Marathon Gold Hits Significant Gold Intervals in a Thick Quartz-Tourmaline-Pyrite Alteration Envelope at J. Frank Zone
06 12월 2011 - 9:00PM
PR Newswire (Canada)
TORONTO, Dec. 6, 2011 /CNW/ - Marathon Gold Corporation ("Marathon"
or the "Company") today announced that it has hit an intersection
with thick intervals of near surface gold-bearing
quartz-tourmaline-pyrite alteration containing gold during initial
drilling at the J. Frank Zone, Valentine Lake Project (Figure 1).
Significant new near surface J. Frank Zone intercepts include: --
VL-11-366 with 3.49 g/t Au over 3.75 meters including 10.23 g/t Au
over 0.75 meters -- VL-11-376 with 4.47 g/t Au over 2.25 meters
including 13.30 g/t Au over 0.75 meters "We believe that the new J.
Frank Zone discovery will be advantageous for Marathon and hitting
this intersection, which contains high grade gold intervals within
a more than 80 meter thick quartz-tourmaline-pyrite alteration
envelope, provides further encouragement. The style and intensity
of this mineralization is identical to that of the Leprechaun Gold
Deposit which is located 1.5 kilometers along strike to the
north-east. As it is still early days, we plan to carry out a
drilling program that will aim to identify the wider and higher
grade gold areas within the J. Frank Zone," said Phillip Walford,
President and CEO of Marathon Gold Corporation. The Valentine Lake
Project, including the Leprechaun Gold Deposit, is a 50/50 Joint
Venture between Marathon Gold Corporation and Mountain Lake
Resources Inc. Both companies were equal contributors to the
recently completed 25,250 meter 2011 drilling program in which
Marathon is the operator. All grades in this release are
uncut, and all thicknesses are of estimated true thickness. A total
of 150 drill holes have been completed during the 2011 drilling
campaign. A revised Resource Estimate is expected to be completed
in early Q1 2012. Highlights: -- Initial shallow exploration
drilling at the J. Frank Zone intersected high grade gold intervals
within a more than 80 meter thick gold-anomalous
quartz-tourmaline-pyrite alteration envelope that is identical to
the Leprechaun Gold Deposit located 1.5 kilometers to the
north-east. -- Drill holes VL-11-366 and VL-11-376 intersected
significant new main zone-style mineralization with intervals of
3.49 g/t Au over 3.75 meters including 10.23 g/t Au over 0.75
meters and 4.47 g/t Au over 2.25 meters including 13.30 g/t Au over
0.75 meters. -- 2012 drilling at the J. Frank Zone will focus on
delineating and expanding areas of higher grade gold. TABLE 1:
Significant Assay Intervals for the J. Frank Zone*
_____________________________________________________ | DDH
|Section|From|To | Core | TT |Gold (g/t)| | | |(m) |(m)|Length
(m)|(m) | Uncut |
|_________|_______|____|___|__________|____|__________| |VL-11-366|
8900 | 19 |24 | 5 |3.75| 3.49 |
|_________|_______|____|___|__________|____|__________| |including|
| 21 |22 | 1 |0.75| 10.23 |
|_________|_______|____|___|__________|____|__________| | | | 69
|73 | 4 | 3 | 0.60 |
|_________|_______|____|___|__________|____|__________| |VL-11-367|
8925 | 16 |19 | 3 |2.25| 0.38 |
|_________|_______|____|___|__________|____|__________|
|VL-11-368|8962.5 | 6 | 9 | 3 | 3 | 0.33 |
|_________|_______|____|___|__________|____|__________| | | | 13
|16 | 3 | 3 | 0.27 |
|_________|_______|____|___|__________|____|__________|
|VL-11-369|8962.5 | 5 | 9 | 4 |3.8 | 0.53 |
|_________|_______|____|___|__________|____|__________| | | | 13
|16 | 3 |2.85| 0.41 |
|_________|_______|____|___|__________|____|__________| |VL-11-370|
9050 | 74 |77 | 3 |2.25| 0.53 |
|_________|_______|____|___|__________|____|__________| |VL-11-371|
9100 |0.6 | 5 | 4.4 |3.3 | 0.35 |
|_________|_______|____|___|__________|____|__________| | | | 37
|40 | 3 |2.25| 0.38 |
|_________|_______|____|___|__________|____|__________| |VL-11-374|
9000 |2.36| 6 | 3.64 |2.73| 1.07 |
|_________|_______|____|___|__________|____|__________| | | | 36
|39 | 3 |2.25| 0.75 |
|_________|_______|____|___|__________|____|__________| | | | 50
|56 | 6 |4.5 | 0.77 |
|_________|_______|____|___|__________|____|__________| |including|
| 55 |56 | 1 |0.75| 3.02 |
|_________|_______|____|___|__________|____|__________| |VL-11-375|
8475 | 50 |55 | 5 |3.75| 0.41 |
|_________|_______|____|___|__________|____|__________| | | | 71
|74 | 3 |2.25| 0.58 |
|_________|_______|____|___|__________|____|__________| |VL-11-376|
8475 | 22 |25 | 3 |2.25| 4.47 |
|_________|_______|____|___|__________|____|__________| |including|
| 22 |23 | 1 |0.75| 13.30 |
|_________|_______|____|___|__________|____|__________| | | | 33
|36 | 3 | 3 | 0.34 |
|_________|_______|____|___|__________|____|__________| | | | 43
|46 | 3 | 3 | 0.37 |
|_________|_______|____|___|__________|____|__________| *VL-11-372,
VL-11-373 and VL-11-377 contained no significant assay intervals.
To view the complete list of drill results from the 2011 drilling
program, which will be included in the pending updated Resource
Estimate, click HERE. 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. 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
the Valentine Lake Project Valentine Lake is a 50/50 Joint Venture
between Marathon Gold Corporation and Mountain Lake Resources Inc.
The Leprechaun Gold Deposit is situated at the south-western end of
the Valentine Lake Project, and the Valentine East Gold Zone is
located 17 kilometers along strike running in a north-easterly
direction. The J. Frank Zone, which currently extends over an
area in excess of 850 meters in length and 250 meters in width, is
located up to 1.5 kilometers southwest along strike from the
current resource boundary of the Leprechaun Gold Deposit. These
gold occurrences form part of a 23 kilometer long, highly
prospective gold-bearing mineralized corridor. Marathon is the
operator of the Joint Venture, and the companies jointly funded a
$6 million 2011 exploration program that included the 25,250 meters
of drilling. A 40,000 m drilling program is planned to commence in
January 2012. About the Leprechaun Gold Deposit The Leprechaun Gold
Deposit has a 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 (news release, December 16, 2010). The
Inferred 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
150 meters of surface. A new Leprechaun Gold Deposit resource
is expected to be released Q1 2012 About Marathon Gold
Corporation Marathon Gold Corporation is a North American gold
resource development company, 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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