Marathon Gold Extends High-Grade Gold Intercepts at the Leprechaun Gold Deposit, Valentine Lake Project
27 8월 2012 - 8:00PM
PR Newswire (Canada)
TORONTO, Aug. 27, 2012 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") today announced new significant
intercepts of high-grade gold mineralization from both the Hanging
Wall and Main Zones in the central area of the Leprechaun Gold
Deposit, Valentine Lake Project, Newfoundland. High-grade Main Zone
intercepts include: 13.2 g/t Au over 11.05 meters with 29.36 g/t Au
over 4.25 meters in VL-12-465, 4.64 g/t Au over 12.8 meters with
20.16 g/t Au over 1.6 meters in VL-12-464, and 14.22 g/t Au over
2.7 meters with 42.46 g/t Au over 0.9 meters in VL-12-468.
High-grade Hanging Wall intercepts include: 4.2 g/t over 5.0 meters
with 15.78 g/t Au over 1.0 meter in VL-12-465, and 8.51 g/t Au over
3.0 meters with 25.52 g/t Au over 1.0 meter in VL-12-466. To view
new drill holes at the Leprechaun Gold Deposit, click here. To view
a visible gold core sample from drill hole VL-12-468 from the
Valentine Lake Project, click here. "These recent results are very
significant for Marathon as the high-grade intercepts at depth
confirm the continuity of the southwest plunging high-grade
material. The continuation of high-grade Main Zone mineralization
to depth is exciting as it exemplifies that there is the potential
for an underground Resource. The zone of mineralization in the
Hanging Wall is also very encouraging as it further supports the
potential for an open pit. We will be continuing to develop the
Leprechaun Gold Deposit and with 24,442 meters of drilling
completed in 2012, we anticipate a new Resource update by year
end," said Phillip Walford, President and CEO of Marathon Gold.
Highlights include: -- Extension of high-grade Main Zone
mineralization, with step-out drilling up to 100 meters down-dip of
previous Marathon drilling. High-grade Main Zone intercepts
include: 13.2 g/t Au over 11.05 meters with 29.36 g/t Au over 4.25
meters in VL-12-465, 4.64 g/t Au over 12.8 meters with 20.16 g/t Au
over 1.6 meters in VL-12-464, and 14.22 g/t Au over 2.7 meters with
42.46 g/t Au over 0.9 meters in VL-12-468 -- Significant high-grade
Hanging Wall intercepts include: 4.2 g/t over 5.0 meters with 15.78
g/t Au over 1.0 meter in VL-12-465, and 8.51 g/t Au over 3.0 meters
with 25.52 g/t Au over 1.0 meter in VL-12-466. -- Continued growth
of the open pit Resource, as well as potential for developing an
underground Resource at the Leprechaun Gold Deposit, is supported
by the continued intersection of new high-grade shallow Hanging
Wall and deeper Main Zone mineralization. -- The new shallow
mineralization is facilitating the definition of a moderately
northwest dipping Hanging Wall dilation zone with an enveloping
surface showing a width of at least 130 meters, height of up to 120
meters, and current strike length of 90 meters. -- In 2012, 24,442
meters of new diamond drilling have been completed at the Valentine
Lake Project, the majority of which was on the Leprechaun Gold
Deposit. These drill holes were not used in the previous Resource
Estimate. A new Resource update has been commissioned for
completion before year end. TABLE 1: Significant Assay Intervals
from drill holes in the Leprechaun Gold Deposit *
_______________________________________________________________ | |
| | | | | Core | |Gold(g/t)| | DDH |Section|Zone*|Design |From|To
|Length|TT(m)| Uncut |
|_________|_______|_____|_______|____|___|______|_____|_________| |
VL-12- | | | Step | | | | | | | 462 |10187.5| HW | Out |192 |195| 3
|2.85 | 9.34 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | HW | |193 |194| 1 |0.95 | 23.36 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
VL-12- | | | Step | | | | | | | 463 |10162.5| HW | Out |235 |238| 3
|2.85 | 2.50 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | HW | |236 |237| 1 |0.95 | 7.50 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |310 |313| 3 |2.85 | 3.93 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | MZ | |312 |313| 1 |0.95 | 11.48 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
VL-12- | | | Step | | | | | | | 464 | 10150 | HW | Out |186 |189| 3
|2.85 | 1.31 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | HW | |191 |194| 3 |2.85 | 1.08 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |250 |253| 3 | 2.7 | 2.09 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |263 |268| 5 | 4.5 | 2.91 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | MZ | |264 |265| 1 | 0.9 | 10.83 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |333 |349| 16 |12.8 | 4.64 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | MZ | |338 |340| 2 | 1.6 | 20.16 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
VL-12- | | | Step | | | | | | | 465 | 10100 | HW | Out | 98 |103| 5
| 5 | 4.20 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | HW | | 99 |100| 1 | 1 | 15.78 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | HW | |114 |118| 4 | 4 | 1.52 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | HW | |132 |135| 3 | 3 | 3.55 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | HW | |132 |133| 1 | 1 | 9.44 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |319 |323| 4 | 3.4 | 3.45 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |328 |341| 13 |11.05| 13.20 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | MZ | |332 |337| 5 |4.25 | 29.36 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | MZ | |336 |337| 1 |0.85 | 63.08 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
VL-12- | | | | | | | | | | 466 |10137.5| HW |In Fill| 7 |10 | 3 | 3
| 8.51 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | HW | | 8 | 9 | 1 | 1 | 25.52 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | HW | |126 |129| 3 |2.55 | 1.95 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |232 |235| 3 | 2.4 | 3.02 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
VL-12- | | | | | | | | | | 467 | 9925 | MZ |In Fill| 32 |35 | 3 |
2.7 | 1.05 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | | 44 |47 | 3 | 2.7 | 0.87 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
VL-12- | | | Step | | | | | | | 468 |9987.5 | MZ | Out |244 |247| 3
| 2.7 | 14.22 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | MZ | |244 |245| 1 | 0.9 | 42.46 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |276 |280| 4 | 3.4 | 4.61 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | MZ | |277 |278| 1 |0.85 | 14.40 |
|_________|_______|_____|_______|____|___|______|_____|_________| |
| | MZ | |309 |314| 5 |4.25 | 3.17 |
|_________|_______|_____|_______|____|___|______|_____|_________|
|including| | MZ | |309 |310| 1 |0.85 | 11.69 |
|_________|_______|_____|_______|____|___|______|_____|_________| *
Denotes: MZ - Main Zone, HW - Hanging Wall Zone The Valentine Lake
Project is 100% owned by Marathon Gold Corporation (see July 9,
2012 news release). Marathon is conducting a 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 planned 2012 drilling campaign have
now been completed. 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 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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