TORONTO, June 24, 2014 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") (TSX: MOZ) today announced the
positive results of channeling in trenches 10615 and 10800 located
300 meters north of the current NE end of the Leprechaun Gold
deposit and 500 meters north of the Valentine Lake thrust fault
(Figure 1). These new trenches, overlying a magnetic low zone
interpreted as a splay fault off the main Valentine Lake thrust
fault, exposed multiple stacked quartz-tourmaline-pyrite-gold veins
(QTP) that returned outcrop samples up to 41.34 g/t Au, 33.31 g/t
Au, 32.12 g/t Au, 29.17 g/t Au, 26.00 g/t Au and 21.42 g/t Au. New
channel sampling along these trenches has intersected wide
intervals of gold mineralization including: 6.19 g/t Au over 19.3
meters, 1.41 g/t Au over 20.0 meters and 1.03 g/t Au over 19.0
meters.
Highlights include:
- Wide intervals of gold mineralization in surface channeling of
QTP-rich trench outcrop with 6.19 g/t Au over 9.3 meters including
24.31 g/t Au over 1.0 meters in trench 10800A and 1.03 g/t Au over
19.0 meters including 3.68 g/t Au over 2.0 meters, and 1.41 g/t Au
over 20.0 meters including 3.03 g/t Au over 7.0 meters in trench
10615.
- The channel sampling of multiple high-grade gold-bearing
quartz-tourmaline-pyrite veining in these trenches is located 300
meters north of the current Leprechaun Gold deposit resource
boundary and overlying a magnetic low region interpreted as a splay
fault of the main Valentine Lake thrust fault. The interpreted
splay fault extends for 700 m to the east of trench 10800A towards
the Valentine Lake Thrust Fault contact and includes a zone drilled
in 2011 and 2013 which had encouraging intersections including 1.85
g/t over 20 m (Figure 1).
- Targeting for ongoing gold exploration is expanding as
additional zones of gold mineralization are being discovered
localized in multiple fault splays overlying magnetic lows up to
500 meters into the hanging wall from the Valentine Lake thrust
fault in the Leprechaun – Sprite areas and up to 900 meters into
the hanging wall from the Valentine Lake thrust fault in the
Victory area. The number of exploration targets has dramatically
increased with the recognition of 4 or more interpreted splay
faults with magnetic lows per kilometer along the 17 km ( 10
miles) of strike length from the Frank Zone to the Victory
Deposit.
- Systematic prospecting and trenching continues to discover new
gold-rich QTP zones and this exploration work will continue
throughout the summer focused along the entire Sprite Zone as well
as north-east into the Marathon
area where good gold values were found in extensive QTP-rich
surface veining last year. The program will include examining
historic trenches. The goal of this work is to define more future
drilling targets for ongoing development of near-surface open pit
resources in the Valentine Lake property.
"The discovery of this mineralization in close proximity
to the Leprechaun Deposit is very exciting", said
Phillip Walford, President and CEO.
"A considerable amount of gold mineralization has been found up to
1.5 km to the northeast of the Leprechaun Gold deposit, including
the Sprite Zone drilled this past winter as well as in 2011 and
2013, historic drilling, and this most recent prospecting and
trenching. These exploration results all demonstrate the
significant resource potential adjacent to the Leprechaun Gold
deposit. Also of importance is the location of this new
mineralization located in a magnetic low 500 m into the hanging
wall of the Valentine Lake Thrust Fault. Clearly the gold
mineralization is not limited to close proximity of the Valentine
Lake Thrust Fault as was first thought and the area to explore for
gold has increased considerably on the property."
Table 1: Significant gold intervals from channel sampling in
trenches 10615 and 10800, north of the Leprechaun Gold
Deposit.
Trench
|
From
|
To
|
Length
|
FA_Au_g/t
|
10615
|
6
|
25
|
19.0
|
1.03
|
including
|
14
|
16
|
2.0
|
3.68
|
|
31
|
34
|
3
|
0.95
|
|
48
|
68
|
20
|
1.41
|
including
|
53
|
60
|
7
|
3.03
|
10800A
|
30.2
|
39.5
|
9.3
|
6.19
|
including
|
30.2
|
31.2
|
1
|
24.31
|
|
51.5
|
57.5
|
6
|
1.05
|
All of the samples were fire assayed at Eastern Analytical
Laboratory Ltd., in Springdale,
Newfoundland.
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 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 favorable
drilling results in 2013 and 2014, the Sprite Area, which is
adjacent to the Leprechaun Gold Deposit, will be a focus of
continued exploration this year. The Sprite Area adjoins the
Leprechaun Gold Deposit and recent promising drilling is located
1.5 km to the north east of the Leprechaun Gold Deposit.
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