Marathon Gold Intersects 2.05 g/t Gold Over 30.8 Meters at the Golden Chest Mine
26 10월 2011 - 8:00PM
PR Newswire (Canada)
TORONTO, Oct. 26, 2011 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") reports a further drill intercept of
30.8 meters grading 2.05 g/t gold (true thickness) including 5.7
meters of 7.56 g/t gold (true thickness) in drill hole GC 11-52
from the core drilling program currently underway at the Golden
Chest Mine in Murray, Idaho (Figure 1). Golden Chest is in a
Joint Venture owned 50% by Marathon Gold Corporation (MOZ-TSX) and
50% by New Jersey Mining Corporation (operator). "Thus far, the
core drilling efforts at Golden Chest have proven to be very
rewarding for Marathon since these intercepts are even better than
expected, in both grade and thickness, than previous widely spaced
reverse circulation and diamond drill holes. Drilling to date, and
geological work this year has demonstrated that the open pit
potential goes beyond the limits of the historic open pit resource.
Subsequently, we expect to undertake another drill program next
year to define the full open pit potential. The new NI 43-101
compliant resource, expected in the first quarter of 2012, is the
first step in expanding the Golden Chest deposit", stated Phillip
Walford, President and CEO of Marathon Gold Corp. All grades in
this release are uncut, and all thicknesses are estimated true
thicknesses Highlights: -- GC 11-52 returned 2.05 g/t gold over
30.8 m (true thickness) from 67.7 m down the hole including 7.56
g/t gold over 5.7 m (true thickness) from 75.1 to 82.0 m down the
hole. -- GC 11-53 returned 1.74 g/t gold over 33.1 m (true
thickness) from 36.8 m down the hole. -- GC 11-49 returned 1.69 g/t
gold over 30.8 m (true thickness) from 67.7 m down the hole. -- GC
11-40 returned 1.00g/t gold over 30.9 m (true thickness) from 11.7
m down the hole. The majority of the holes in this release,
including GC 11-52, are located near 4500 North which is 200 m
north of where the open pit resource drilling started this year and
indicate the strength of the Idaho vein system. GC 11-52 also
intercepted 1.79% tungsten over 4.8 m (true thickness). Table 1 -
Significant Drill Intersections at the Golden Chest Mine
__________________________________________________________________
|DDH |Resource |From |To (m)|Core |True |Gold (g/t)| | |Target |(m)
| |Width (m)|Thickness (m)| |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-40|Open Pit |11.7 |42.7 |31.0 |30.9 |1.00 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-46|Open Pit |5.1 |20.4 |15.3 |14.9 |1.05 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-47|Open Pit |99.7 |130.2 |30.5 |29.2 |0.73 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-48|Open Pit |117.7|137.6 |19.9 |17.0 |1.11 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-49|Open Pit |67.7 |100.5 |32.8 |30.8 |1.69 | |
|_________|_____|______|_________|_____________|__________| |
|includes |79.0 |80.9 |1.9 |1.8 |11.0 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-51|Open Pit |124.0|134.0 |10.0 |6.7 |0.36 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-52|Open Pit |67.7 |105.0 |37.3 |30.8 |2.05 | |
|_________|_____|______|_________|_____________|__________| |
|Includes |75.1 |82.0 |6.9 |5.7 |7.56 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-53|Open Pit |36.8 |82.0 |45.2 |33.1 |1.74 |
|________|_________|_____|______|_________|_____________|__________|
| |and |94.9 |116.9 |22.0 |16.1 |0.49 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-54|Open Pit |53.2 |56.7 |3.5 |3.4 |4.48 |
|________|_________|_____|______|_________|_____________|__________|
| |and |67.3 |90.0 |22.7 |22.0 |0.59 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-55|Open Pit |33.7 |41.8 |8.1 |6.4 |0.81 |
|________|_________|_____|______|_________|_____________|__________|
| |and |76.4 |104.0 |27.6 |21.8 |0.72 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-57|Open Pit |123.5|149.2 |25.7 |14.1 |0.95 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-59|Open Pit |25.0 |30.3 |5.3 |5.1 |2.67 |
|________|_________|_____|______|_________|_____________|__________|
Note that hole numbers missing in the sequence above may have
already been released, are in the process of being logged by
geologists, or are awaiting assay analysis. Surface core drilling
at Golden Chest on a 25 m by 25 m grid has been completed.
Drilling will now focus on 50 m step out holes along strike to the
north and south where the mineralization is open-ended.
Drilling will continue on surface until the weather no longer
permits it. Two drill rigs are currently working on open pit
resource drilling and have completed approximately 9,000 m to
date. The Joint Venture partners plan to complete at least
10,000 m of drilling this year. To view the Golden Chest open pit
target click here. To view the Golden Chest open pit section click
here. An NI 43-101 report is in preparation which will include open
pit and underground resources. The resource estimation is scheduled
to begin in November, 2011 and be completed by the first quarter of
2012. 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. Phillip
Walford P.Geo. President and CEO, is Marathon's Qualified Person in
compliance with National Instrument 43-101 with respect to this
release. Mr. Walford has reviewed the contents for accuracy and has
approved this press release on behalf of Marathon. 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.
The mine has over 3,900 m 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 Joint-Venture
to work easily on the mine property. 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, and 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
Corporation, 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 Corporation'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, results or otherwise. Marathon
Gold Corporation CONTACT: Marathon Gold CorporationJennie
GuayInvestor Relations ManagerTel:
1-416-987-0714Email:jguay@marathon-gold.com
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