Marathon Gold Files Technical Report with Initial NI 43-101 Compliant Resource Estimate for the Golden Chest Mine
20 4월 2012 - 8:00PM
PR Newswire (Canada)
TORONTO, April 20, 2012 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") today announced it has filed its
Technical Report with the first NI 43-101 compliant Resource
Estimate on the Golden Chest Mine in north eastern Idaho, USA and
it can be found on the SEDAR website. The Technical Report was
completed by Micon International Limited (Micon) and was released
March 5, 2012. The completion of the Technical Report was a
milestone for the Company and a significant contributor to the
development of the Golden Chest Mine. The Golden Chest Mine is
owned 50% by New Jersey Mining Corporation ("NJMC") and 50% by
Marathon Gold Corporation and NJMC is the operator. Highlights: --
Global Resource: M&I 3,107,000 tonnes @ 1.47 g/t Au, with
147,000 oz of contained gold, Inferred 4,978,000 tonnes @ 1.46 g/t
Au, with 233,300 oz of contained gold -- The Technical Report can
be found at www.sedar.com "Marathon is having great success at the
Golden Chest Mine. The results of the initial Resource Estimate,
which were based on last year's 10,000 m drilling program, confirm
that there is significant potential for this to be a sizeable
deposit. Since the commencement of this year's 20,000 m drill
program, the open pit infill holes have further indicated that the
current deposit is expanding and the underground targeted holes are
also extending the strike length of the Idaho vein system in an
area that has not been previously drilled," said Phillip Walford,
President and CEO of Marathon Gold. "As this year's drill program
progresses, we are looking forward to drilling the high-grade
Katie-Dora area to target the extension of the open pit Resource to
the north." Golden Chest Mine Measured and Inferred Initial
Resource Indicated Estimate Global Resource Tonnes 3,107,000
4,978,000 Grade (g/t Au) 1.47 1.46 Ounces @ 0.4 g/t cut- 147,000
233,300 off In Open Pit Tonnes 2,788,000 3,847,500 Grade (g/t Au)
1.35 1.45 Ounces @ 0.4 g/t cut- 121,100 179,000 off 1. The 0.4 g/t
gold open pit cut-off grade underlying the Resource Estimate is
based on a number of parameters and assumptions including a gold
price of US$1,200 per troy ounce, 92% metallurgical gold recovery,
mining costs of US$2.00/tonne, process costs of US$9.50/tonne,
General & Administrative costs of US$2.00/tonne and
environmental rehabilitation costs of US$0.20 per tonne treated. 2.
The quantity and grade of reported Inferred mineral Resources in
this estimation are uncertain in nature and there has been
insufficient exploration to define the Inferred mineral Resources
as Indicated or Measured mineral Resources. It is uncertain if
further exploration will result in upgrading them to Indicated or
Measured mineral Resource categories. 3. The mineral Resources in
this news release were estimated using the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) Standards on Mineral
Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standing Committee on Reserve Definitions and adopted by CIM
Council. The effective date of this mineral Resource Estimate is
March 2012. This Resource has been estimated in compliance with
National Instrument 43-101 standards and was completed by Micon
using both Ordinary Kriging and Inverse Distance Cubed methods,
which gave similar results. The reported figures are taken
from the Ordinary Kriging modeling. The Micon staff responsible for
this Resource Estimate are Messrs Charley Murahwi, M.Sc., P. Geo.,
FAusIMM and Alan J. San Martin, MAusIMM(CP). All are Qualified
Persons as defined in NI 43-101, and are independent of Marathon
Gold Corporation and New Jersey Mining Company. Micon acknowledges
that it has read this news release and there are no errors
contained herein. Phillip Walford P.Geo, President and CEO of
Marathon Gold, 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 news 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 515
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 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 or results otherwise.
Marathon Gold Corporation CONTACT: Marathon Gold CorporationJennie
GuayInvestor Relations ManagerTel: 1-416-987-0714Email:
jguay@marathon-gold.comwww.marathon-gold.com
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