TORONTO, ON–(Marketwired – September 26, 2016) – Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) has completed the short column leaching test program to assess the heap leaching potential for both the Marathon and Leprechaun Deposits at the Valentine Gold Camp in central Newfoundland. The short column tests on samples crushed to minus half inch and minus three quarter inch have confirmed that rock containing 1.33 to 2.13 grams per tonne of gold is amenable to heap leaching technology.
The short column test program was completed by Thibault & Associates Inc. to confirm gold recoveries relative to time by the percolation of cyanide leach solution through crushed ore — typical of heap leaching operations. Gold extraction over 130 days as illustrated by Figure 1 is in the range of 50% to 70%. The gold extraction characteristics of the Marathon Deposit suggest that a finer crush to half inch may be required to improve on gold extraction. Extraction of gold based on 130 day short column tests is summarized as follows.
| Deposit | Crush size | Sample grade (g/t) | Gold recovery from 130 days of leaching |
|||
| Leprechaun | -0.50″ | 1.66 | 72.7% | |||
| -0.75″ | 1.33 | 69.6% | ||||
| Marathon | -0.50″ | 1.83 | 66.0% | |||
| -0.75″ | 2.13 | 53.9% |
Phillip C. Walford, P. Geo., President and CEO of Marathon stated, “Completion of the short column test program has demonstrated that the Marathon and Leprechaun Deposits are amenable to heap leaching methods. We will look at further optimizing the heap leach recoveries. The solid column test results which are indicative of the heap leach recoveries and the stellar gold recoveries (+97%) by flotation followed by cyanidation of the concentrate and tails gives Marathon the opportunity to integrate one or both of the process to maximize the economics of the project. This is an option that few projects have. Marathon would like to thank Research & Development Corporation of Newfoundland and Labrador for their financial support in the development of the process technology for the Valentine Lake deposits.”
Qualified Person
J. Dean Thibault, P. Eng., Senior Process Chemical Engineer and Principal of Thibault & Associates Inc., (www.thibault-process-engineering.ca) located in Fredericton, New Brunswick, is a registered professional engineer in Newfoundland and Labrador and is acting as a Qualified Person in compliance with National Instrument 43-101, with respect to the metallurgical information contained in this release and has reviewed the contents for accuracy.
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 totalling 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.
Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador and the Research & Development Corporation of Newfoundland and Labrador’s support of Marathon’s ongoing metallurgical research and development activities.
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