Marathon Gold Discovers New Gold Bearing Quartz Veins in Extension of the J. Frank Zone, Valentine Lake Project
26 7월 2012 - 8:00PM
PR Newswire (Canada)
-- Grab Assays up to 136.03 g/t Au, 107.0 g/t Au, 50.51 g/t Au and
32.45 g/t Au TORONTO, July 26, 2012 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") today announced that
during this summer's prospecting and trenching program a new zone
of gold-bearing quartz-tourmaline-pyrite veins was discovered in an
area located up to 400 meters along strike southwest of the Frank
Zone (Figure 1). Visible gold, up to 1.5 mm in size (Photo 1)
occurs with abundant coarse cubic pyrite, in a system of stacked
quartz-tourmaline veins, hosted by altered granitic rock (Photo 2).
Initial grab samples from outcrop and float in this new area
returned up to 136.03 g/t Au, 107.00 g/t Au, 50.51 g/t Au, 32.45
g/t Au, and 26.48 g/t Au. Additional trenching and channel sampling
is currently ongoing in this new area. These gold-bearing veins
form the southwest extension of a larger gold-mineralizing system,
which incorporates the J. Frank Zone, and extends over an area in
excess of 1200 meters in strike length and up to 250 meters in
width. These new veins are located up to 1.9 kilometers southwest
along strike from the current Resource boundary of the Leprechaun
Gold Deposit. This area has not been previously trenched. "This new
area of multiple-stacked gold-bearing veins, located during this
summer's prospecting and trenching program, is a significant
discovery for Marathon. These high-grade grab samples, which were
collected from outcrop and in-situ float within 15 and 110 meters
of the Valentine Lake thrust fault, demonstrate that we are having
success with the summer program and that the Valentine Lake
mineralized corridor is lengthening. The area of prospecting and
trenching is now in excess of 3.5 kilometers, including the
Leprechaun Gold Deposit, but over 15 kilometers has yet to be
prospected", said Phillip Walford, President and CEO of Marathon
Gold. Highlights include: -- High-grade grab samples consisting of
quartz-tourmaline-pyrite veining with visible coarse grained gold
returned up to 136.03 g/t Au, 107.00 g/t Au, 50.51 g/t Au and 32.45
g/t Au, typical of the mineralization found at the Leprechaun
Deposit -- These newly discovered multiple stacked
quartz-tourmaline-pyrite-gold veins occur within 15 meters to 120
meters of the structurally controlled and overturned contact with
the younger Rogerson Lake conglomerate. -- The J. Frank Zone now
extends over an area of at least 1200 meters by 250 meters in size,
and together with the Leprechaun Gold Deposit, forms a
gold-mineralized corridor with more than a 3.5 kilometer strike
length. -- Ongoing prospecting and stripping continues to expose
additional quartz veining along strike and into the hanging wall.
Additional outcrop grab and channel samples are pending. TABLE 1:
Top Assays for Grab Samples with Quartz-Tourmaline-Pyrite veining
from the new area, up to 400 meters southwest of the J. Frank Zone,
and 1.9 kilometers southwest of the Leprechaun Gold Deposit.
___________________________________ |Tag
_#|E_Nad83|N_Nad83|Rock*|Au_g/t|
|______|_______|_______|_____|______| |64104 |484907 |5355441| FL |
6.00 | |______|_______|_______|_____|______| |64107 |484907
|5355456| FL | 3.31 | |______|_______|_______|_____|______| |64108
|484883 |5355444| FL | 7.19 | |______|_______|_______|_____|______|
|64110 |484865 |5355456| FL |21.08 |
|______|_______|_______|_____|______| |64111 |484864 |5355458| SC
|107.00| |______|_______|_______|_____|______| |64113 |484780
|5355247| OC |32.45 | |______|_______|_______|_____|______| |64117
|484758 |5355238| SC |50.51 | |______|_______|_______|_____|______|
|64118 |484750 |5355247| OC | 7.87 |
|______|_______|_______|_____|______| |64127 |484717 |5355291| OC |
7.22 | |______|_______|_______|_____|______| |64128 |484753
|5355241| OC |24.05 | |______|_______|_______|_____|______| |64201
|484561 |5355279| FL |136.03| |______|_______|_______|_____|______|
|64202 |484711 |5355285| OC | 2.84 |
|______|_______|_______|_____|______| |64216 |484890 |5355451| FL
|26.48 | |______|_______|_______|_____|______| * OC = outcrop, SC =
subcrop, and FL = in-situ angular to subangular float 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
Marathon Gold Corporation is now the 100% owner of the Valentine
Lake Project. 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 1200 meters in length and 250
meters in width, is located up to 1.9 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 focused along
the Valentine Lake thrust fault. About the Leprechaun Gold Deposit
The Leprechaun Gold Deposit has a NI 43-101 compliant Measured and
Indicated Resource of 6,446,000 tonnes grading 2.05 g/t gold, for a
total estimated 424,000 ounces of gold (news release, March 29,
2012). The Inferred Resource is 5,742,000 tonnes grading 1.65 g/t
gold, for an estimated 305,000 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. 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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