Marathon Gold Corporation (“Marathon” or the “Company”;
TSX: MOZ) is pleased to report the latest drill assay
results from the Valentine Gold Project in central Newfoundland
(the “Project”). The latest drill results represent fire assay data
from the final twenty-four diamond drill holes completed as part of
the 2021 in-fill drill campaign at the Berry Deposit and an
additional four holes from 2021 drilling at the Victory Deposit.
Berry highlights include:
-
VL-21-1181 intersected 1.72 g/t Au over 83 metres
including 24.12 g/t Au over 1 metre and including 21.57 g/t Au over
1 metre and including 19.84 g/t Au over 1 metre, and 14.86 g/t Au
over 1 metre;
-
VL-21-1160 intersected 7.18 g/t Au over 13 metres
including 81.81 g/t Au over 1 metre, and 48.13 g/t Au over 2 metres
including 95.07 g/t Au over 1 metre, and 18.08 g/t Au over 2 metres
including 29.60 g/t Au over 1 metre;
-
VL-21-1169 intersected 4.04 g/t Au over 26 metres
including 34.30 g/t Au over 2 metres, and 13.47 g/t Au over 1
metre;
-
VL-21-1183 intersected 43.88 g/t Au over 2 metres,
and 4.49 g/t Au over 4 metres including 12.27 g/t Au over 1
metre;
-
VL-21-1172 intersected 2.46 g/t Au over 15 metres
including 16.62 g/t Au over 1 metre, and 0.93 g/t Au over 13
metres, and 12.54 g/t Au over 1 metre; and
-
VL-21-1161 intersected 2.58 g/t Au over 18 metres
including 16.24 g/t Au over 1 metre and including 14.10 g/t Au over
1 metre, and 12.05 g/t Au over 1 metre.
Victory highlights include:
-
VGD-21-083 intersected 1.70 g/t Au over 26 metres,
and 1.78 g/t Au over 16 metres including 10.00 g/t Au over 1
metre;
All quoted intersections comprise uncut gold
assays in core lengths. All significant assay intervals are
reported in Tables 1 and 2.
Matt Manson, President and CEO, commented:
“Today’s results are from the final drill holes completed at Berry
during our 2021 exploration program. Once again, we are reporting
multiple long intercepts of high-grade mineralisation. We have now
released fire assay data from a total of approximately 100,000
metres of drilling at Berry, which represents all drill holes
completed to the end of November 2021. This will be the dataset
used in our next Mineral Resource update. Consistent with previous
practice, this new estimate will be based on metallic screen fire
assaying performed on core samples with elevated gold grades after
conventional fire assay. We currently estimate the completion of
this work by mid-year, subject to the receipt of these metallic
screen data.” Mr. Manson continued: “We are also reporting four
additional holes from the Victory Deposit drilled in 2021. One of
these, VGD-21-083, is the stand-out hole returned from this area
during the 2021 program. We continue to be impressed by the scale
of mineralisation seen in the Victory core, and the potential of
the area to host additional large-scale mineralisation. Berry and
Victory are the focus of our ongoing exploration drilling during
2022.”
Gold Mineralization at the Valentine
Gold Project
Gold mineralization at the Valentine Gold
Project is contained in Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”)
veins developed within granitoid rocks on the hanging wall, or
northwest, side of the Valentine Lake Shear Zone (“VLSZ”; Figure
1). Up to four orientations of veins have been measured, with
shallowly southwest dipping “Set 1” QTP-Au veins observed to be
dominant in both abundance and gold content. At the Leprechaun,
Marathon and Berry Deposits, Set 1 QTP-Au veins form densely
stacked corridors of mineralization referred to as “Main Zones”.
The extent and scale of these mineralised corridors appear related
to the size and frequency of sheared mafic dykes which extend
northeast-southwest within the granitoid rocks, parallel to the
shear zone. In addition to the dominant en-echelon Set 1 veins
found in the other deposits, the Victory Deposit displays networked
tourmaline veining which infills fracturing in the granitoid
intrusives.
Figure 1: Location Map, Valentine Gold
Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/dbf0be3c-1731-4054-8eec-14b0a48b8835
Berry Deposit Drill Results
The results released today are derived from
twenty-four drill holes located between sections 13270E and 14470E.
