Marathon Gold Intersects 1.56 g/t Au over 29.6 Meters True Thickness Near Surface at the Golden Chest Mine. Idaho
13 7월 2011 - 8:00PM
PR Newswire (Canada)
TORONTO, July 13, 2011 /CNW/ -- TORONTO, July 13, 2011 /CNW/ -
Marathon Gold Corporation (MOZ-TSX) ("Marathon" or "the Company")
is pleased to announce a significant drill intercept of 29.6 meters
of 1.56 g/t gold over 29.6 meters in drill hole GC 11-16 from the
core drilling program currently underway at the Golden Chest Mine
in Murray, Idaho. This result is part of the open pit program
announced in the Company's press release of June 9, 2011. All
thicknesses quoted are estimated true thicknesses. The Golden Chest
Mine is a joint venture with New Jersey Mining Company (OTCBB:NJMC)
where NJMC is the operator of the venture. "These most recent drill
results from the Golden Chest Mine as part of our 2011 exploration
program are exciting, and represent solid results for a
potential open pit resource. The mineralization is near
surface and essentially follows the slope of the hillside, so the
amount of waste to be removed would be low," said Phil Walford,
President and CEO of Marathon Gold." We remain on track to complete
a NI43-101 compliant resource by year end ." Highlights: --
Visible gold was noted in every surface hole in the high grade
veins -- GC 11-16 returned 1.56 g/t gold over 29.6 m (from 4.3
meters down the hole. -- GC 11-17 returned 1.18 g/t gold over 38.0
m from 9.3 meters down the hole. -- GC 11-19 returned 1.29 g/t gold
over 24.9 m from 32.1 meters down the hole. -- GC U 11-09 returned
7.23 g/t gold over 2.9 m) in further underground drilling of the
Idaho vein. Table 1 - Significant Drill Intersections at the Golden
Chest Mine:
___________________________________________________________________
| DDH |Resource |From(m)|To (m)|Core Width| True |Gold (g/t)| | |
Target | | | (m) |Thickness| uncut | | | | | | | (m) | |
|__________|_________|_______|______|__________|_________|__________|
|GC U 11-09|U/G Idaho| 156.1| 159.0| 2.9| 2.9| 7.23| | |Vein | | |
| | |
|__________|_________|_______|______|__________|_________|__________|
|GC 11-10 |U/G "H" | 91.5| 92.2| 0.7| 0.4| 12.0| | |Vein | | | | |
|
|__________|_________|_______|______|__________|_________|__________|
| |U/G Idaho| 191.0| 195.8| 4.8| 4.5| 4.74| | |Vein | | | | | |
|__________|_________|_______|______|__________|_________|__________|
| |includes | 192.0| 194.7| 2.7| 2.4| 6.77|
|__________|_________|_______|______|__________|_________|__________|
|GC 11-14 |Open Pit | 5.6| 25.8| 20.2| 14.5| 1.38|
|__________|_________|_______|______|__________|_________|__________|
| |includes | 16.7| 17.2| 0.5| 0.36| 20.90|
|__________|_________|_______|______|__________|_________|__________|
| | | 31.8| 45.8| 14.0| 10.1| 0.59|
|__________|_________|_______|______|__________|_________|__________|
|GC 11-15 |Open Pit | 13.5| 45.2| 31.7| 30.0| 0.60|
|__________|_________|_______|______|__________|_________|__________|
| | | 35.5| 36.2| 0.7| 0.66| 11.40|
|__________|_________|_______|______|__________|_________|__________|
|GC 11-16 |Open Pit | 4.3| 36.3| 32.0| 29.6| 1.56|
|__________|_________|_______|______|__________|_________|__________|
| | | 13.9| 16.5| 2.6| 2.4| 8.30|
|__________|_________|_______|______|__________|_________|__________|
|GC 11-17 |Open Pit | 9.3| 61.4| 52.1| 38.0| 1.18|
|__________|_________|_______|______|__________|_________|__________|
| |includes | 32.0| 36.6| 4.6| 3.4| 3.36|
|__________|_________|_______|______|__________|_________|__________|
|GC 11-18 |Open Pit | 34.0| 37.4| 3.4| 2.4| 7.70|
|__________|_________|_______|______|__________|_________|__________|
| |includes | 34.7| 35.7| 1.0| 0.7| 23.47|
|__________|_________|_______|______|__________|_________|__________|
| | | 53.7| 65.7| 12.0| 8.6| 0.58|
|__________|_________|_______|______|__________|_________|__________|
|GC 11-19 |Open Pit | 32.1| 70.8| 38.7| 24.9| 1.29|
|__________|_________|_______|______|__________|_________|__________|
| |includes | 56.2| 59.0| 2.8| 1.8| 8.66|
