Marathon drills 42 m of 3.7 g/t Au at Valentine

Marathon Gold Corp. has released additional drill results from recent exploration drilling at the Valentine gold project, central Newfoundland. These latest results represent fire assay data from 15 drill holes located within the new Berry zone, which were completed as part of the continuing Berry infill drill program. Highlights include:

  • VL-20-889 intersected 3.70 grams per tonne gold over 42 metres including 73.26 g/t Au over one metre and 13.48 g/t Au over one metre and 11.84 g/t Au over one metre and 11.77 g/t Au over one metre, and 1.68 g/t Au over 24 metres including 10.66 g/t Au over one metre, and 25.74 g/t Au over one metre.
  • VL-20-886 intersected 1.68 g/t Au over 26 metres including 10.55 g/t Au over one metre.
  • VL-20-880 intersected 1.47 g/t Au over 30 metres including 10.54 g/t Au over one metre.
  • VL-20-883 intersected 1.42 g/t Au over 18 metres.
  • VL-20-881 intersected 1.42 g/t Au over 13 metres and 1.12 g/t Au over 12 metres.
  • VL-20-891 intersected 1.03 g/t Au over 16 metres and 3.82 g/t Au over five metres including 11.01 g/t Au over one metre.
  • VL-20-893 intersected 3.52 g/t Au over 10 metres including 12.54 g/t Au over one metre.
  • VL-20-877 intersected 33.29 g/t Au over one metre.

All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in the associated table.

Matt Manson, president and chief executive officer, commented: “These latest results from the new Berry zone continue to demonstrate long intersections of quartz-tourmaline-pyrite-gold mineralization in characteristic Main zone configurations within our infill drill area. By the end of this month we expect to have completed our 52,000-metre 2020 exploration drill program at the Valentine gold project, including the 8,000 metres of infill drilling at Berry. Assay results from this drilling are expected to be released in batches through the end of the year and into January. These will include assay results from Berry, the Sprite corridor between Berry and the Frozen Ear Pond (FEP) Road, the FEP Road to the Marathon deposit, and the Narrows area located northeast of the Marathon deposit. The results of the Berry drilling will then be incorporated in a new mineral resource estimate. Given the success of our 2020 exploration drilling, and the scale of mineralization we are seeing at Berry, we anticipate an equally vigorous exploration program in 2021.”

Gold mineralization at the Valentine gold project is contained predominantly within shallowly southwest-dipping, en echelon stacked quartz-tourmaline-pyrite-gold (QTP-Au) 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 hangingwall (northwest) side of the Valentine Lake shear zone. The extent of mineralization appears related to the size and frequency of sheared mafic dikes, which extend northeast-southwest within the hangingwall, parallel to the shear zone.

Exploration drilling is generally undertaken in two orientations: down steeply toward the northwest at a high angle to the individual veins and down plunge of the Main zone stacking, or obliquely toward the southeast subparallel to the individual veins and across the strike of Main zone mineralization.

The results released today are derived from 14 drill holes located between sections 13400E and 13650E at the western end of the Berry infill area (VL-20-877, 878, 880, 881, 883, 884, 885, 886, 887, 888, 889, 890, 891 and 894), and one hole at Section 13970E close to the eastern end (VL-20-893). All holes were oriented steeply down to the northwest.

Over all, 14 of the 15 drill holes returned significant drill intersections of greater than 0.7 g/t Au. Each of these 14 holes returned additional intersections with gold grades above the 0.3 g/t Au cut-off used in the January, 2020, mineral resource estimate for the project. No economic mineralization was encountered in drill hole VL-20-878, which stayed within footwall sedimentary rocks.

Technical investor session

The company will be hosting an on-line technical session focusing on exploration and engineering plans for the Valentine gold project on Nov. 24 at 10 a.m. Eastern Standard Time. A presentation by management will be followed by questions and answers.

     SIGNIFICANT ASSAY INTERVALS, SPRITE CORRIDOR, VALENTINE GOLD PROJECT
  
DDH             From      To    Core length    True thickness      Gold   Gold (cut)
                 (m)     (m)            (m)               (m)     (g/t)        (g/t)