Thirteen of these drill holes are located within the western
conceptual pit utilized in the April 2021 Berry Mineral Resource
Estimate (Figure 2). Eleven holes were located in the linkage area
between the western and eastern conceptual pit shells. Thirteen
holes (VL-21-1161, 1162, 1164, 1166, 1167, 1168, 1169, 1170, 1171,
1172, 1174, 1177 and 1181) were oriented steeply to the northwest
testing for Main Zone-type stacked QTP-Au mineralization in “Set 1”
vein orientations. Eleven holes (VL-21-1160, 1163, 1165, 1173,
1175, 1176, 1178, 1179, 1180, 1182 and 1183) were oriented more
shallowly towards the SE to better define the thickness of the
mineralized zones and the location of the VLSZ, and to test for
mineralisation at greater depth.
Twenty-three of the twenty-four drill holes
returned “significant” drill intercepts of greater than 0.7 g/t Au
(Table 1). All holes 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-21-1160 to VL-21-1183
https://www.globenewswire.com/NewsRoom/AttachmentNg/9bee2de3-40da-4d2c-9ba4-1299dd0b1d49
The 2021 infill drill program at the Berry
Deposit has been conducted with the objective of achieving an
approximate 25 metre drill spacing over Berry’s Main Zone of dense
mineralisation and extending drill coverage into the Berry
hanging-wall to the northwest and down to a vertical depth of 300
metres. Figure 3 illustrates the extent to which this has been
achieved, in long section, after approximately 100,000 metres of
assay results.
Of note in the latest drilling, drill hole
VL-21-1181 returned significant mineralisation over an 83 metre
intercept starting at 280 metres downhole between the western and
eastern conceptual pit shells (Figure 2 and Table 1). This confirms
and extends a particularly dense zone of mineralisation in the
centre of the 1.5 kilometre long Berry Deposit that has an apparent
north-easterly plunge and is open at depth. This is illustrated in
the long section of Figure 3, and the cross sections of Figures 6
and 7.
Figure 3: Long Section of the
Berry Deposit (View NW) Incorporating all Drilling up to and
Including VL-21-1183, Representing 99,986 metres, and Assays Above
0.3 g/t Au.
https://www.globenewswire.com/NewsRoom/AttachmentNg/c804ddbe-6139-43c1-8949-6d4ca1a73c33
Table 1: Significant Assay
Intervals from Drill Hole Collars VL-21-1160 to VL-21-1183, Berry
Deposit, Valentine Gold Project
DDH |
Section |
Az |
Dip |
From |
To |
CoreLength(m) |
TrueThickness(m) |
Gold g/t |
Goldg/t (cut) |
VL-21-1160 |
14110E |
163 |
-70 |
67 |
68 |
1 |
0.85 |
0.82 |
|
|
|
|
|
