Marathon Gold Reports Additional Exploration Drill Results from the Valentine Gold Project

Marathon Gold Corp. has released drill results from recent exploration drilling at the Valentine gold project, central Newfoundland. These latest results represent fire assay data from 13 drill holes completed within the six-kilometre-long Sprite corridor, including the new Berry zone. Highlights include:

  • VL-20-838 intersected 1.47 grams per tonne gold over 111 metres, including 35.02 g/t Au over one metre and including 14.92 g/t Au over two metres.
  • VL-20-839 intersected 14.39 g/t Au over nine metres, including 60.13 g/t Au over two metres, and 4.25 g/t Au over 15 metres, including 13.34 g/t Au over four metres.
  • VL-20-837 intersected 8.24 g/t Au over five metres, including 36.21 g/t Au over one metre.
  • VL-20-844 intersected 4.38 g/t Au over eight metres.

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 most recent assay results from the Valentine gold project represent exploration drill holes located both within the new Berry zone, and stepout holes extending northeastwards towards the Frozen Ear Pond (FEP) Road area. Well-developed quartz-tourmaline-pyrite-gold vein mineralization is now being consistently intersected over the 650-metre strike extent of the Berry zone between sections 13350E and 14000E. We currently have four exploration rigs active at Valentine: The first is conducting exploration stepouts toward the FEP Road, moving northeastwards from Berry; the second is moving southwestwards toward the FEP Road from the margin of the Marathon deposit; the third is conducting the recently announced 8,000-metre infill program at Berry; and a fourth rig has been mobilized to the Narrows prospect, located northeast of the Marathon deposit, to conduct scout drilling in an area of recent promising trenching results. The 2020 exploration program at Valentine is discovery oriented and focused on areas with little previous drilling. The success achieved to date at Berry has allowed us to add an infill program aimed at delineating potential mineral resources. We expect to be releasing the results of both the infill and greenfield drilling steadily through the fall as it comes available.”

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, and at the new Berry zone, these QTP-Au veins form steeply 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.

The results released today are derived from drill holes oriented steeply down through Main zone QTP-Au stacking toward the northwest (VL-20-837, 838, 841 and 842) and oblique drill holes oriented across the strike of Main zone mineralization toward the southeast (VL-20-839, 840, 843, 844, 845, 846, 847, 848 and 849). Four of the 13 drill holes (VL-20-837, 838, 839 and 842) are located within the 650-metre-long interval between sections 13350E and 14000E where QTP-Au mineralization appears best developed. Over all, 11 of the 13 drill holes returned significant drill intersections of greater than 0.7 g/t Au, and 12 of the 13 drill holes returned drill 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 significant mineralization was encountered in drill holes VL-20-846 and 847.

    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-20-837       21      22             1              0.85       4.15
                25      26             1              0.85       4.01
                34      35             1              0.85       0.71
                40      46             6               5.1       1.63
                60      65             5              4.25       8.24         7.00
Including       64      65             1              0.85      36.21        30.00
                80      81             1              0.85       0.79
               123     124             1              0.85       1.11
               132     134             2               1.7       2.76
               149     152             3              2.55       4.71
               182     186             4               3.4       1.11
               241     244             3              2.55       2.84
               253     254             1              0.85      13.61
               256     260             4               3.4       5.67
VL-20-838       30      31             1              0.85       1.02
                75      77             2               1.7       0.77
                95      99             4               3.4       4.42
               121     232           111             94.35       1.47         1.43
including      156     157             1              0.85      35.02        30.00
including      192     194             2               1.7      14.92
               260     261             1              0.85        1.7
VL-20-839       12      21             9               6.3      14.39         7.69
including       18      20             2               1.4      60.13        30.00
                71      72             1               0.7       0.81
                83      84             1               0.7       2.65
                90     105            15              10.5       4.25         3.06
including       90      94             4               2.8      13.35         8.89
VL-20-840       75      76             1               0.7       0.74
VL-20-841       10      11             1              0.95       1.01
                16      17             1              0.95       0.77
                40      45             5              4.75       2.57
                83      84             1              0.95       3.79
               118     120             2               1.9       1.45
               126     127             1              0.95       4.08
               132     133             1              0.95        0.9
VL-20-842       51      52             1              0.95       0.83
                73      75             2               1.9       2.25
                89      90             1              0.95       1.43
                98     102             4               3.8       1.63
               108     109             1              0.95       1.51
               111     112             1              0.95       0.84
               113     114             1              0.95       1.17
               117     121             4               3.8       3.17
               130     132             2               1.9       2.03
               138     139             1              0.95       0.96
               232     233             1              0.95       2.77
               245     246             1              0.95       6.37
VL-20-843       67      68             1               0.7       0.76
                69      70             1               0.7        1.2
VL-20-844       24      25             1              0.85        2.9
                45      53             8               6.8       0.72
               141     149             8               6.8       4.38
VL-20-845       51      53             2               1.4       2.32
                63      65             2               1.4       1.59
               103     105             2               1.4       1.91
VL-20-848      105     106             1               0.7       0.79
VL-20-849       10      11             1              0.85       0.96
                23      24             1              0.85       1.66
                94      95             1              0.85      13.79
               101     102             1              0.85       1.87
               113     114             1              0.85       0.85

Notes on the calculation of assay intervals

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.

Cut gold grades are calculated at 30 g/t Au.

No significant assays were returned in drill holes VL-20-846 and 847.

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 are 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 grams) with 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 ounces (26.3 million tonnes at 1.52 g/t) and probable mineral reserves of 600,000 ounces (14.8 mt at 1.23 g/t). Total measured mineral resources (inclusive of the mineral reserves) comprise 1.9 million ounces (31.7 mt at 1.86 g/t) with indicated mineral resources (inclusive of the mineral reserves) of 1.19 million ounces (23.2 mt at 1.60 g/t).

Related Posts

FALCON CLOSES $180,000 PRIVATE PLACEMENT

Vancouver, B.C., June 17, 2021. FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTC PINKS); (“Falcon” or the “Company”) has closed its non-brokered private placement