TORONTO,
Sept. 17, 2013 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (MOZ: TSX) reported that
the NI 43-101 "Technical Report on the Valentine Lake Property in
Newfoundland" by Executive Vice
President - Geology Wayne Valliant, B.Sc., P.Geo. of RPA dated
September 13, 2013 was filed under
the profile of the Company on SEDAR.
The report contains several historical estimates
reported on the Valentine Lake property which Marathon has referred
to in previous disclosure, and clarifies that Marathon is not
treating such estimates as current mineral resources or mineral
reserves under NI 43-101. A qualified person has not done
sufficient work to classify the historical estimates as a current
mineral resource or mineral reserve and as such, should not be
relied upon.
Highlights:
- Open Pit: Measured 3.5 million tonnes @ 2.18 g/t Au
containing 247,000 oz Au and Indicated 6.2 million tonnes @
2.07 g/t Au containing 412,000 oz Au and Inferred 1.2 million
tonnes @ 1.82 g/t Au containing 71,000 oz Au
-
- Relative to the previous open pit resource estimate, M&I
gold content increased 97,000 oz while the M&I grade remained
constant
- Inferred gold content increased by 14,500 oz
- The new pit shell using a US$1,350 per oz gold price has almost the same
footprint as the 2012 pit shell using a US$1,500 per oz gold price
- An increase in the gold content in the open pit resource tonnes
is a result of finding additional material in the hanging wall of
the Leprechaun Gold Deposit as well as higher grades near the
bottom of the previous pit shell
- Underground Resource: Measured 108,000 tonnes @ 4.83 g/t Au
containing 17,000 oz Au and Indicated 764,000 tonnes @ 4.05 g/t Au
containing 100,000 oz Au and Inferred 349,000 tonnes @ 6.13 g/t Au
containing 69,000 oz Au
-
- 52% increase in the gold grade in the underground M&I
category from the previous resource
- 136% increase in the gold grade in the underground inferred
category is a result of the open pit constraint and using high
grade wireframe vein models
- The high grade vein extensions have been traced to over 400
metres down dip and still remain open at depth and down plunge
"The increase in the Leprechaun resource and the
first Victory resource were the result of a small, focused drill
program. The work completed this past summer on the property has
provided additional drill targets for the expansion of the
Leprechaun and Victory Gold deposits and we look forward towards
further growth of the resources" said Phillip Walford, President and CEO of
Marathon.
About the Valentine Lake Project
The Valentine Lake property, owned 100% by
Marathon Gold Corporation, hosts two well defined gold deposits
with NI 43-101 complaint resources: the Leprechaun Gold Deposit and
the Victory Gold Deposit. The Leprechaun Gold Deposit is located
near the south-western end of the Valentine Lake property, and
the Victory Gold Deposit is located 13 kilometers along strike to
the north-east. 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 kilometers 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 Open Pit and Underground Resource (refer to August 1, 2013 news release). The Open Pit
Resource is Measured 3.5 million tonnes at 2.8 g/t Au containing
247,000 oz Au, and Indicated 6.2 million tonnes at 2.07 g/t Au
containing 412,000 oz Au, and Inferred 1.2 million tonnes at 1.82
g/t Au containing 71,000 oz Au. The Underground Resource is
Measured 108,000 tonnes at 4.83 g/t Au containing 17,000 oz Au, and
Indicated 764,000 tonnes at 4.05 g/t Au containing 100,000 oz Au,
and Inferred 349,000 tonnes at 6.13 g/t Au containing 69,000 oz Au.
This Resource was estimated using a 0.5 g/t Au minimum cut-off for
the open pit resources and a 2.0 g/t Au minimum cut-off for the
underground resources. The Leprechaun Gold Deposit is open at depth
and along strike.
About the Victory Gold Deposit
The Victory Gold Deposit (formerly Valentine East Hill) has a first ever NI 43-101
compliant Open Pit Resource (refer to August
1, 2013 news release). The Open Pit Resource is
Indicated 761,000 tonnes at 1.67 g/t Au containing 41,000 oz
Au, and Inferred 199,000 tonnes at 1.47 g/t Au containing 9,000 oz
Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off
for the open pit resources. The Victory Gold Deposit is open at
depth and along strike.
About Marathon Gold Corporation
Marathon 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'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.
SOURCE Marathon Gold Corporation