VL-20-877         16      17              1              0.95      0.76
                  58      59              1              0.95      1.74
                  95      97              2               1.9      0.79
                 125     126              1              0.95      3.00
                 130     132              2               1.9      1.27
                 135     136              1              0.95      0.87
                 143     146              3              2.85      1.26
                 150     151              1              0.95      0.83
                 153     154              1              0.95     33.29           30
VL-20-880         97      98              1              0.95      1.19
                 101     102              1              0.95      1.05
                 125     126              1              0.95      2.56
                 144     174             30              28.5      1.47
including        155     156              1              0.95     10.54
VL-20-881         18      28             10               9.5      1.09
                  36      38              2               1.9      1.59
                  42      43              1              0.95      1.62
                  55      56              1              0.95      0.71
                  70      71              1              0.95      2.87
                 103     116             13             12.35      1.42
                 123     125              2               1.9      1.05
                 134     146             12              11.4      1.12
                 154     163              9              8.55      1.18
                 178     179              1              0.95      0.74
                 183     185              2               1.9      2.53
                 189     190              1              0.95      2.04
VL-20-883         28      29              1              0.95      1.36
                  82      83              1              0.95      3.11
                  97      98              1              0.95      0.92
                 104     107              3              2.85      1.20
                 137     155             18              17.1      1.42
                 176     178              2               1.9      1.39
VL-20-884         88      89              1              0.95      3.03
VL-20-885         71      73              2               1.9      0.88
                  78      79              1              0.95      1.37
                  81      82              1              0.95      0.71
                  86      88              2               1.9      1.55
                  96      97              1              0.95      1.28
                 128     129              1              0.95      2.82
                 178     180              2               1.9      0.82
VL-20-886         97     123             26              24.7      1.68
                 120     121              1              0.95     10.55
                 128     129              1              0.95      0.76
                  86      88              2               1.9      1.55
                  96      97              1              0.95      1.28
                 128     129              1              0.95      2.82
VL-20-887         59      76             17             16.15      0.84
VL-20-888         17      18              1              0.95      1.45
                  40      41              1              0.95      0.94
VL-20-889         11      12              1              0.95      0.89
                  15      16              1              0.95     25.74
                  21      22              1              0.95      0.85
                  37      79             42              39.9      3.70         2.67
including         44      45              1              0.95     11.77
including         52      53              1              0.95     11.84
including         71      72              1              0.95     73.26           30
including         78      79              1              0.95     13.48
                 117     123              6               5.7      0.90
                 126     127              1              0.95      2.26
                 129     130              1              0.95      0.93
                 145     146              1              0.95      1.96
                 155     179             24              22.8      1.68
including        156     157              1              0.95     10.66
                 204     205              1              0.95      0.85
                 209     210              1              0.95      1.73
                 251     252              1              0.95      0.97
                 268     269              1              0.95      1.21
                 280     281              1              0.95      6.43
                 297     298              1              0.95      0.74
VL-20-890         54      55              1              0.95      0.75
                  62      63              1              0.95     15.01
                  81      82              1              0.95      1.20
                 126     127              1              0.95      4.82
                 132     133              1              0.95      4.30
VL-20-891          8      10              2               1.9      5.04
                  25      26              1              0.95      3.38
                  30      34              4               3.8      2.66
                  42      43              1              0.95      3.16
                 106     107              1              0.95      0.94
                 135     136              1              0.95      0.91
                 140     156             16              15.2      1.03
                 170     174              4               3.8      2.89
                 188     189              1              0.95      0.90
                 195     200              5              4.75      3.82
including        199     200              1              0.95     11.01
                 253     254              1              0.95      1.62
VL-20-893         24      25              1              0.95      8.08
                  35      36              1              0.95      2.60
                  43      44              1              0.95      1.40
                  48      51              3              2.85      1.39
                  56      66             10               9.5      3.52
including         61      62              1              0.95     12.54
                  93      94              1              0.95      1.13
                 102     103              1              0.95      7.17
                 107     108              1              0.95      5.84
                 124     126              2               1.9      1.35
                 221     223              2               1.9      0.76
VL-20-894        128     129              1              0.95      0.85
                 138     139              1              0.95      0.96
                 144     145              1              0.95      1.16
                 151     152              1              0.95      2.31

Notes on the calculation of assay intervals
(1) Significant assay intervals are defined as one m 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, 2020, prefeasibility study mine plan 
(see technical report dated April 21, 2020). 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 January, 2020, mineral resource estimate 
for the project but are not considered significant for the purposes of 
this news release.
(2) Cut gold grades are calculated at 30 g/t Au.
(3) No significant assays were returned in drill holes
VL-20-878.

Qualified person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, PGeo (Newfoundland), project manager for exploration at the Valentine gold project. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, PGeo (Newfoundland), GIS manager for Marathon Gold. Both Mr. Capps and Ms. Borysenko are qualified persons under National Instrument 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 Ltd. in Springdale, Nfld. All reported core samples are analyzed for Au by fire assay (30 g) with AA (atomic absorption) 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 the associated table as core lengths and estimated true thickness (70 to 95 per cent of core length), and reported with and without a top cut of 30 g/t Au applied.

Acknowledgments

Marathon acknowledges the financial support of the junior exploration assistance program, Department of Natural Resources, government of Newfoundland and Labrador.

About Marathon Gold Corp.

Marathon is a Toronto-based gold company advancing its 100-per-cent-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, prefeasibility study outlined an open-pit mining and conventional milling operation over a 12-year mine life with a 36-per-cent after-tax rate of return. The project has estimated proven mineral reserves of 1.3 million oz (26.3 million t at 1.52 g/t) and probable mineral reserves of 600,000 ounces (14.8 million t at 1.23 g/t).

We seek Safe Harbor.

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