TORONTO,
Nov. 20, 2013 /CNW/ - Marathon
Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced wide intervals of gold mineralization in high-grade
gold-bearing quartz-tourmaline-pyrite (QTP) veining 300 meters NE
of the current resource boundary of the Victory Gold Deposit,
Valentine Lake Project, Newfoundland (Figure 1). The new channel
intervals, based on metallic screening gold assay results, included
2.11 g/t Au over 18.18 meters including 8.17 g/t Au over 2.96
meters. The channels were collected across dominant QTP-Au veining;
over outcrop that returned grab samples ranging up to 140.97 g/t
Au, 36.36 g/t Au and 24.16 g/t Au (Figure 1). The gold-bearing QTP
veining at the Victory Gold Deposit is identical to the veining
that characterizes the Leprechaun Gold deposit located 13
kilometers along strike to the southwest.
Highlights include:
- Channel intervals, using metallic screening assay results,
included 2.11 g/t Au over 18.18 meters with 8.17 g/t Au over 2.96
meters, 0.68 g/t Au over 9.55 meters with 1.45 g/t Au over 2.01
meters, and 0.75 g/t Au over 7.46 meters with 1.48 g/t Au over 2.96
meters.
- The QTP-Au defined mineralizing corridor at the Victory Gold
Deposit area has a current strike length in excess of 750 meters
and a width of more than 200 meters (Figure 1). This corridor,
which also includes gold intervals from historical drill holes,
provides a highly prospective surface drilling target for future
exploration programs at the Victory Gold Deposit area.
- The Victory Gold Deposit alteration and gold bearing QTP
veining appears identical to that which characterizes the
Leprechaun Gold Deposit located 13 km along strike to the
southwest.
"These wide intervals of gold mineralization in
trenching 300 meters NE of the current Victory Gold Deposit
resource boundary are very important as we plan for future shallow
drilling and enlargement of the Victory open pit resource. These
results as well as the first trenching results at the Sprite Zone
underscore the highly prospective nature of the 17 km long corridor
of gold occurrences along the Victory Lake thrust fault" said
Phillip Walford, President and CEO
of Marathon Gold.
In addition to the channel sampling undertaken
to the northeast of the Victory Gold Deposit, Marathon carried out a short prospecting
program on a mineral claim on the west side of the Valentine Lake
Property. Prospecting grab samples collected from two areas
670 meters apart and 1.7 km west of the Long Lake Cu-Au-Ag mineral
occurrence returned gold values of up to 7.24 g/t Au, 6.66 g/t Au,
4.57 g/t Au, 2.90 g/t Au, and 2.58 g/t Au in felsic volcanic rocks
of the Cambrian-Ordovician Victoria Lake Group, with base metal
values ranging up to 0.18 % Cu, 0.04% Zn and 0.04% Pb. This
mineralization is hosted by sulfide rich felsic volcanic rocks of
the Cambrian-Ordovician Victoria Lake Group and is a different
mineralizing system than that which formed the gold mineralization
in the rest of the Valentine Lake property. The work was done for
assessment purposes. The main focus of Marathon's exploration remains the 17 km long
corridor from the Frank Zone to Victory in the Valentine Lake
Intrusion.
All of the samples were analyzed at Eastern
Analytical Laboratory Ltd., in Springdale, Newfoundland. Due to the course
nature of some of the gold in the Victory trench samples, the
metallic screening method was used after fire assays indicated
intervals of possible economic importance. The Long Lake gold
results were obtained by fire assay.
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 Marathon Gold Corporation
Marathon is a
Toronto based gold resource
development company focused on the Valentine Lake property in
central Newfoundland. Marathon's mission is to rapidly advance the
Valentine Lake project towards advanced exploration and
pre-development stages. For more information
visit: www.marathon-gold.com.
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 compliant 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. These gold deposits form part of a 23 km
long, highly prospective gold-bearing mineralized corridor focused
along the Valentine Lake Thrust Fault.
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 containing 247,000 oz Au,
and Indicated 6.2 million tonnes 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 containing
17,000 oz Au, and Indicated 764,000 tonnes containing 100,000 oz
Au, and Inferred 349,000 tonnes containing 69,000 oz Au.
The Victory Gold Deposit (formerly Valentine East Hill) has an Open Pit Resource
(refer to August 1, 2013 news
release). The Open Pit Resource is Indicated 761,000 tonnes
containing 41,000 oz Au, and Inferred 199,000 tonnes containing
9,000 oz Au. Both deposits are open to expansion.
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: "Figure 1: Location map of new channel
intervals (using metallic sieve assay results), 300 meters NE along
strike from the Victory Gold Deposit, Valentine Lake Property,
Newfoundland. (CNW Group/Marathon
Gold Corporation)". Image available at:
http://photos.newswire.ca/images/download/20131120_C9003_PHOTO_EN_33582.jpg