TORONTO,
Sept. 4, 2014 /CNW/ - Marathon
Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced very positive results from channel samples cut from
numerous trenches by diamond saws in a systematic manner along a
1100 meter strike length of the Sprite Zone and a 700 meter strike
length of the Rainbow Zone (Figure 1). These new channels cut
across multiple stacked quartz-tourmaline-pyrite gold (QTP) veins
exposed in trenches that overlying magnetic low zones interpreted
as a splay faults off the main Valentine Lake thrust fault. The new
channels from both the Sprite and Rainbow Zones have intersected
wide intervals of gold mineralization. The best Sprite Zone channel
intervals included 1.80 g/t Au over 16.0 meters in Trench 12700A,
5.29 g/t Au over 5.0 meters in Trench 12900 and 1.89 g/t Au over
9.0 meters in Trench 13000. The best Rainbow Zone channel intervals
included 1.37 g/t Au over 15.0 meters and 4.23 g/t Au over 5.0
meters in Trench 10660, 1.43 g/t Au over 5.0 meters in Trench
10740, and 1.85 g/t Au over 5.15 meters in Trench 10900A. Drilling
is now underway in both the Sprite and Rainbow Zones.
Highlights include:
- Wide intervals of gold mineralization in channeling of QTP-rich
trench outcrop in the Sprite Zone includes 1.80 g/t Au over 16.0
meters with 9.13 g/t Au over 2.0 meters and 3.38 g/t Au over 2.0
meters in trench 12700A, 5.29 g/t Au over 5.0 meters with 24.69 g/t
over 1.0 meter in Trench 12900, 1.89 g/t Au over 9.0 meters with
5.80 g/t Au over 2.0 meters in Trench 13000, 1.44 g/t Au over 7.0
meters in Trench 12400B, and 1.17 g/t Au over 7.0 meters in Trench
12500C.
- Wide intervals of gold mineralization in channeling of QTP-rich
trench outcrop in the Rainbow Zone includes 1.37 g/t Au over 15.0
meters with 5.10 g/t Au over 1.0 meter and 4.23 g/t Au over 5.0
meters with 18.28 g/t Au over 1.0 meter in Trench 10660, 1.43 g/t
Au over 5.0 meters in Trench 10740, 1.85 g/t Au over 5.15 meters
with 6.52 g/t Au over 1.0 meter in Trench 10900A and 1.07 g/t Au
over 3.15 meters in Trench 10975A.
- This new multiple high-grade gold-bearing QTP veining in the
Rainbow Zone is located up to 400 meters north of the current
Leprechaun Gold deposit resource boundary, up to 500 meters north
of the Valentine Lake Thrust Fault, and overlies a magnetic low
region interpreted as a splay fault of the main Valentine Lake
thrust fault (Figure 1). This interpreted splay fault extends for
800 m to the east of trench 10575C 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
meters.
- This new multiple high-grade gold-bearing QTP veining in the
Sprite Zone is located between 100 - 300 meters north of the
Valentine Lake Thrust Fault, and overlies a magnetic low region
interpreted as a splay fault of the main Valentine Lake Thrust
Fault (Figure 1). The initial drilling in the Sprite Zone during
winter 2014 returned very significant near-surface gold intervals
including 1.69 g/t Au over 24.0 True Thickness in VL-14-552, 2.24
g/t Au over 12.0 meters (TT) in VL-14-551, 2.53 g/t Au over 16.5
meters (TT) in VL-14-549, 2.80 g/t Au over 18.4 meters (TT) in
VL-14-543, and 2.20 g/t Au over 16.8 meters (TT) in VL-14-542.
- A total strike length of just over 5.0 kilometers of QTP-Au
mineralization and associated alteration has now been outlined by
Marathon's ongoing exploration
programs. This 5.0 km strike length of orogenic-style gold
mineralization currently includes the Galley Vein area of the SW
Frank Zone, through the Leprechaun Gold Deposit, and northeast to
Trench 13000 of the Sprite Zone. Systematic prospecting and
trenching in the coming fall will continue NE of the Sprite Zone
and 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.
- Targeting for current gold exploration is expanding as
additional zones of high-grade 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 new channel cut assays continue to
demonstrate potential open pit mineralization over a large area"
said Phillip Walford, President and
CEO. "The first phase of the drilling program is testing the
surface mineralization in the trenches for continuity and grade
below the surface in order to determine which is the best
mineralization to proceed with additional drilling. It is the
nature of this early phase of exploration work that not all
mineralization will have the continuity and grade to develop into
resources. To date, 18 short, shallow holes have been completed on
both the Rainbow and Sprite Zones and assays are pending."
Table 1: Significant Gold Intervals from
Channel Sampling of trenches located throughout the Rainbow and
Sprite Zones, Valentine Lake Property (Figure 1).
Zone |
Trench |
From |
To |
Length |
FA_Au_g/t |
Sprite |
12400B |
29 |
36 |
7 |
1.44 |
|
12500A |
19 |
22 |
3 |
1.03 |
|
12500C |
10 |
17 |
7 |
1.17 |
|
including |
16 |
17 |
1 |
3.96 |
|
12625B |
3 |
7 |
4.0 |
1.04 |
|
12700A |
8 |
24 |
16 |
1.80 |
|
including |
8 |
10 |
2 |
9.13 |
|
including |
22 |
24 |
2 |
3.38 |
|
12800A |
5.65 |
9.35 |
3.7 |
1.19 |
|
12900 |
3 |
10 |
7 |
0.64 |
|
|
25 |
32 |
7 |
1.14 |
|
|
40 |
45 |
5 |
5.29 |
|
including |
40 |
41 |
1 |
24.69 |
|
13000 |
6 |
15 |
9 |
1.89 |
|
including |
6 |
8 |
2 |
5.80 |
Rainbow |
10575C |
22.25 |
25.45 |
3.2 |
0.57 |
|
10660 |
14 |
19 |
5 |
4.23 |
|
including |
18 |
19 |
1 |
18.28 |
|
|
39 |
54 |
15 |
1.37 |
|
including |
52 |
53 |
1 |
5.10 |
|
10740 |
15 |
20 |
5 |
1.43 |
|
10800B |
7 |
10 |
3 |
0.43 |
|
10900A |
2 |
7.15 |
5.15 |
1.85 |
|
including |
2 |
3 |
1 |
6.52 |
|
10975B |
6 |
9.15 |
3.15 |
1.07 |
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
prepared in compliance with NI 43-101: 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 pit envelope
constrained 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 a pit envelope
constrained (refer to August 1, 2013
news release). The pit envelope constrained 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 wide Gold
intervals in channels cut from the high-grade QTP-Au bearing
stacked veins in the Rainbow and the Sprite Zones, Valentine Lake
Property. (CNW Group/Marathon Gold Corporation)". Image available
at:
http://photos.newswire.ca/images/download/20140904_C8453_PHOTO_EN_42614.jpg