11m, 3.51 g/t Au over 13m, 2.53 g/t Au over 16m, 35.88 g/t Au over 2m

 

 

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 fourteen drill holes located within the 1.5 kilometre long Berry Zone. Highlights include:

 

  • VL-20-927 intersected 4.67 g/t Au over 34 metres including 24.14 g/t Au over 2 metres, 39.48 g/t Au over 1 metre and 35.71 g/t Au over 1 metre, and 5.91 g/t Au over 11 metres including 43.00 g/t over 1 metre and 12.70 g/t Au over 1 metre;
  • VL-20-932 intersected 3.51 g/t Au over 13 metres including 31.79 g/t Au over 1 metre, and 8.67 g/t Au over 2 metres including 15.02 g/t Au over 1 metre, and 12.29 g/t Au over 1 metre, and 11.59 g/t Au over 1 metre;
  • VL-20-926 intersected 2.53 g/t Au over 16 metres including 27.16 g/t Au over 1 metre, and 4.36 g/t Au over 4 metres including 11.99 g/t Au over 1 metre;
  • VL-20-924 intersected 35.88 g/t Au over 2 metres;
  • VL-20-925 intersected 0.97 g/t Au over 24 metres; and
  • VL-20-930 intersected 5.59 g/t Au over 4 metres including 17.96 g/t Au over 1 metre, and 2.06 g/t Au over 7 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 results represent additional fire assays from the Berry Zone completed as part of our 2020 exploration drill program. We continue to be encouraged by repeated long and high grade intercepts of shear-zone hosted gold mineralization in the style familiar to us from elsewhere at the Valentine Gold Project. Fire assay results from the final fifteen holes drilled in 2020, representing 2,875 metres, are expected to be received shortly. A first mineral resource estimate for Berry is expected toward the end of Q1 2021.”

 

Matt Manson continued: “Exploration drilling at the Valentine Gold Project will recommence this week with our Newfoundland based site team following the recent receipt of our 2021 exploration permits. A full overview of plans and objectives for the 2021 program will be released shortly. In the meantime, we will start where we left off at the Berry Zone, with further infill and delineation over the full 1.5 kilometre long interval of mineralization outlined from our 2020 drilling. Overall, an exploration program similar in scope to last year is planned, with approximately 50,000 metres of drilling supplemented by surface prospecting. This work will be conducted in parallel with the Project’s ongoing engineering and environmental assessment activities, which are based on the 12-year mine plan represented by the existing Marathon and Leprechaun Deposits.”

 

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 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 drillholes located within or adjacent to the Berry infill drilling area between sections 13440E and 14080E, and an additional four drillholes in the Frozen Ear Pond Road area between sections 14720E and 14800E (Figure 2).

 

Ten 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-20-924, 927, 928, 929, 930, 931, 934, 935, 936 and 937; 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-20-925, 926, 932 and 933).

 

All fourteen drillholes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1), and each drillhole returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource Estimate for the Project.

 

Figure 1: Location Map, Valentine Gold Project

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/cfbd6841-973d-4704-8671-388f7ceebd1f

 

 

Table 1: Significant assay intervals, Sprite Corridor, Valentine Gold Project

 

