MOZ Marathon Gold Corporation

TORONTO, Aug. 9, 2011 /CNW/ -- TORONTO, Aug. 9, 2011 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ:TSX) is pleased to announce the continued success of its 2011 drilling program at the Leprechaun Gold Deposit with the intersection of wide intervals of high grade mineralization in VL-11-306 with 16.15g/t Au over 13.3m, as well as additional mineralization in VL-11-304 with 1.56 g/t Au over 24.7m, and in VL-11-301 with 3.96 g/t Au over 13.5m. http://files.newswire.ca/953/Figure_PR_Aug8_F.PDF "The high grade intercept in VL-11-306 is very exciting as it occurs 50 meters down dip from the high grade intercept in VL-10-165 that ran 38.32 g/t Au over 9.0 meters, is within the range of open pit mining, and continues to increase the size of our "Heart of Gold" high grade lens that has a current open strike length of 200 meters. This area of higher grade intersections is not as intensely drilled as the north east end of the deposit but is being drilled now," said Phil Walford, President and CEO of Marathon Gold Corp. "The drill program is progressing very well." A total of 97 drill holes totaling 15,496m (62%) of Marathon's planned 25,000m 2011 drilling campaign have been completed to date.  It is expected remaining drilling will be completed during Q3, with summarized results to follow shortly thereafter. All grades in this release are uncut, and all thicknesses are estimated true thicknesses. The Valentine Lake Project, including the Leprechaun Gold Deposit, is a 50/50 venture between Marathon Gold Corporation and Mountain Lake Resources. Both companies are equal contributors to the 25,000m drilling program now underway where Marathon is the operator. Highlights: -- Step out drill holes VL-11-306 with 16.15 g/t Au over 13.3m including 30.46 g/t Au over 6.7 m and VL-11-304 with 1.56 g/t Au over 24.7m with 4.45 g/t Au over 6.8 m show the continued expansion of a large high-grade "Heart of Gold" mineralized lens that currently extends for over 200m along strike to the north east of hole VL-11-306. The zone is open down dip as well as towards the northeast and southwest. -- In fill drill holes VL-11-305 with 1.06 g/t Au over 18.2m including 3.25 over 4.2m, and VL-11-307 with 1.71 g/t Au over 11.7m confirms the continuity of the main zone mineralization that occurs on strike in adjacent sections. -- In fill drill hole VL-11-301 with 3.96 g/t Au over 13.5 m including 7.94 g/t Au over 6.3 m confirms the continuity of near surface main zone mineralization in section as well as along strike for 12.5m to the north east on the adjacent section. TABLE 1: Significant Assay Intervals for the Leprechaun Gold Deposit ___________________________________________________________________ | | | | | | Core | |Gold (g/t)| | DDH |Section|Zone*|From (m)|To (m)|Width (m)|TT (m)| Uncut | |_________|_______|_____|________|______|_________|______|__________| |VL-11-300| 9900 | HW | 103 | 106 | 3 | 2.6 | 5.11 | |_________|_______|_____|________|______|_________|______|__________| | | | MZ | 159 | 161 | 2 | 1.7 | 0.87 | |_________|_______|_____|________|______|_________|______|__________| |VL-11-301| 10525 | MZ | 36 | 51 | 15 | 13.5 | 3.96 | |_________|_______|_____|________|______|_________|______|__________| |including| | MZ | 40 | 47 | 7 | 6.3 | 7.94 | |_________|_______|_____|________|______|_________|______|__________| |VL-11-303| 10400 | MZ | 100 | 104 | 4 | 3 | 0.82 | |_________|_______|_____|________|______|_________|______|__________| | | | MZ | 169 | 172 | 3 | 2.3 | 0.75 | |_________|_______|_____|________|______|_________|______|__________| |VL-11-304| 9925 | HW | 36 | 42 | 6 | 5.1 | 1.24 | |_________|_______|_____|________|______|_________|______|__________| | | | MZ | 199 | 228 | 29 | 24.7 | 1.56 | |_________|_______|_____|________|______|_________|______|__________| |including| | MZ | 199 | 207 | 8 | 6.8 | 4.45 | |_________|_______|_____|________|______|_________|______|__________| |VL-11-305|10387.5| HW | 7 | 15 | 8 | 5.6 | 0.92 | |_________|_______|_____|________|______|_________|______|__________| | | | MZ | 73 | 99 | 26 | 18.2 | 1.06 | |_________|_______|_____|________|______|_________|______|__________| |including| | MZ | 74 | 80 | 6 | 4.2 | 3.25 | |_________|_______|_____|________|______|_________|______|__________| |including| | MZ | 88 | 92 | 4 | 2.8 | 1.53 | |_________|_______|_____|________|______|_________|______|__________| | | | MZ | 127 | 145 | 18 | 12.6 | 0.90 | |_________|_______|_____|________|______|_________|______|__________| |VL-11-306|9937.5 | HW | 40 | 43 | 3 | 2.9 | 3.51 | |_________|_______|_____|________|______|_________|______|__________| | | | MZ | 196 | 210 | 14 | 13.3 | 16.15 | |_________|_______|_____|________|______|_________|______|__________| |including| | MZ | 196 | 203 | 7 | 6.7 | 30.46 | |_________|_______|_____|________|______|_________|______|__________| |VL-11-307|10387.5| MZ | 43 | 56 | 13 | 11.7 | 1.71 | |_________|_______|_____|________|______|_________|______|__________| |including| | MZ | 43 | 46 | 3 | 2.7 | 4.76 | |_________|_______|_____|________|______|_________|______|__________| |VL-11-308|10387.5| MZ | 108 | 110 | 2 | 1.4 | 1.96 | |_________|_______|_____|________|______|_________|______|__________| *Denotes: HW - hanging wall zone, MZ - main zone. Note: No significant assays to report for VL-11-302. All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Results from fire assay are used for drill hole planning only. Assay results for the update of the December, 2010 resource will be determined by an ongoing metallic screening process. Due to the coarse nature of the gold at the Leprechaun Gold Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results. About the Valentine Lake Joint Venture: The Valentine Lake Joint Venture is a 50%/50% joint venture between Marathon Gold and Mountain Lake. The Leprechaun Gold Deposit is situated at the south-western end of the Valentine Lake Project, and the Valentine East Gold Zone is located 13 km along strike running in a north-easterly direction. These gold occurrences form part of a 23 km long, highly prospective gold-bearing mineralized corridor. Marathon is the operator of the Joint Venture, and the companies have agreed to jointly fund a $6 million budget in 2011 that includes a planned 25,000 meters of drilling. Leprechaun Gold Deposit: The Leprechaun Gold Deposit has a (news release, December 16, 2010) NI 43-101 compliant Measured and Indicated Resource of 3,284,000 tonnes grading 2.62 g/t gold for a total estimated 277,000 ounces of gold. The inferred mineral resource is 4,409,000 tonnes grading 2.01 g/t gold for an estimated 285,000 ounces of gold. This resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 meter minimum width. The Leprechaun Gold Deposit is open at depth and along strike with 74% of the current Measured and Indicated ounces occurring within 150m of surface. 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 Gold Corporation is one of Canada's newest gold resource development companies, with projects located in the mining friendly province of Newfoundland and Labrador together with a project in the prolific Coeur d'Alene Mining District of Idaho. Marathon has a project pipeline consisting of early stage exploration to advanced resource development projects. 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 exploration and resource development has an established record of delivering rapid growth. For more information visit: www.marathon-gold.com 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. NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.       To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/09/c2479.html p /p p Marathon Gold Corporation /p p Phillip Walford, Pres., CEObr/ Tel: 1-416-987-0711 /p

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