82 |
83 |
1 |
0.85 |
0.81 |
|
|
|
|
|
87 |
100 |
13 |
11.05 |
7.18 |
3.19 |
Including |
|
|
|
99 |
100 |
1 |
0.85 |
81.81 |
30 |
|
|
|
|
105 |
106 |
1 |
0.85 |
0.89 |
|
|
|
|
|
108 |
109 |
1 |
0.85 |
0.97 |
|
|
|
|
|
139 |
140 |
1 |
0.85 |
0.73 |
|
|
|
|
|
161 |
163 |
2 |
1.70 |
0.99 |
|
|
|
|
|
167 |
169 |
2 |
1.70 |
48.13 |
15.6 |
Including |
|
|
|
168 |
169 |
1 |
0.85 |
95.07 |
30 |
|
|
|
|
176 |
177 |
1 |
0.85 |
3.77 |
|
|
|
|
|
186 |
188 |
2 |
1.70 |
18.08 |
|
Including |
|
|
|
187 |
188 |
1 |
0.85 |
29.60 |
|
VL-21-1161 |
13600E |
346 |
-77 |
88 |
89 |
1 |
0.90 |
12.05 |
|
|
|
|
|
141 |
142 |
1 |
0.90 |
0.76 |
|
|
|
|
|
148 |
151 |
3 |
2.70 |
2.60 |
|
|
|
|
|
157 |
175 |
18 |
16.20 |
2.58 |
|
Including |
|
|
|
161 |
162 |
1 |
0.90 |
16.24 |
|
Including |
|
|
|
164 |
165 |
1 |
0.90 |
14.10 |
|
VL-21-1162 |
13520E |
344 |
-69 |
9 |
11 |
2 |
1.70 |
0.86 |
|
|
|
|
|
79 |
80 |
1 |
0.85 |
1.18 |
|
VL-21-1163 |
13520E |
164 |
-53 |
73 |
75 |
2 |
1.60 |
0.08 |
|
|
|
|
|
77 |
78 |
1 |
0.80 |
0.94 |
|
|
|
|
|
142 |
143 |
1 |
0.80 |
2.29 |
|
|
|
|
|
168 |
169 |
1 |
0.80 |
0.89 |
|
VL-21-1164 |
14240E |
345 |
-77 |
6 |
12 |
6 |
5.40 |
0.92 |
|
|
|
|
|
15 |
16 |
1 |
0.90 |
16.24 |
|
|
|
|
|
20 |
21 |
1 |
0.90 |
1.44 |
|
|
|
|
|
29 |
30 |
1 |
0.90 |
6.09 |
|
|
|
|
|
38 |
39 |
1 |
0.90 |
0.83 |
|
|
|
|
|
59 |
60 |
1 |
0.90 |
4.17 |
|
VL-21-1165 |
14130E |
165 |
-70 |
79 |
80 |
1 |
0.85 |
4.92 |
|
|
|
|
|
87 |
88 |
1 |
0.85 |
19.09 |
|
|
|
|
|
115 |
116 |
1 |
0.85 |
0.90 |
|
|
|
|
|
151 |
152 |
1 |
0.85 |
1.02 |
|
|
|
|
|
157 |
164 |
7 |
5.95 |
1.25 |
|
|
|
|
|
172 |
173 |
1 |
0.85 |
1.01 |
|
VL-21-1166 |
13580E |
343 |
-77 |
143 |
166 |
23 |
20.70 |
1.45 |
|
Including |
|
|
|
145 |
146 |
1 |
0.90 |
15.66 |
|
VL-21-1167 |
13500E |
343 |
-64 |
22 |
23 |
1 |
0.85 |
19.32 |
|
|
|
|
|
43 |
44 |
1 |
0.85 |
0.91 |
|
|
|
|
|
63 |
64 |
1 |
0.85 |
1.39 |
|
|
|
|
|
66 |
67 |
1 |
0.85 |
0.79 |
|
|
|
|
|
75 |
76 |
1 |
0.85 |
1.55 |
|
VL-21-1168 |
14220E |
349 |
-73 |
34 |
36 |
2 |
1.80 |
1.41 |
|
|
|
|
|
198 |
204 |
6 |
5.40 |
1.85 |
|
|
|
|
|
214 |
217 |
3 |
2.70 |
1.61 |
|
|
|
|
|
229 |
231 |
2 |
1.80 |
2.64 |
|
|
|
|
|
237 |
245 |
8 |
7.20 |
1.64 |
|
VL-21-1169 |
14130E |
338 |
-76 |
79 |
80 |
1 |
0.90 |
0.93 |
|
|
|
|
|
91 |
92 |
1 |
0.90 |
1.76 |
|
|
|
|
|
123 |
124 |
1 |
0.90 |
13.47 |
|
|
|
|
|
173 |
174 |
1 |
0.90 |
1.33 |
|
|
|
|
|
181 |
183 |
2 |
1.80 |
2.45 |
|
|
|
|
|
217 |
243 |
26 |
23.40 |
4.04 |
3.19 |
Including |
|
|
|
232 |
234 |
2 |
1.80 |
34.30 |
30 |
|
|
|
|
250 |
251 |
1 |
0.90 |
1.53 |
|
|
|
|
|
254 |
255 |
