Marathon Gold Hits New High-Grade Mineralization at the Leprechaun Gold Deposit, Valentine Lake Project
02 3월 2012 - 9:00PM
PR Newswire (Canada)
TORONTO, March 2, 2012 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") today announced the results of 12
drill holes from the 2012 drilling campaign at the Leprechaun Gold
Deposit in Valentine Lake, Newfoundland (Figure 1). Drilling
revealed several new discoveries of new high-grade gold intercepts,
which demonstrate that the Leprechaun Gold Deposit is expanding
down-dip. Results include: -- 8.04 g/t Au over 4.25 meters
including 35.71 g/t Au over 0.85 meters (Photo 1) and 9.35 g/t Au
over 2.55 meters including 20.33 g/t Au over 0.85 meters in
VL-12-397 -- 4.11 g/t Au over 8.0 meters including 24.76 g/t Au
over 0.8 meters in VL-12-391 -- 5.77 g/t Au over 3.4 meters
including 20.22 g/t Au over 0.85 meters in VL-12-388 "The
intersection of this new high-grade gold mineralization is very
encouraging because it reveals that the current Resource is
expanding down-dip to the southwest", said Phillip Walford,
President and CEO of Marathon Gold. The Valentine Lake Project,
including the Leprechaun Gold Deposit, is a 50/50 joint venture
between Marathon and Mountain Lake Resources Inc. Both companies
are equal contributors to a planned 40,000 meter 2012 drilling
program in which Marathon is the operator. The 2012
exploration program has started at the Leprechaun Gold Deposit and
will continue to expand southwest into the J. Frank Zone and
northeast into the Sprite Zone. All grades in this release are
uncut, and all thicknesses are estimated true thicknesses. A total
of 25 drill holes totaling 7,675 meters (19%) of the planned 40,000
meter 2012 drilling campaign have now been completed. Highlights:
-- Significant new Main Zone intercepts of 8.04 g/t Au over 4.25
meters including 35.71 g/t Au over 0.9 meters and 9.35 g/t Au over
2.6 meters including 20.33 g/t Au over 0.9 meters in VL-12-397,
2.67 g/t Au over 12.0 meters including 11.90 g/t Au over 2.3 meters
in VL-12-390, and 2.03 g/t Au over 9.8 meters including 13.81 g/t
Au over 0.8 meters in VL-12-391 confirm extension of the Main Zone
mineralization. Significant new Footwall Zone intercepts of 4.11
g/t Au over 8.0 meters including 24.76 g/t Au over 0.8 meters in
VL-12-391, and 5.77 g/t Au over 3.4 meters including 20.22 g/t Au
over 0.85 and 2.08 g/t Au over 9.35 meters including 6.96 g/t Au
over 1.7 meters in VL-12-388 confirms a high-grade lens of Footwall
Zone mineralization extending over 50 meters in strike length and
extending over 80 meters down dip. -- Drilling at the Leprechaun
Gold Deposit will continue throughout the 2012 season with three
drills currently focused on expanding the deposit both down dip and
along strike into the Sprite and J. Frank gold zones. TABLE 1:
Significant Assay Intervals from drill holes, Leprechaun Gold
Deposit*
___________________________________________________________ | | | |
| | Core | |Gold (g/t)| | DDH |Section|Zone*|From| To |Length|TT
(m)| Uncut |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-381| 10525 | MZ |185 | 188 | 3 | 2.1 | 1.06 |
|_________|_______|_____|____|_____|______|______|__________| | | |
FW |280 | 283 | 3 | 2.1 | 1.29 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-382| 10200 | MZ |114 | 117 | 3 | 2.9 | 1.89 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |158 | 161 | 3 | 2.6 | 1.01 |
|_________|_______|_____|____|_____|______|______|__________| | | |
FW |235 | 238 | 3 | 2.6 | 2.09 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-383| 10475 | MZ |206 | 211 | 5 | 4.8 | 1.17 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |275 | 281 | 6 | 5.7 | 1.44 |
|_________|_______|_____|____|_____|______|______|__________| | | |
FW |373 | 376 | 3 | 2.3 | 1.22 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-384| 10225 | MZ |230 | 235 | 5 | 4.5 | 1.74 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-385| 10463 | MZ |271 | 274 | 3 | 2.7 | 1.03 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-386| 10250 | MZ |173 | 179 | 6 | 5.7 | 1.33 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |192 | 195 | 3 | 2.9 | 2.10 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |247 | 250 | 3 | 2.7 | 4.47 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-387| 10250 | MZ |209 | 214 | 5 | 4.8 | 1.48 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |240 | 243 | 3 | 2.9 | 1.13 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-388| 10438 | MZ |145 | 154 | 9 | 6.8 | 1.10 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |162 | 165 | 3 | 2.3 | 3.54 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | MZ |162 | 163 | 1 | 0.8 | 9.40 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |168 | 173 | 5 | 3.8 | 3.63 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | MZ |171 | 172 | 1 | 0.8 | 9.68 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |187 | 190 | 3 | 2.3 | 2.01 |
|_________|_______|_____|____|_____|______|______|__________| | | |
FW |249 | 260 | 11 | 9.4 | 2.08 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | FW |252 | 254 | 2 | 1.7 | 6.96 |
|_________|_______|_____|____|_____|______|______|__________| | | |
FW |265 | 269 | 4 | 3.4 | 5.77 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | FW |266 | 267 | 1 | 0.9 | 20.22 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-389| 10425 | MZ |193 | 198 | 5 | 4.8 | 1.01 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |241 | 244 | 3 | 2.6 | 2.56 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |272 |276.5| 4.5 | 3.8 | 1.29 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-390| 9900 | MZ |195 | 211 | 16 | 12 | 2.67 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | MZ |196 | 199 | 3 | 2.3 | 11.90 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-391| 10450 | MZ |174 | 186 | 12 | 9 | 1.91 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | MZ |185 | 186 | 1 | 0.8 | 6.41 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |224 | 237 | 13 | 9.8 | 2.03 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | MZ |229 | 230 | 1 | 0.8 | 13.81 |
|_________|_______|_____|____|_____|______|______|__________| | | |
FW |270 | 280 | 10 | 8 | 4.11 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | FW |276 | 277 | 1 | 0.8 | 24.76 |
|_________|_______|_____|____|_____|______|______|__________|
|VL-12-397| 10150 | MZ |119 | 122 | 3 | 2.6 | 1.69 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |131 | 136 | 5 | 4.3 | 8.04 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | MZ |131 | 132 | 1 | 0.9 | 35.71 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |154 | 162 | 8 | 6.8 | 1.33 |
|_________|_______|_____|____|_____|______|______|__________| | | |
MZ |179 | 182 | 3 | 2.6 | 9.35 |
|_________|_______|_____|____|_____|______|______|__________|
|included | | MZ |180 | 181 | 1 | 0.9 | 20.33 |
|_________|_______|_____|____|_____|______|______|__________|
*VL-12-389 was abandoned at 276.5 meters due to caving in of the
drill hole, and therefore did not reach the targeted high-grade
zone. *Denotes: MZ - main zone and FW - foot wall zone 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 Joint
Venture The Valentine Lake Joint Venture is a 50/50 joint venture
between Marathon 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 have agreed to
jointly fund a $11.53 million budget in 2012 that includes plans
for 40,000 meters of drilling which is currently ongoing. 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. 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, the prolific Coeur d'Alene Mining
District of Idaho and the historic gold rich Greenhorn District of
Oregon, USA. 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: 1-416-987-0714E-mail:
jguay@marathon-gold.com
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