DDH Section Az Dip From To Core
Length
(m)
True
Thickness
(m)
Gold g/t Gold g/t
(cut)
VL-20-924 14030E 346 -73 12 16 4 3.6 1.22  
        31 34 3 2.7 0.95  
        101 102 1 0.9 0.77  
        112 113 1 0.9 0.76  
        116 117 1 0.9 9.72  
        200 202 2 1.8 35.88 30
VL-20-925 13440E 342 -75 24 48 24 21.60 0.97  
        80 81 1 0.90 1.36  
        85 89 4 3.60 2.34  
        104 105 1 0.90 1.19  
VL-20-926 14740E 341 -80 68 69 1 0.90 3.54  
        84 100 16 14.40 2.53  
Including       96 97 1 0.90 27.16  
        118 119 1 0.90 4.07  
Including       140 144 4 3.60 4.36  
        140 141 1 0.90 11.99  
        156 159 3 2.70 4.21  
        171 172 1 0.90 0.97  
        219 221 2 1.80 1.00  
        226 227 1 0.90 3.44  
VL-20-927 13710E 343 -77 80 81 1 0.90 0.78  
        114 148 34 30.60 4.67 4.11
Including       121 122 1 0.90 35.71 30
Including       126 128 2 1.80 24.14  
Including       147 148 1 0.90 39.48 30
        154 158 4 3.60 1.57  
Including       171 182 11 9.90 5.91 4.73
Including       176 177 1 0.90 12.70  
Including       180 181 1 0.90 43.00 30
        200 204 4 3.60 1.10  
        221 222 1 0.90 2.89  
        244 248 4 3.60 1.22  
        324 325 1 0.90 1.37  
        331 332 1 0.90 2.36  
        352 353 1 0.90 4.06  
VL-20-928 14030E 347 -77 8 15 7 6.3 1.80  
        19 21 2 1.8 2.11  
        56 57 1 0.9 0.87  
        72 73 1 0.9 0.87  
        104 109 5 4.5 0.72  
        119 123 4 3.6 0.93  
        138 139 1 0.9 0.97  
        175 177 2 1.8 1.03  
        187 188 1 0.9 9.14  
        201 202 1 0.9 2.75  
VL-20-929 14720E 342 -80 70 71 1 0.9 1.18  
        76 77 1 0.9 1.66  
        83 86 3 2.7 1.42  
        96 106 10 9 0.70  
VL-20-930 14050E 344 -77 4 11 7 6.3 2.06  
        15 16 1 0.9 1.22  
        45 46 1 0.9 1.71  
        51 53 2 1.8 4.74  
        69 73 4 3.6 5.59  
Including       71 72 1 0.9 17.96  
        103 105 2 1.8 0.79  
        118 120 2 1.8 2.75  
        140 141 1 0.9 0.95  
        167 169 2 1.8 3.14  
VL-20-931 13730E 342 -75 136 137 1 0.9 0.92  
        163 164 1 0.9 0.72  
        179 180 1 0.9 0.71  
        182 183 1 0.9 1.36  
        188 190 2 1.8 0.83  
VL-20-932 14720E 341 -80 14 21 7 6.3 0.77  
        25 31 6 5.4 1.12  
        39 40 1 0.9 11.59  
        50 54 4 3.6 0.71  
        79 80 1 0.9 1.26  
        109 110 1 0.9 1.18  
        124 125 1 0.9 0.97  
        137 139 2 1.8 8.67  
        137 138 1 0.9 15.02  
        143 156 13 11.7 3.51 3.38
Including       151 152 1 0.9 31.79 30
        171 172 1 0.9 0.80  
        208 211 3 2.7 1.10  
        224 225 1 0.9 12.29  
        287 288 1 0.9 1.07  
VL-20-933 13700E 342 -75 76 77 1 0.9 1.03  
        83 90 7 6.3 1.43  
        117 118 1 0.9 1.28  
        132 134 2 1.8 3.70  
VL-20-934 14080E 344 -77 15 19 4 3.6 0.86  
        98 99 1 0.9 1.59  
        114 115 1 0.9 2.59  
        132 133 1 0.9 0.92  
        169 170 1 0.9 1.46  
        194 202 8 7.2 0.72  
VL-20-935 13750E 341 -74 35 37 2 1.8 3.65  
        68 69 1 0.9 5.39  
        112 116 4 3.6 0.70  
VL-20-936 14800E 340 -80 29 30 1 0.9 5.07  
        51 52 1 0.9 1.21  
        78 79 1 0.9 0.82  
        83 85 2 1.8 1.59  
        90 91 1 0.9 0.76  
        96 98 2 1.8 2.08  
        101 104 3 2.7 2.09  
        115 117 2 1.8 2.44  
        133 135 2 1.8 1.39  
        147 148 1 0.9 1.76  
        162 164 2 1.8 0.75  
        168 169 1 0.9 5.40  
VL-20-937 13880E 342 -76 200 203 3 2.7 1.17  

 

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.

 

Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-20-924 to VL-20-937

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/e044fe64-edda-4dc8-aec1-e28323ebd0b9

 

Figure 3: Cross section 13710 (View NE) Sprite Corridor, Valentine Gold Project.

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/8cf3f298-28aa-4cbc-831f-d0cb8d30320a

 

Figure 4: Cross section 14720 (View NE) Sprite Corridor, Valentine Gold Project.

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/2cd04b65-4bc4-43d5-94c4-4413780d22a1

 

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.

 

Posted January 18, 2021

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