1 |
0.90 |
0.81 |
|
|
|
|
|
263 |
269 |
6 |
5.40 |
2.02 |
|
|
|
|
|
289 |
290 |
1 |
0.90 |
0.72 |
|
|
|
|
|
291 |
292 |
1 |
0.90 |
0.89 |
|
|
|
|
|
297 |
298 |
1 |
0.90 |
4.17 |
|
|
|
|
|
301 |
303 |
2 |
1.80 |
0.99 |
|
|
|
|
|
318 |
319 |
1 |
0.90 |
5.91 |
|
|
|
|
|
324 |
325 |
1 |
0.90 |
2.74 |
|
|
|
|
|
329 |
330 |
1 |
0.90 |
1.35 |
|
|
|
|
|
351 |
353 |
2 |
1.80 |
1.02 |
|
VL-21-1170 |
13490E |
345 |
-79 |
8.71 |
10 |
1.29 |
1.16 |
0.89 |
|
|
|
|
|
44 |
45 |
1 |
0.90 |
4.60 |
|
|
|
|
|
52 |
53 |
1 |
0.90 |
4.18 |
|
|
|
|
|
56 |
58 |
2 |
1.80 |
2.11 |
|
|
|
|
|
72 |
78 |
6 |
5.40 |
1.05 |
|
|
|
|
|
83 |
84 |
1 |
0.90 |
1.25 |
|
|
|
|
|
92 |
93 |
1 |
0.90 |
1.31 |
|
|
|
|
|
100 |
101 |
1 |
0.90 |
1.21 |
|
|
|
|
|
107 |
108 |
1 |
0.90 |
13.15 |
|
|
|
|
|
135 |
136 |
1 |
0.90 |
1.10 |
|
|
|
|
|
146 |
149 |
3 |
2.70 |
1.08 |
|
VL-21-1171 |
13620E |
343 |
-55 |
18 |
22 |
4 |
3.20 |
2.65 |
|
|
|
|
|
40 |
41 |
1 |
0.80 |
29.86 |
|
|
|
|
|
50 |
51 |
1 |
0.80 |
1.83 |
|
|
|
|
|
57 |
59 |
2 |
1.60 |
0.85 |
|
|
|
|
|
64 |
67 |
3 |
2.40 |
1.56 |
|
|
|
|
|
75 |
77 |
2 |
1.60 |
1.50 |
|
|
|
|
|
117 |
118 |
1 |
0.80 |
1.44 |
|
|
|
|
|
120 |
121 |
1 |
0.80 |
1.35 |
|
|
|
|
|
123 |
124 |
1 |
0.80 |
1.12 |
|
|
|
|
|
179 |
198 |
19 |
15.20 |
1.32 |
|
VL-21-1172 |
14180E |
346 |
-78 |
75 |
77 |
2 |
1.80 |
3.35 |
|
|
|
|
|
84 |
85 |
1 |
0.90 |
12.54 |
|
|
|
|
|
115 |
128 |
13 |
11.70 |
0.93 |
|
|
|
|
|
135 |
136 |
1 |
0.90 |
0.88 |
|
|
|
|
|
151 |
156 |
5 |
4.50 |
1.05 |
|
|
|
|
|
165 |
166 |
1 |
0.90 |
1.06 |
|
|
|
|
|
178 |
180 |
2 |
1.80 |
0.77 |
|
|
|
|
|
193 |
208 |
15 |
13.50 |
2.46 |
|
Including |
|
|
|
198 |
199 |
1 |
0.90 |
16.62 |
|
|
|
|
|
212 |
213 |
1 |
0.90 |
0.84 |
|
|
|
|
|
219 |
220 |
1 |
0.90 |
0.73 |
|
|
|
|
|
222 |
223 |
1 |
0.90 |
0.89 |
|
|
|
|
|
251 |
253 |
2 |
1.80 |
0.87 |
|
VL-21-1173 |
13500E |
163 |
-74 |
70 |
71 |
1 |
0.90 |
0.88 |
|
|
|
|
|
72 |
74 |
2 |
0.81 |
0.75 |
|
|
|
|
|
104 |
128 |
24 |
0.73 |
1.52 |
|
|
|
|
|
161 |
171 |
10 |
0.66 |
0.89 |
|
|
|
|
|
187 |
189 |
2 |
0.59 |
8.44 |
|
Including |
|
|
|
188 |
189 |
1 |
0.53 |
10.52 |
|
|
|
|
|
205 |
210 |
5 |
0.48 |
1.10 |
|
|
|
|
|
222 |
224 |
2 |
0.43 |
1.84 |
|
VL-21-1175 |
14380E |
165 |
-67 |
185 |
186 |
1 |
0.85 |
0.85 |
|
|
|
|
|
188 |
189 |
1 |
0.85 |
1.26 |
|
|
|
|
|
250 |
251 |
1 |
0.85 |
1.01 |
|
|
|
|
|
313 |
315 |
2 |
1.70 |
1.69 |
|
VL-21-1176 |
13720E |
163 |
-65 |
116 |
118 |
2 |
1.70 |
1.01 |
|
|
|
|
|
122 |
125 |
3 |
2.55 |
2.03 |
|
|
|
|
|
169 |
170 |
1 |
0.85 |
36.37 |
30 |
|
|
|
|
176 |
178 |
2 |
1.70 |
0.89 |
|
|
|
|
