Marathon Gold Reports Positive Results in Near Surface Drilling at the J. Frank Zone, Valentine Lake Project
01 8월 2012 - 8:00PM
PR Newswire (Canada)
TORONTO, Aug. 1, 2012 /CNW/ - Marathon Gold Corporation ("Marathon"
or the "Company") today announced positive results over a 100 meter
strike length of near surface drilling at the J. Frank Zone,
Valentine Lake Project, Newfoundland (Figure 1). Near surface
intercepts included 0.44 g/t over 36.0 meters with 3.78 g/t Au over
1.60 meters and 3.82 g/t Au over 0.8 meters in VL-12-459 and deeper
intercepts with 3.29 g/t Au over 8.1 meters including 18.66 g/t Au
over 0.9 meters in VL-12-455 (Photo) and 1.27 g/t Au over 10.8
meters including 7.02 g/t Au over 0.9 meters in VL-12-458. These
near surface drill results occur up to 350 meters along strike
northeast of the newly discovered gold-bearing
quartz-tourmaline-pyrite vein system announced in Marathon's July
26, 2012 news release. To view these results and trenching from the
J. Frank Zone click here. To view visible gold from the J. Frank
Zone click here. Highlights include: -- Deeper Main Zone style
mineralization including 3.29 g/t Au over 8.1 meters including
18.66 g/t Au over 0.9 meters in VL-12-455 and 1.27 g/t Au over 10.8
meters including 7.02 g/t Au over 0.9 meters in VL-12-458. --
Significant Main Zone style mineralization within 65 meters of
surface with 0.44 g/t Au over 36.0 meters including 3.78 g/t Au
over 1.60 meters and 3.82 g/t Au over 0.8 meters in VL-12-459, 1.02
g/t Au over 2.90 meters in VL-12-456, and 0.81 g/t Au over 2.10
meters. -- Continued growth of a potential near surface open-pit
Resource in the J. Frank Zone is demonstrated by these shallow
drill results. Future drilling is planned to continue up to 400
meters along strike to the southwest into the new newly discovered
gold-bearing quartz-tourmaline-pyrite vein system. "Although
exploration in the J. Frank Zone is in the early stages, we are
having success so far. We are extremely encouraged by this
new drilling of near surface Main Zone style mineralization and
with the potential additional 400 meters of strike length of newly
trenched gold-bearing quartz-tourmaline-pyrite veins. These results
advance our goal of seeking and defining additional open pit
Resources at the Valentine Lake Project," said Phillip Walford,
President and CEO of Marathon Gold. TABLE 1: Significant Assay
Intervals from drill holes in the Leprechaun Gold Deposit *
_________________________________________________________ | | | | |
| Core | |Gold(g/t)| | DDH |Section|Zone**|From|To |Length|TT (m)|
Uncut | |_________|_______|______|____|___|______|______|_________|
|VL-12-455| 8475 | MZ | 72 |75 | 3 | 2.7 | 0.86 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ |141 |150| 9 | 8.1 | 3.29 |
|_________|_______|______|____|___|______|______|_________|
|including| | MZ |149 |150| 1 | 0.9 | 18.66 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ |179 |182| 3 | 2.7 | 1.28 |
|_________|_______|______|____|___|______|______|_________|
|VL-12-456| 8500 | MZ | 37 |40 | 3 | 2.9 | 1.02 |
|_________|_______|______|____|___|______|______|_________|
|VL-12-457| 8450 | MZ | 2 | 5 | 3 | 2.3 | 0.56 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ | 12 |15 | 3 | 2.3 | 0.62 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ | 37 |40 | 3 | 2.3 | 0.66 |
|_________|_______|______|____|___|______|______|_________|
|VL-12-458| 8450 | MZ |130 |133| 3 | 2.7 | 0.49 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ |158 |170| 12 | 10.8 | 1.27 |
|_________|_______|______|____|___|______|______|_________|
|including| | MZ |161 |162| 1 | 0.9 | 7.02 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ |209 |213| 4 | 3.6 | 0.55 |
|_________|_______|______|____|___|______|______|_________|
|VL-12-459| 8425 | MZ | 20 |65 | 45 | 36.0 | 0.44 |
|_________|_______|______|____|___|______|______|_________|
|including| | MZ | 28 |30 | 2 | 1.6 | 3.78 |
|_________|_______|______|____|___|______|______|_________|
|including| | MZ | 45 |46 | 1 | 0.8 | 3.82 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ |127 |131| 4 | 3.2 | 0.77 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ |140 |143| 3 | 2.4 | 0.53 |
|_________|_______|______|____|___|______|______|_________|
|VL-12-460| 8475 | MZ |170 |173| 3 | 2.6 | 0.87 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ |274 |277| 3 | 2.6 | 0.57 |
|_________|_______|______|____|___|______|______|_________|
|VL-12-461| 8525 | MZ | 18 |21 | 3 | 2.1 | 0.81 |
|_________|_______|______|____|___|______|______|_________| | | |
MZ | 81 |84 | 3 | 2.1 | 1.16 |
|_________|_______|______|____|___|______|______|_________| * DDH's
VL-12-452, VL-12-453, and VL-12-454 - returned no significant
mineralized intervals. ** Denotes: MZ - Main Zone ***The Main Zone
at the J. Frank Zone refers to the mineralization in close
proximity to the sheared contact with the sedimentary rocks The
Valentine Lake Project is 100% owned by Marathon Gold Corporation
(see July 9, 2012 news release). Marathon has begun a modified
summer-fall 2012 program of prospecting, geological mapping and
trenching along the highly prospective 23 kilometer strike length
of the property outside of the current boundaries of the Leprechaun
Gold Deposit. All grades in this release are uncut, and all
thicknesses are estimated true thicknesses. A total of 91 drill
holes totaling 24,442 meters (69.8%) of the originally planned 2012
drilling campaign have now been completed. All of the above 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 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 850 meters
in length and 250 meters in width, is located up to 0.5 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 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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