|__________|_________|_______|______|__________|_________|__________|
Surface core drilling at the Golden Chest Mine is focused on
drilling out an open pit target on a 25 m by 25 m grid that extends
for 250 meters north-south.and approximately 150 meters
east-west. Drill holes GC 11-14 through GC 11-19 were drilled
at the southern end of the grid,and the plan is for drilling to
progress to the north. Mineralization is open to the north. Two
drill rigs are currently working on the open pit resource drilling
with a goal of completing a NI 43-101 compliant resource
estimate by year end. Phillip Walford, P.Geo, President of Marathon
Gold , is the company's Qualified Person for Golden Chest and has
reviewed the contents for accuracy and approved this press release
on behalf of Marathon Gold. The Golden Chest Mine The Golden Chest
Mine is located two miles east of Murray, Idaho within the gold
belt of the Coeur d'Alene Mining District. Golden Chest LLC
operates the mine and is owned 50% by NJMC and 50% by MOZ. The mine
has over 3,900 meters of underground workings and has the permits
necessary to drill and operate on the deposit. The property
includes 24 patented mining claims and 70 unpatented mining claims
covering 497 hectares. The patented claims that cover the mine
workings have mineral and surface rights enabling the JV to work
easily on the mine property. Gold mineralization can be found along
at least 1,500 meters of strike length along the Idaho fault on the
property. The veins in the north end of the mine were historically
mined at higher grades, estimated to have been 17 g/t gold, whereas
the Idaho vein in the south end of the mine was thicker but lower
in grade (175 m length on the main level grading 6.71 g/t gold).
The lowest major level of the Golden Chest mine is the No. 3 level,
which is near the valley bottom elevation. The drilling to-date has
only probed the Idaho vein about 160 meters below this level in a
district known for hosting orebodies that outcrop on surface and
continue at depth for 2,500 meters. The Idaho vein has an SEC
compliant proven and probable underground reserve of 242,000 tonnes
grading 5.10 g/t Au containing 40,000 ounces (ozs) of gold. The
Idaho vein outcrops and a measured and indicated open pit resource
of 1.2 Mt grading 1.35 g/t Au has been estimated with an
additional inferred resource of 5.5 Mt grading 0.98 g/t gold.
The open pit resource estimate was completed in early 2010 using a
cutoff grade of 0.5 g/t. Underground rehabilitation of the No. 3
level is underway in the northern part of the mine, the Katie-Dora
area, and about 120 meters of drift have been repaired in
preparation for an underground winter drilling program. All of the
samples were analyzed by American Analytical of Osburn, Idaho, an
ISO certified laboratory. Samples were analyzed using lead
collection fire assay with a gravimetric finish. About Marathon
Gold Corporation: Marathon Gold Corporation is one of Canada's
newest gold resource development companies, with projects located
in the mining friendly jurisdictions of Newfoundland and Labrador,
and of the prolific Coeur d'Alene Mining District of Idaho.
Marathon has a project pipeline consisting of early stage
exploration to advanced resource development projects which have
potential to grow into resources and into ore reserves.
Marathon is continually evaluating new gold resource development
projects of merit that are located within the Americas.
Marathon's focused and low-cost approach to resource development
and exploration has an established record of delivering rapid
growth. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold,
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'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 or
results otherwise. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/July2011/13/c5022.html p
Phillip Walfordbr/ President and CEO /p p align="justify" Marathon
Gold Corp /p p align="justify" 416 987 0711 /p
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