|
189 |
191 |
2 |
1.70 |
1.67 |
|
|
|
|
|
249 |
251 |
2 |
1.70 |
2.15 |
|
|
|
|
|
304 |
305 |
1 |
0.85 |
2.90 |
|
VL-21-1177 |
14270E |
342 |
-75 |
23 |
24 |
1 |
0.90 |
1.25 |
|
|
|
|
|
147 |
149 |
2 |
1.80 |
7.46 |
|
Including |
|
|
|
148 |
149 |
1 |
0.90 |
12.22 |
|
|
|
|
|
199 |
200 |
1 |
0.90 |
0.79 |
|
|
|
|
|
205 |
206 |
1 |
0.90 |
2.32 |
|
|
|
|
|
209 |
211 |
2 |
1.80 |
3.82 |
|
VL-21-1178 |
13270E |
164 |
-70 |
11 |
13 |
2 |
1.70 |
1.46 |
|
|
|
|
|
24 |
25 |
1 |
0.85 |
1.10 |
|
|
|
|
|
66 |
68 |
2 |
1.70 |
1.87 |
|
|
|
|
|
197 |
198 |
1 |
0.85 |
0.83 |
|
|
|
|
|
226 |
227 |
1 |
0.85 |
0.73 |
|
VL-21-1179 |
13600E |
167 |
-76 |
10 |
11 |
1 |
0.90 |
1.02 |
|
|
|
|
|
17 |
20 |
3 |
2.70 |
1.62 |
|
|
|
|
|
25 |
26 |
1 |
0.90 |
3.95 |
|
|
|
|
|
41 |
50 |
9 |
8.10 |
5.38 |
|
Including |
|
|
|
43 |
44 |
1 |
0.90 |
12.78 |
|
|
|
|
|
83 |
84 |
1 |
0.90 |
2.65 |
|
|
|
|
|
99 |
102 |
3 |
2.70 |
5.51 |
|
Including |
|
|
|
100 |
101 |
1 |
0.90 |
11.34 |
|
|
|
|
|
243 |
244 |
1 |
0.90 |
1.31 |
|
|
|
|
|
268 |
269 |
1 |
0.90 |
0.81 |
|
VL-21-1180 |
14470E |
164 |
-61 |
49 |
52 |
3 |
2.55 |
1.40 |
|
|
|
|
|
167 |
169 |
2 |
1.70 |
0.91 |
|
|
|
|
|
210 |
211 |
1 |
0.85 |
0.98 |
|
|
|
|
|
214 |
216 |
2 |
1.70 |
0.72 |
|
|
|
|
|
222 |
224 |
2 |
1.70 |
10.20 |
|
Including |
|
|
|
222 |
223 |
1 |
0.85 |
14.22 |
|
|
|
|
|
265 |
266 |
1 |
0.85 |
0.75 |
|
VL-21-1181 |
14320E |
342 |
-77 |
84 |
85 |
1 |
0.90 |
9.82 |
|
|
|
|
|
97 |
99 |
2 |
1.80 |
0.89 |
|
|
|
|
|
116 |
117 |
1 |
0.90 |
14.86 |
|
|
|
|
|
122 |
124 |
2 |
1.80 |
0.95 |
|
|
|
|
|
137 |
138 |
1 |
0.90 |
1.26 |
|
|
|
|
|
142 |
143 |
1 |
0.90 |
0.75 |
|
|
|
|
|
144 |
145 |
1 |
0.90 |
1.13 |
|
|
|
|
|
270 |
271 |
1 |
0.90 |
1.17 |
|
|
|
|
|
280 |
363 |
83 |
74.70 |
1.72 |
|
Including |
|
|
|
297 |
298 |
1 |
0.90 |
21.57 |
|
Including |
|
|
|
305 |
306 |
1 |
0.90 |
24.12 |
|
Including |
|
|
|
310 |
311 |
1 |
0.90 |
19.84 |
|
|
|
|
|
373 |
374 |
1 |
0.90 |
0.77 |
|
|
|
|
|
383 |
384 |
1 |
0.90 |
0.71 |
|
|
|
|
|
385 |
386 |
1 |
0.90 |
0.71 |
|
|
|
|
|
393 |
395 |
2 |
1.80 |
0.83 |
|
VL-21-1182 |
13600E |
163 |
-63 |
108 |
118 |
10 |
8.50 |
1.66 |
|
|
|
|
|
127 |
128 |
1 |
0.85 |
1.45 |
|
|
|
|
|
164 |
185 |
21 |
17.85 |
1.18 |
|
|
|
|
|
199 |
200 |
1 |
0.85 |
0.70 |
|
|
|
|
|
208 |
209 |
1 |
0.85 |
2.26 |
|
|
|
|
|
219 |
236 |
17 |
14.45 |
1.07 |
|
|
|
|
|
310 |
311 |
1 |
0.85 |
0.79 |
|
|
|
|
|
343 |
345 |
2 |
1.70 |
0.75 |
|
|
|
|
|
351 |
352 |
1 |
0.85 |
0.82 |
|
VL-21-1183 |
14220E |
164 |
-63 |
189 |
191 |
2 |
1.70 |
43.88 |
25.05 |
|
|
|
|
192 |
196 |
4 |
3.40 |
