Marathon Discovers New Gold Bearing Quartz Veins with Grab Samples Assaying up to 113.3 g/t Au
25 8월 2011 - 8:00PM
PR Newswire (Canada)
TORONTO, Aug. 25, 2011 /CNW/ -- TORONTO, Aug. 25, 2011 /CNW/ -
Marathon Gold Corporation ("Marathon" or the "Company") (MOZ:TSX)
is pleased to announce the discovery while trenching of a new
quartz-tourmaline-pyrite vein structure that extends over a 80
meters strike length in an area 1 kilometer southwest from the
southern end of the current Leprechaun Gold Deposit resource
boundary (Figure 1). Numerous grab samples consisting of
quartz-tourmaline-pyrite with coarse visible gold (Plate 1)
returned assays of up to 113.30 g/t Au, 28.01 g/t Au, and 15.33 g/t
Au. The high grade gold samples were collected from frost-heaved
angular sub-crop located directly overlying and in contact with the
newly uncovered quartz-tourmaline-pyrite-gold vein structure (Plate
2). This new gold-bearing vein is part of a larger gold-bearing
quartz vein alteration system that currently extends over an area
600 long by 200m wide and is located up to 1.4km southwest along
strike from the current resource boundary of the Leprechaun Gold
deposit. Additional high-grade gold grab samples have been
collected throughout the area. Historical trenching and drilling
did not intersect the new vein nor adequately test other
mineralization in the area. We plan to drill the area during this
fall. "I have just visited the new vein discovery and observed the
visible gold. The alteration, mineralization and vein structure in
this new exposure is clearly part of the gold system that currently
includes the Leprechaun Gold Deposit located 1 kilometer along
strike to the northeast", said Phill Walford, President and CEO for
Marathon Gold Corporation. "I am also very encouraged by the
additional high grade grab samples occurring within 400 meters to
the southwest of the new mineralized vein." Highlights: -- High
grade grab samples consisting of quartz-tourmaline-pyrite with
coarse visible gold returned assays of up to 113.30 g/t Au, 28.01
g/t Au, and 15.33 g/t Au. -- The quartz-tourmaline-pyrite-gold
veining and alteration system extends over an area at least 600m by
200m in size, up to 1.4 km along strike to the SW of the current
Leprechaun God Deposit resource boundary, and proximal to the
Valentine Lake intrusive structurally controlled contact with the
Rogerson Lake conglomerate. -- Ongoing prospecting and stripping
continues to exposes additional quartz veining along strike. --
Channel sampling continues in the SW Leprechaun area; assays
pending. TABLE 1: Significant Assays from Grab Samples - SW of
Leprechaun Gold Deposit Tag E_N83 N_N83 Au_g/t 6734 485422 5355476
113.30 5421 485280 5355355 79.11 6753 486318 5355849 55.25 5420
485611 5355482 49.19 6720 486314 5355960 29.04 6741 485457 5355471
28.01 6911 485069 5355394 21.26 6743 485465 5355467 15.33 6739
485450 5355472 11.60 6902 485281 5355354 8.18 6736 485428 5355478
7.38 6733 485420 5355477 7.00 6723 485532 5355656 4.80 6740 485451
5355472 4.74 6754 486333 5355843 4.28 6709 485578 5355481 4.17 6762
486213 5355930 3.01 6905 485206 5355342 2.97 6764 486237 5355962
2.48 6712 485651 5355527 2.40 6705 486307 5355978 2.01 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. 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. To
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p Marathon Gold Corporationbr/ br/ Phillip Walford, President &
CEObr/ Tel: 1-416-987-0711 /p
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