TORONTO, ON–(Marketwired – July 06, 2016) – Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ)announced today the results from the ongoing summer 2016 drilling campaign at the Marathon Deposit, Valentine Gold Camp. Shallow drilling has succeeded in expanding the mineralized corridor northwest into the hanging wall as well as intercepting significant mineralization in drill holes along the southwest end of the current Marathon Deposit resource pit shell (Figure 1). The extension of MA-15-039 succeeded in intersecting high grade mineralization at deeper levels within the lower open pit level. The Marathon Deposit remains open along strike and to depth with a total strike length of the mineralized corridor now extending for at least 1.7 kilometers.
The metallurgical program continues to make progress with both the flotation/concentration/cyanidation of the Marathon Deposit gold bearing material and short column tests of the Leprechaun and Marathon deposits mineralization. The column tests were originally set for 90 days of leaching which would occur July 5, 2016. Preliminary results to date show that gold is still being liberated from the columns and the column tests will continue beyond the 90 days until such a time as no more appreciative gold is liberated from the columns. This is a very positive development in accessing the option of heap leaching at the Valentine Lake Property.
Highlights (true thickness):
- Shallow drill holes MA-16-096, MA-16-097 and MA-16-098 succeeded in intersecting significant gold mineralization within 50-75 meters of surface along a 140 meter strike length of the north west hanging wall of the current Marathon Deposit resource pit shell (Figure 1). Best intercepts included 2.40 g/t Au over 13.3 meters with 11.47 g/t over 0.7 meters, 3.30 g/t over 4.2 meters with 12.90g/t Au over 0.7 meters, and 1.40 g/t Au over 8.4 meters in MA-16-098, 2.99 g/t Au over 3.5 meters with 11.24 g/t Au over 0.7 meters in MA-16-097, and 2.83 g/t Au over 2.1 meters in MA-16-096.
- Drill holes MA-16-092 and MA-16-093, located along the southwestern margin of the current Marathon Deposit resource pit shell succeeded in intercepting significant mineralization including 3.15 g/t Au over 4.2 meters, 2.53 g/t Au over 8.4 meters with 13.80 g/t Au over 0.7 meters, and 3.5 g/t Au over 3.5 meters with 12.30 g/t Au over 0.7 meters in MA-16-093, and 1.47 g/t Au over 4.2 meters in MA-16-092.
- A 60 meter extension of drill hole MA-16-039 was successful in intersecting 11.31 g/t Au over 2.8 meters in an area of deeper high-grade mineralization.
- The total strike length of the mineralized corridor, including the Marathon Deposit resource pit shell, now extends for at least 1.7 kilometers. The highest priority drilling at the Marathon Deposit continues to focus on expanding the open pit resource shell to the northwest into the hanging wall, and southwest along strike of the current Marathon Deposit resource pit shell.
- Geological mapping and prospecting are part of summer program to better understand the geology around and between the deposits. Prospecting is being carried out to the west of the Sprite/Marathon trend and to the north east of Victory where very little exploration has taken place.
- Metallurgical work is continuing on schedule with encouraging preliminary results both in the floatation and the column testing for heap leach viability.
“The continued success in our drilling at the Marathon Deposit is very encouraging as we work towards increasing open-pit resources at the Valentine Gold Camp,” said Phillip Walford, President and CEO of Marathon. “The steady growth of a critical mass of open-pit resources continues to be our primary focus while targeted deeper drilling helps with the economics in lower levels of the pit shell. The metallurgical program is proceeding well with the column tests in particular indicating that heap leaching of the gold may be a viable option in the economic planning for mine development.
TABLE 1: Significant assay intervals from the extended drill holes MA-15-039 extension and MA-16-092 to 099, Marathon Gold Deposit.*
| DDH | Section | From | To | Core Length (m) | True Width (m) | Gold g/t | ||||||
| MA-16-039 Ext | 17315 | 216 | 220 | 4 | 2.8 | 11.31 | ||||||
| MA-16-092 | 17050 | 33 | 39 | 6 | 4.2 | 1.47 | ||||||
| MA-16-093 | 17090 | 39 | 43 | 4 | 2.8 | 1.85 | ||||||
| 138 | 144 | 6 | 4.2 | 3.15 | ||||||||
| 173 | 185 | 12 | 8.4 | 2.53 | ||||||||
| including | 174 | 175 | 1 | 0.7 | 13.80 | |||||||
| 202 | 207 | 5 | 3.5 | 3.50 | ||||||||
| including | 206 | 207 | 1 | 0.7 | 12.30 | |||||||
| MA-16-096 | 17220 | 11 | 14 | 3 | 2.1 | 2.83 | ||||||
| 87 | 91 | 4 | 2.8 | 1.40 | ||||||||
| MA-16-097 | 17170 | 16 | 19 | 3 | 2.1 | 1.95 | ||||||
| 69 | 72 | 3 | 2.1 | 1.38 | ||||||||
| 110 | 115 | 5 | 3.5 | 2.99 | ||||||||
| including | 110 | 111 | 1 | 0.7 | 11.24 | |||||||
| MA-16-098 | 17310 | 7 | 26 | 19 | 13.3 | 2.40 | ||||||
| including | 16 | 17 | 1 | 0.7 | 11.47 | |||||||
| 38 | 44 | 6 | 4.2 | 3.30 | ||||||||
| including | 38 | 39 | 1 | 0.7 | 12.90 | |||||||
| 49 | 61 | 12 | 8.4 | 1.40 | ||||||||
- No significant intervals from MA-16-094, MA-16-095 and MA-16-099.
All of the samples were fire assayed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland.
Marathon Gold Corporation acknowledges the financial support of the JEA Program, Department of
Natural Resources, Government of Newfoundland and Labrador. The Research and Development Corporation of Newfoundland and Labrador has granted approximately 75% of the costs of the current metallurgical program to Marathon Gold and we appreciate this support.
Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, Marathon’s Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
About Marathon Gold Corporation
Marathon is a Toronto based gold resource company focused on its 100% owned Valentine Gold Camp located in central Newfoundland. The Valentine Gold Camp currently hosts four near-surface, mainly pit-shell constrained, gold resources totaling 1,060,100 oz. gold at 2.20 g/t (Measured & Indicated) and 200,000 oz. gold at 2.85 g/t (Inferred), (April 2015). These resources, open along strike and to depth, cover less than 10% of the total length of the highly prospective Valentine Lake Thrust Fault and associated splay faults which host the majority of the gold mineralization within the property. For more information please visit www.marathon-gold.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes “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”, “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. 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. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation’s public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, we undertake 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, results or otherwise.
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For more information, please contact:
Christopher Haldane
Investor Relations Manager
Tel: 1-416-987-0714
E-mail: chaldane@marathon-gold.com
Phillip Walford
President and Chief Executive Officer
Tel: 1-416-987-0711
E-mail: pwalford@marathon-gold.com