0.86 |
|
|
|
|
|
207 |
208 |
1 |
0.85 |
2.61 |
|
|
|
|
|
211 |
215 |
4 |
3.40 |
4.49 |
|
Including |
|
|
|
213 |
214 |
1 |
0.85 |
12.27 |
|
|
|
|
|
234 |
235 |
1 |
0.85 |
2.77 |
|
|
|
|
|
261 |
263 |
2 |
1.70 |
1.45 |
|
Notes on the Calculation of Assay Intervals
- “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.
- Cut gold grades are calculated at
30 g/t Au.
- No significant results in drill
hole VL-21-1174.
Victory Deposit Drill
Results
In total, twenty-eight drill holes were
completed at the Victory Deposit in 2021. Results from twenty-two
were reported previously (Marathon news release dated March 10,
2022), and a further four are reported here. The new exploration
program was focussed to the southwest of the area of historical
drilling and the existing mineral resources (Figure 4). The
objective was to test for a “Main Zone” type configuration of gold
mineralization adjacent to the VLSZ, as seen at the Leprechaun and
Berry Deposits. The holes were located within hanging-wall
Precambrian granitoid rocks and oriented predominantly to the
southeast to define the younger Rogerson Lake Conglomerate at the
shear zone contact.
The 2021 Victory drilling has revealed the
Project’s characteristic QTPV-Au “Set 1” extensional veins with
visible gold. However, Victory also exhibits flooded
tourmaline-rich mineralization in highly altered stockwork
configurations, a style seen at the nearby Marathon Deposit. The
presence of such extensive zones of tourmaline-rich stockworks
points to an intense local supply of gold mineralizing fluid that
has resulted in gold mineralization at lower grades over broad
lengths. To illustrate this, Figure 5 presents gold mineralization
at the Victory Deposit in long section using the conventional 0.3
g/t Au bottom cut-off (top image) and with a 0.1 g/t Au cut-off
(bottom image).
Three of the four drill holes returned
“significant” drill intercepts of greater than 0.7 g/t Au (Table
2). All four holes returned additional intercepts with gold grades
above the 0.3 g/t Au cut-off used in the Project’s Mineral Resource
estimates.
Amongst the four drill holes released today,
hole VGD-21-083 has returned the most significant mineralisation
observed at Victory during the 2021 program, with intercepts of
1.78 g/t Au over 16 metres starting at 122 metres and 1.70 g/t Au
over 26 metres starting at 176 metres. Mineralization at Victory
remains open to the northeast and southwest, as well as at depth.
Results from two further drill holes at Victory completed during
2021 remain outstanding.
