Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ)
is pleased to provide an update on construction at the Tailings
Management Facility (“TMF”) of the Valentine Gold Project (the
“Project”). The TMF is a major infrastructure element of the
Project, and noteworthy advancement has been achieved during the
summer construction season.
Matt Manson, President and CEO commented: “Over
the last three months we have made significant construction
progress at Valentine in each of our principal work-fronts: the
process plant site, mine infrastructure, and our TMF. Process plant
concrete foundations are well advanced, and the erection of
structural steel for the mill building is expected to commence
shortly. The main production haul road between the Leprechaun and
Marathon pits has been completed and mining at Marathon has
commenced. In August we surpassed 3 million tonnes of mined waste
rock project-to-date, amply supporting our construction work.”
Mr. Manson continued: “In this news release, we
are bringing particular attention to the progress being made at our
Tailings Management Facility. As the largest civil construction
undertaking of the Project, the timely completion of the TMF is an
important element of the Project’s ultimate success. After a
productive summer, we are well advanced with the construction of
the rock foundation of the main TMF embankment, which is achieving
its requisite engineering and geotechnical specifications. The
steady progress of the TMF without major surprises significantly
de-risks the construction of the overall Project. This is a
noteworthy accomplishment of our contracting partners, JCL, AllRock
and WSP, and our construction management team.”
Figure 1: Overview of TMF Construction,
September 2, 2023
The Project’s TMF will be a thickened tailings
facility with a capacity of 31.6 Mtonnes. It is formed by
constructing a perimeter zoned rockfill embankment dam, which will
be raised in 6 phases during the first 10 years of the Project. The
upstream face of the dam will be lined with a geomembrane which is
anchored into low-permeability foundation till, and which will
extend approximately 100m upstream of the dam toe. The TMF is being
constructed by the Project’s principal earthworks contractor JCL
(Investments Inc.) of Cornerbrook, Newfoundland and Labrador.
AllRock Ltd. performs quality control on-site material laboratory
testing. WSP (formerly Golder Associates Ltd.) is the designer and
engineer of record and provides on-site construction quality
assurance services.
Construction of the TMF commenced with grubbing
of the site during the fall-winter of 2022-2023. Temporary water
management ditches and collection ponds were developed between May
and June of this year, and a construction access road on the
downstream side of the main dam was completed in August.
Construction of the Phase 1 main dam commenced in July with
preparation of the till and bedrock foundation, and subsequent
placement of mine waste rock (“Zone 6” material with 600 mm minus
sizing). Production and placement of the upstream filter layers
which consists of two zones of crushed rock (“Zone 1” material at
25 mm minus, and “Zone 2” material at 75 mm minus) commenced in
late August.
At September 3, 2023, TMF progress was as
follows:
- Approximately 120,000 m2, or 78%,
of Phase 1 dam foundation preparation was completed with subgrade
approval by the engineer of record;
- 130,000 m3 of topsoil and
unsuitable overburden has been removed and 110,000 m3 of Zone 6
rockfill has been placed to date, consistent with design
specifications; and
- More than 16,500 tonnes per day of
construction waste rock mined from the Leprechaun and Marathon Pits
in August in support of ongoing TMF construction.
Figure 2: “Zone 6” Rockfill placed on prepared
and approved foundation for the TMF Phase 1 Dam, looking northwest.
On the upstream side (top left of photograph) shows the prepared
foundation without any fill material placement, August 29,
2023.
Construction of the Phase 1 and 2 dam foundation
is expected to be completed by October 2023, whereupon construction
of the Phase 1 and 2 embankment which consists of placement and
compaction of Zone 6 rockfill is scheduled to commence immediately
and continue through the winter months. Installation of the Phase 1
and 2 geomembrane liner is scheduled to commence in May 2024.
Completion of the filter layers and upstream embankment slope (Zone
1 and Zone 2 materials) is scheduled for June to August 2024. Phase
1 of the TMF is on schedule for wet commissioning in the fourth
quarter of 2024 in support of mill commissioning and first gold in
the first quarter of 2025.
A video illustrating progress of the TMF
construction can be accessed at
https://vimeo.com/861776175?share=copy.
Figure 3: Progress of “Zone 6” rockfill
placement on prepared and approved foundation for the TMF Main Dam.
Top: progress of approved Zone 6 placement as of September 3, 2023.
Bottom: TMF Configurations for Phase 1, 2025-2026 (Bottom Left) and
Ultimate Design, after Phase 6, 2032-2034 (Bottom Right). Bottom
images from NI 43-101 Technical Report “Valentine Gold Project, NI
43-101 Technical Report and Feasibility Study” effective November
30, 2022.
Qualified Persons
Disclosure of a scientific or technical nature
in this news release has been approved by Mr. Tim Williams,
FAusIMM, Chief Operating Officer of Marathon, Mr. Paolo Toscano,
P.Eng. (Ont.), Vice President, Projects for Marathon, Mr. James
Powell, P.Eng. (NL), Vice President, Regulatory and Government
Affairs for Marathon and Mr. David Ross, P.Geo. (NL), Vice
President of Geology and Exploration for Marathon. Mr. Williams,
Mr. Toscano, Mr. Powell and Mr. Ross are qualified persons under
National Instrument (“NI”) 43-101. Mr. Roy Eccles, P.Geo. (NL), of
APEX Geoscience Ltd. is a Qualified Person for purposes of NI
43-101, is independent of Marathon and the Valentine Gold Project,
and has reviewed and takes responsibility for the updated 2022 MRE
prepared by John T. Boyd Company.
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 32-kilometre system. A
December 2022 Updated Feasibility Study outlined an open pit mining
and conventional milling operation producing 195,000 ounces of gold
a year for 12 years within a 14.3-year mine life. The Project was
released from federal and provincial environmental assessment in
2022 and construction commenced in October 2022. The Project has
estimated Proven Mineral Reserves of 1.43 Moz (23.36 Mt at 1.89
g/t) and Probable Mineral Reserves of 1.27 Moz (28.22 Mt at 1.40
g/t). Total Measured Mineral Resources (inclusive of the Mineral
Reserves) comprise 2.06 Moz (29.23 Mt at 2.19 g/t) with Indicated
Mineral Resources (inclusive of the Mineral Reserves) of 1.90 Moz
(35.40 Mt at 1.67 g/t). Additional Inferred Mineral Resources are
1.10 Moz (20.75 Mt at 1.65 g/t Au). Please see the NI 43-101
Technical Report “Valentine Gold Project, NI 43-101 Technical
Report and Feasibility Study” effective November 30, 2022,
Marathon’s Annual Information Form for the year ended December 31,
2022 and other filings made with Canadian securities regulatory
authorities available at www.sedar.com for further details and
assumptions relating to the Valentine Gold Project.
For more information, please
contact:
Amanda MalloughManager, 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 Updated Feasibility Study and the results therefrom (including
IRR, NPV5%, Capex, FCF, AISC and other financial metrics and
economic analysis), 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 “inferred mineral
resource” or an “indicated 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, 2022.
You can find further information with respect to
these and other risks in Marathon’s Annual Information Form for the
year ended December 31, 2022 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/05070d97-2c2d-41e3-831e-d626a0663ccc
https://www.globenewswire.com/NewsRoom/AttachmentNg/817d9d26-676e-4151-8e97-f69e444eebdf
https://www.globenewswire.com/NewsRoom/AttachmentNg/d44a2b35-6c13-407f-a035-eb84f089b40f
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