TORONTO,
Nov. 5, 2013 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (MOZ: TSX) is pleased to
announce receipt of the prestigious 2013 - Explorer of the
Year Award from the CIM - Newfoundland Branch during the recent annual
awards banquet ceremonies held in St.
John's on November 2, 2013
(Plate 1). The award is given in recognition of the significant
advancements in gold resource development and exploration at
Marathon's 100% owned Valentine
Lake Property, central Newfoundland.
"Receiving this award is a great honour and
Marathon Gold Corporation is proud to be involved in the continued
expansion of the mineral potential of the central mineral belt of
Newfoundland" said Phillip Walford, President and CEO of Marathon
Gold. "The hard work and dedication of many people including
Sherry Dunsworth, VP of
Exploration, Tanya Tettelaar,
Project Manager, prospectors Scott
McCrindle, and David Galley,
geologists Jamie Meyer, Adam Wall and Steven
Fraser, and the other members of the head office and on-site
exploration team, have been the driving force behind our continued
exploration success. Their successes has led to the expansion of
the gold deposits, zones and occurrences along a 17 km corridor and
there is still so much more exploration to be done at Valentine
Lake. This is the second award our exploration team has received,
with our predecessor company Marathon PGM winning an award for the
advancement of the Marathon Cu-PGM project, Marathon, Ontario."
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
Image with caption: "CIM Newfoundland Branch - 2013 Explorer of
the Year Award received by Marathon Gold Corporation during the
annual CIM Award banquet. In attendance (from left to right):
Phillip Walford, President and CEO,
Sherry Dunsworth, V.P. Exploration,
Tanya Tettelaar, Project Manager,
and Adam Wall, geologist. (CNW
Group/Marathon Gold Corporation)". Image available at:
http://photos.newswire.ca/images/download/20131105_C9999_PHOTO_EN_32928.jpg