Figure 4: Location of Victory Deposit
Exploration Drill Hole Collars VGD-21-067 to VGD-21-085
https://www.globenewswire.com/NewsRoom/AttachmentNg/4358936a-402c-4988-b88a-036966c6910b
Figure 5: Long Section of the
Victory Deposit (View NW) Incorporating all Drilling up to
VGD-21-085, Representing 19,050 metres, and Assays Above 0.3 g/t Au
(top) and 0.1 g/t Au (bottom).
https://www.globenewswire.com/NewsRoom/AttachmentNg/31403c95-de79-4e41-bedb-df10877fe095
Table 2: Significant Assay
Intervals from Drill Hole Collars VGD-21-067 to VGD-21-085, Victory
Deposit, Valentine Gold Project
DDH |
Section |
Az |
Dip |
From |
To |
CoreLength(m) |
TrueThickness(m) |
Gold g/t |
Goldg/t (cut) |
VGD-21-069 |
21130E |
135 |
-56 |
15 |
16 |
1 |
|
6.82 |
|
|
|
|
|
23 |
24 |
1 |
|
5.66 |
|
|
|
|
|
26 |
27 |
1 |
|
1.30 |
|
|
|
|
|
44 |
45 |
1 |
|
2.50 |
|
|
|
|
|
53 |
55 |
2 |
|
0.72 |
|
|
|
|
|
60 |
62 |
2 |
|
8.51 |
|
|
|
|
|
75 |
78 |
3 |
|
1.51 |
|
|
|
|
|
84 |
85 |
1 |
|
1.63 |
|
VGD-21-083 |
21110E |
135 |
-60 |
95 |
96 |
1 |
|
0.98 |
|
|
|
|
|
122 |
138 |
16 |
|
1.78 |
|
Including |
|
|
|
128 |
129 |
1 |
|
10.00 |
|
|
|
|
|
176 |
202 |
26 |
|
1.70 |
|
|
|
|
|
229 |
231 |
2 |
|
1.43 |
|
|
|
|
|
273 |
274 |
1 |
|
1.68 |
|
VGD-21-085 |
21260E |
133 |
-84 |
72 |
74 |
2 |
|
5.52 |
|
|
|
|
|
77 |
78 |
1 |
|
1.03 |
|
|
|
|
|
168 |
172 |
4 |
|
1.06 |
|
Notes on the Calculation of Assay Intervals
- “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.
- Cut gold grades are calculated at
30 g/t Au.
- No significant results in drill
hole VGD-21-067.
Figure 6: Cross Section 14320E
(View NE) with Significant (>0.7 g/t Au) Intercepts, Berry
Deposit, Valentine Gold Project.
https://www.globenewswire.com/NewsRoom/AttachmentNg/9fa05fbe-f7c5-4694-bafa-4100fc50525f
Figure 7: Cross Section 14320E
(View NE) with all Fire Assay Data, Berry Deposit, Valentine Gold
Project.
https://www.globenewswire.com/NewsRoom/AttachmentNg/e6b10ccf-e223-4c79-a883-996d8da56bb4
Qualified Persons
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
(“NI”) 43-101. The Qualified Person responsible for the preparation
of the April 2021 Mineral Resource estimate for the Berry Deposit
is Robert Farmer, P.Eng. of John T Boyd Company. Mr. Farmer is
considered to be “independent” of Marathon and the Valentine Gold
Project for purposes of NI 43-101.
Quality Assurance-Quality Control
(“QA/QC”)
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.
About Marathon
Marathon (TSX:MOZ) 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 five mineralized deposits along a 20-kilometre system. An
April 2021 Feasibility Study outlined an open pit mining and
conventional milling operation over a thirteen-year mine life with
a 31.5% after-tax rate of return. The Project has estimated Proven
Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable
Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured
Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92
Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources
(inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57
g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt
at 1.72 g/t Au). Please see Marathon’s Annual Information Form for
the year ended December 31, 2021 and other filings made with
Canadian securities regulatory authorities and available at
www.sedar.com for further details and assumptions relating to the
Valentine Gold Project.
For more information, please contact:
Amanda MalloughSenior Associate, Investor RelationsTel: 416
855-8202amallough@marathon-gold.com |
Matt MansonPresident & CEOmmanson@marathon-gold.com |
Julie RobertsonCFOjrobertson@marathon-gold.com |
To find out more information on Marathon Gold Corporation and
the Valentine Gold Project, please visit www.marathon-gold.com.
