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:
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
Table 1: Significant assay intervals, Sprite Corridor, Valentine Gold Project
|Gold g/t||Gold g/t
Notes on the Calculation of Assay Intervals
Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-20-924 to VL-20-937
Figure 3: Cross section 13710 (View NE) Sprite Corridor, Valentine Gold Project.
Figure 4: Cross section 14720 (View NE) Sprite Corridor, Valentine Gold Project.
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.
Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
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.
Thor Explorations Ltd. (TSX-V: THX) (AIM: THX) is pleased to anno... READ MORE
One hundred percent of the drill holes completed to date have int... READ MORE
Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA: E4X2)... READ MORE
Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) reports the Company’s... READ MORE
EMX Royalty Corporation (NYSE American: EMX) (TSX-V: EMX) (FSE: ... READ MORE
We acknowledge the [financial] support of the Government of Canada.