Marathon Gold Discovers New Hanging-Wall Gold Bearing Quartz Veins with Grab Samples Assaying up to 581.88 g/t Au and 287.95 ...
20 10월 2011 - 8:00PM
PR Newswire (Canada)
TORONTO, Oct. 20, 2011 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") today announced a new discovery
during trenching of multiple stacked quartz-tourmaline-pyrite veins
that are exposed over an area extending 150 metres along strike and
in an area 1.5 kilometre southwest from the southern end of the
current Leprechaun Gold Deposit resource boundary (Figure 1). Grab
samples consisting of quartz-tourmaline-pyrite with coarse visible
gold (Plates 1, 2 and 3) returned assays of up to 581.88 g/t Au,
287.95 g/t Au, 152.75 g/t Au and 88.60 g/t Au. "The discovery of
these spectacular coarse-gold bearing, multiple stacked
hanging-wall quartz veins are highly encouraging and increase the
economic viability of the Leprechaun Gold Deposit," said Phillip
Walford, President and CEO of Marathon Gold Corporation. "The
highest grade grab samples were collected from hanging wall veins
located 100 m from the sediment contact and our trenching efforts
have continued to expand the strike length of the mineralized
corridor to more than 2.1 km, including the Leprechaun Gold
Deposit. Armed with these grab samples, we are keen to continue our
exploration efforts in this prolific zone." The high grade gold
samples were collected from outcrop of newly exposed
quartz-tourmaline-pyrite-gold multiple stacked quartz veins (Plate
4 and 5). These gold-bearing veins form part of the larger
gold-mineralized alteration zone, newly named the J. Frank Zone,
which currently extends over an area in excess of 850 m in length
and 250 m in width, and is located up to 1.5 km southwest along
strike from the current resource boundary of the Leprechaun Gold
deposit. Historical trenching did not intersect these new veins.
Drilling is planned to commence within the next two weeks. This new
zone has been named in honor of Mr. Jim Frank, Chairman of Marathon
Gold Corporation, who passed away on Saturday, October 15, 2011.
Mr. Frank was the founder of Marathon PGM Corporation, the
predecessor company to Marathon Gold Corporation. Mr. Frank has
played an integral role in the development of both companies. He
will be remembered for his tireless energy, dedication and guidance
in making both companies a success. Mr. George Faught, Director of
Marathon Gold Corporation, has been appointed the interim Chairman.
Mr. Faught is a well -known mining executive with considerable
financial experience. Highlights: -- High grade grab samples
consisting of quartz-tourmaline-pyrite with coarse visible gold
returned assays of up to 581.88 g/t Au, 287.95 g/t Au, 152.75 g/t
Au and 88.60 g/t Au -- The newly exposed
quartz-tourmaline-pyrite-gold stacked veins occur 100 m into the
hanging-wall, above the structurally controlled contact with the
Rogerson Lake conglomerate -- The J. Frank Zone now extends over an
area at least 850 m by 250 m in size, and together with the
Leprechaun Gold Deposit, forms a gold-mineralized corridor in
excess of 2.1 km in strike length -- Ongoing prospecting and
stripping continues to exposes additional quartz veining along
strike and into the hanging wall, and -- Channel sampling continues
in the new J. Frank Zone; assays pending. TABLE 1: Top Assays for
Grab Samples from the expanded J. Frank Zone, SW of Leprechaun Gold
Deposit ___________________________ |Tag_#|E_N83 | N_N83 |Au_g/t|
|_____|______|_______|______| |7392 |485026|5355402|581.88|
|_____|______|_______|______| |7385 |485045|5355408|287.95|
|_____|______|_______|______| |7393 |485024|5355400|152.75|
|_____|______|_______|______| |6977 |485078|5355425|88.60 |
|_____|______|_______|______| |7395 |485088|5355429|39.46 |
|_____|______|_______|______| |7389 |484977|5355383|27.64 |
|_____|______|_______|______| |6975 |485057|5355411|27.22 |
|_____|______|_______|______| |7394 |485033|5355405| 4.83 |
|_____|______|_______|______| |6978 |485083|5355422| 2.12 |
|_____|______|_______|______| |7396 |485087|5355428| 1.21 |
|_____|______|_______|______| *Grab samples are selective by nature
and are unlikely to represent average grades of the deposit 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. The
J. Frank Zone, which currently extends over an area in excess of
850 m in length and 250 m in width, is located up to 1.5 km
southwest along strike from the current resource boundary of the
Leprechaun Gold Deposit. 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 m 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 m minimum width. The Leprechaun Gold Deposit is open at depth and
along strike with 74% of the current Measured and Indicated ounces
occurring within 150 m 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.
SOURCE Marathon Gold Corporation Image with caption: "Figure 1 -
Plate 4 - Marathon Gold Discovers New Hanging-Wall Gold Bearing
Quartz Veins with Grab Samples Assaying up to 581.88 g/t Au and
287.95 g/t Au (CNW Group/Marathon Gold Corporation)". Image
available at:
http://photos.newswire.ca/images/download/20111020_C5841_PHOTO_EN_5105.jpg
Image with caption: "Figure 1 - Plate 5 - Marathon Gold Discovers
New Hanging-Wall Gold Bearing Quartz Veins with Grab Samples
Assaying up to 581.88 g/t Au and 287.95 g/t Au (CNW Group/Marathon
Gold Corporation)". Image available at:
http://photos.newswire.ca/images/download/20111020_C5841_PHOTO_EN_5106.jpg
Image with caption: "Plate 1 - Marathon Gold Discovers New
Hanging-Wall Gold Bearing Quartz Veins with Grab Samples Assaying
up to 581.88 g/t Au and 287.95 g/t Au (CNW Group/Marathon Gold
Corporation)". Image available at:
http://photos.newswire.ca/images/download/20111020_C5841_PHOTO_EN_5102.jpg
Image with caption: "Plate 2 - Marathon Gold Discovers New
Hanging-Wall Gold Bearing Quartz Veins with Grab Samples Assaying
up to 581.88 g/t Au and 287.95 g/t Au (CNW Group/Marathon Gold
Corporation)". Image available at:
http://photos.newswire.ca/images/download/20111020_C5841_PHOTO_EN_5103.jpg
Image with caption: "Plate 3 - Marathon Gold Discovers New
Hanging-Wall Gold Bearing Quartz Veins with Grab Samples Assaying
up to 581.88 g/t Au and 287.95 g/t Au (CNW Group/Marathon Gold
Corporation)". Image available at:
http://photos.newswire.ca/images/download/20111020_C5841_PHOTO_EN_5104.jpg
Marathon Gold Corporation CONTACT: Marathon Gold CorporationJennie
GuayInvestor Relations ManagerTel:
1-416-987-0714Email:jguay@marathon-gold.com
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