Cautionary Statement Regarding
Forward-Looking Information
Certain information contained in this news
release, constitutes forward-looking information within the meaning
of Canadian securities laws (“forward-looking statements”). All
statements in this news release, other than statements of
historical fact, which address events, results, outcomes or
developments that Marathon expects to occur are forward-looking
statements. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, or include words such as “expects”, “anticipates”,
“plans”, “believes”, “estimates”, “considers”, “intends”,
“targets”, or negative versions thereof and other similar
expressions, or future or conditional verbs such as “may”, “will”,
“should”, “would” and “could”. We provide forward-looking
statements for the purpose of conveying information about our
current expectations and plans relating to the future, and readers
are cautioned that such statements may not be appropriate for other
purposes. More particularly and without restriction, this news
release contains forward-looking statements and information about
the FS and the results therefrom (including IRR, NPV5%, Capex, FCF,
AISC and other financial metrics), the realization of mineral
reserve and mineral resource estimates, the future financial or
operating performance of the Company and the Project, capital and
operating costs, the ability of the Company to obtain all
government approvals, permits and third-party consents in
connection with the Company’s exploration, development and
operating activities, the potential impact of COVID-19 on the
Company, the Company’s ability to successfully advance the Project
and anticipated benefits thereof, economic analyses for the
Valentine Gold Project, processing and recovery estimates and
strategies, future exploration and mine plans, objectives and
expectations and corporate planning of Marathon, future
environmental impact statements and the timetable for completion
and content thereof and statements as to management's expectations
with respect to, among other things, the matters and activities
contemplated in this news release.
Forward-looking statements involve known and
unknown risks, uncertainties and assumptions and accordingly,
actual results and future events could differ materially from those
expressed or implied in such statements. You are hence cautioned
not to place undue reliance on forward-looking statements. In
respect of the forward-looking statements concerning the
interpretation of exploration results and the impact on the
Project’s mineral resource estimate, the Company has provided such
statements in reliance on certain assumptions it believes are
reasonable at this time, including assumptions as to the continuity
of mineralization between drill holes. A mineral resource that is
classified as “inferred” or “indicated” has a great amount of
uncertainty as to its existence and economic and legal feasibility.
It cannot be assumed that any or part of an “indicated mineral
resource” or “inferred mineral resource” will ever be upgraded to a
higher category of mineral resource. Investors are cautioned not to
assume that all or any part of mineral deposits in these categories
will ever be converted into proven and probable mineral
reserves.
By its nature, this information is subject to
inherent risks and uncertainties that may be general or specific
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved.
Factors that could cause future results or events to differ
materially from current expectations expressed or implied by the
forward-looking statements include risks and uncertainties relating
to the interpretation of drill results, the geology, grade and
continuity of mineral deposits and conclusions of economic
evaluations; uncertainty as to estimation of mineral resources;
inaccurate geological and metallurgical assumptions (including with
respect to the size, grade and recoverability of mineral
resources); the potential for delays or changes in plans in
exploration or development projects or capital expenditures, or the
completion of feasibility studies due to changes in logistical,
technical or other factors; the possibility that future
exploration, development, construction or mining results will not
be consistent with the Company’s expectations; risks related to the
ability of the current exploration program to identify and expand
mineral resources; risks relating to possible variations in grade,
planned mining dilution and ore loss, or recovery rates and changes
in project parameters as plans continue to be refined; operational
mining and development risks, including risks related to accidents,
equipment breakdowns, labour disputes (including work stoppages and
strikes) or other unanticipated difficulties with or interruptions
in exploration and development; risks related to the inherent
uncertainty of production and cost estimates and the potential for
unexpected costs and expenses; risks related to commodity and power
prices, foreign exchange rate fluctuations and changes in interest
rates; the uncertainty of profitability based upon the cyclical
nature of the mining industry; risks related to failure to obtain
adequate financing on a timely basis and on acceptable terms or
delays in obtaining governmental or other stakeholder approvals or
in the completion of development or construction activities; risks
related to environmental regulation and liability, government
regulation and permitting; risks relating to the Company’s ability
to attract and retain skilled staff; risks relating to the timing
of the receipt of regulatory and governmental approvals for
continued operations and future development projects; political and
regulatory risks associated with mining and exploration; risks
relating to the potential impacts of the COVID-19 pandemic on the
Company and the mining industry; changes in general economic
conditions or conditions in the financial markets; and other risks
described in Marathon’s documents filed with Canadian securities
regulatory authorities, including the Annual Information Form for
the year ended December 31, 2021.
You can find further information with respect to
these and other risks in Marathon’s Annual Information Form for the
year ended December 31, 2021 and other filings made with Canadian
securities regulatory authorities available at www.sedar.com. Other
than as specifically required by law, Marathon undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is
made, or to reflect the occurrence of unanticipated events, whether
as a result of new information, future events or results
otherwise.
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