TORONTO,
March 24, 2014 /CNW/ - Marathon
Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced the intersection of new wide intervals of near-surface
QTP-gold mineralization during exploration drilling in the Sprite
Area of the Valentine Lake Project (Figure 1). This latest drilling
has delineated additional wide intervals of good grade in near
surface gold mineralization over a strike length of more than 500
meters. Drilling is expanding the new gold mineralization at the
Sprite Area which is open both along strike and down dip.
Highlights include:
- Near surface intercepts of 2.53 g/t Au over 16.5 meters (TT)
including 10.92 g/t Au over 0.83 meters (TT) and 14.12 g/t Au over
1.65 meters (TT) in VL-14-549.
- Near surface intercepts of 2.24 g/t Au over 12.0 meters (TT)
including 8.01 g/t Au over 2.4 meters (TT) in VL-14-551.
- Intercepts of 1.69 g/t Au over 24.0 meters (TT) including 11.04
g/t Au over 1.2 meters (TT) in VL-14-552.
- The current area of exploration step-out drilling covers 550
meters of a more than 1 kilometer long by up to 250 meter wide gold
mineralized corridor which was identified during the 2013
prospecting program.
- 14 holes with assays are pending
- Planning is underway for the summer 2014 exploration program,
including continued exploration and resource development at the
Sprite, Frank and Marathon Areas and the Victory Gold Deposit.
"The Sprite Area was a new exploration prospect
when we began drilling this year and it has already developed into
both an advanced exploration and a resource development target. The
Sprite area which includes the Sprite Zone adjoins the Leprechaun
Gold Deposit. The Sprite Area is under-explored with respect the
Leprechaun Deposit, which hosts most of the properties gold
resources. The proximity of Sprite to the Leprechaun Deposit makes
it an important focus for systematic exploration this year" said
Phillip Walford, President and CEO
of Marathon. "The Valentine Lake
property has all the elements to be Newfoundland's next Gold Camp."
TABLE 1: Significant Assay Intervals from
drill holes VL-14-545 to VL-14-552, Sprite Zone
| DDH* |
Section |
From(m) |
To (m) |
Core Length
(m) |
TT (m)
** |
Gold(g/t)
Uncut |
| VL-14-545 |
12370 |
47.5 |
55 |
7.5 |
6.0 |
0.60 |
| including |
|
53.5 |
55 |
1.5 |
1.2 |
2.25 |
| VL-14-548 |
11780 |
4.62 |
7.5 |
2.9 |
2.2 |
0.70 |
| VL-14-549 |
11950 |
24 |
54 |
30.0 |
16.5 |
2.53 |
| including |
|
39 |
40.5 |
1.5 |
0.8 |
10.92 |
| including |
|
48 |
51 |
3.0 |
1.7 |
14.12 |
| VL-14-551 |
12250 |
11 |
26 |
15.0 |
12.0 |
2.24 |
| including |
|
18.5 |
21.5 |
3.0 |
2.4 |
8.01 |
| VL-14-552 |
12290 |
6 |
9 |
3 |
2.4 |
1.31 |
| |
|
28.5 |
31.5 |
3 |
2.4 |
0.55 |
| |
|
55.5 |
58.5 |
3 |
2.4 |
0.71 |
| |
|
67.5 |
70.5 |
3 |
2.4 |
0.92 |
| |
|
91.5 |
94.5 |
3 |
2.4 |
3.21 |
| |
|
112.5 |
142.5 |
30 |
24.0 |
1.69 |
| including |
|
112.5 |
114 |
1.5 |
1.2 |
11.04 |
*No significant assay intervals in
VL-14-546, 547 and 550.
** (TT) - denotes True Thickness
David Poynton has resigned from
the board of directors for personal reasons and the company would
like to thank him for his service on the board and wish him success
with his future endeavors.
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.
All of the samples were fire assayed at Eastern
Analytical Laboratory Ltd., in Springdale, Newfoundland.
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 move 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. As a
result of the drilling completed in 2013, the Sprite Area which is
adjacent to Leprechaun Deposit will become a focus of continued
exploration this year.
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 Sprite Zone
showing the collar position of VL-14-545 to VL-14-552, and 2013
prospecting and channel samples, and alteration corridor. (CNW
Group/Marathon Gold Corporation)". Image available at:
http://photos.newswire.ca/images/download/20140324_C6588_PHOTO_EN_38244.jpg