TORONTO, Oct. 30, 2014 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced the results of the first three drill holes (MA-14-001 to
MA-14-003) into the newly discovered gold-rich Marathon Zone,
located 7 kilometers northeast along strike from the Leprechaun
Gold Deposit and 5 kilometers southwest along strike from the
Victory Gold deposit, Valentine Lake Property (Figure
1). The gold mineralization is hosted within multiple
stacked, quartz-tourmaline-pyrite (QTP) veining; identical in
appearance to the gold-bearing veining found throughout the rest of
the Valentine Gold Camp.
The first three drill holes into this recently discovered
mineralized zone have intersected wide intervals of gold
mineralization enclosing narrower high-grade ore shoots. The
mineralized target zone is currently more than 70 meter wide,
extends to depth for more than 200 meters, and is open both down
dip and along strike to the southwest and northeast (Figure
2). The widest gold intervals included 1.71 g/t Au over
44.4 meters (true thickness) in MA-14-002, 1.06 g/t Au over 24.8
meters (TT) in MA-14-001, and 1.03 g/t Au over 8.55 meters (TT) in
MA-14-003. The highest grade narrow ore shoots contained 65.29 g/t
Au over 0.4 meters (TT), 15.86 g/t Au over 0.4 meters (TT) and
14.32 g/t Au over 0.4 meters (TT) in MA-14-002, 4.65 g/t Au over
1.6 meters (TT) in MA-14-001, and 6.20 g/t Au over 0.45 meters (TT)
and 5.07 g/t Au over 1.35 meters (TT) in MA-14-003.
Drilling continues at the Marathon Zone while trenching and
channel sampling is ongoing over a 2 kilometer area that extends to
the northeast and includes the Narrows and Triangle Zones where
recent prospecting has discovered additional multiple stacked
gold-bearing QTP veins.
Highlights:
- Wide intervals of gold mineralization drilled to date include
1.71 g/t Au over 44.4 meters (TT) in MA-14-002, 1.06 g/t Au over
24.8 meters (TT) in MA-14-001, and 1.03 g/t Au over 8.55 meters
(TT) in MA-14-003.
- Narrow, high-grade gold intervals include 65.29 g/t Au over 0.4
meters (TT), 15.86 g/t Au over 0.4 meters (TT) and 14.32 g/t Au
over 0.4 meters (TT) in MA-14-002, 4.65 g/t Au over 1.6 meters (TT)
in MA-14-001, and 6.20 g/t Au over 0.45 meters (TT) and 5.07 g/t Au
over 1.35 meters (TT) in MA-14-003.
- The first three drill holes in the Marathon Zone have
intersected and define an area of multiple stacked gold-bearing QTP
veining more than 70 meters wide and greater than 200 meters deep
which is open along strike to both the southwest and northeast. The
drill hole MA-14-001 collared into the area where recent channel
intervals included 5.79 g/t Au over 16.5 meters with 23.17 g/t Au
over 1.5 meters, 2.53 g/t Au over 16.5 meters with 16.0 g/t Au over
1.5 meters, and 4.84 over 9.0 meters with 20.98 g/t Au over 1.5
meters.
- Drilling currently ongoing at the Marathon Zone is designed to
further define the width of the ore zone and to continue to
increase the strike length of this new gold-rich zone. The aim of
the current drilling program is to quickly develop open-pit
resource(s) in this area proximal to the Valentine Lake Thrust
Fault, within the Valentine Gold camp.
- Trenching and channel sampling continues throughout the
Marathon Area, focused in the
Marathon Zone as well as in at least two other areas, the Narrows
and Triangle Pond, where prospecting has discovered other multiple
stacked QTP veining with high-grade gold values.
"The first drill results at the Marathon Zone are exciting. The
mineralized zone is wide where it has been drilled and goes to
depth. Drilling is now underway to determine the boundaries of this
zone. It is not, however, just the Marathon Zone that is the focus
of exploration, but also the Triangle and Narrows Zones that both
contain abundant veining and occur up to 2 km along strike to the
northeast of the Marathon Zone. All of this new gold mineralization
was discovered by the Marathon
exploration crew and they deserve a great deal of credit for their
skills and tenacity in finding gold and developing the prospects"
said Phillip Walford, President and
CEO of Marathon.
TABLE 1: Significant assay intervals from the Marathon
Zone drill holes MA-14-001 to MA-14-003*.
|
DDH*
|
Section
|
From
|
To
|
Core Length
(m)
|
TT
(m)
|
Gold (g/t)
(uncut)
|
|
MA-14-001
|
17195
|
17
|
79
|
62
|
24.8
|
1.06
|
|
Including
|
|
28
|
29
|
1
|
0.4
|
4.80
|
|
Including
|
|
32
|
36
|
4
|
1.6
|
4.65
|
|
Including
|
|
44
|
47
|
3
|
1.2
|
2.61
|
|
Including
|
|
69
|
70
|
1
|
0.4
|
4.06
|
|
|
106
|
109
|
3
|
1.2
|
1.09
|
|
MA-14-002
|
17220
|
45
|
48
|
3
|
1.2
|
6.34
|
|
Including
|
|
46
|
47
|
1
|
0.4
|
15.86
|
|
|
52
|
55
|
3
|
1.2
|
0.74
|
|
|
66
|
69
|
3
|
1.2
|
0.77
|
|
|
92
|
203
|
111
|
44.4
|
1.71
|
|
Including
|
|
92
|
104
|
12
|
4.8
|
6.83
|
|
Including
|
|
101
|
102
|
1
|
0.4
|
65.29
|
|
Including
|
|
121
|
131
|
10
|
4.0
|
3.39
|
|
Including
|
|
121
|
122
|
1
|
0.4
|
6.40
|
|
Including
|
|
130
|
131
|
1
|
0.4
|
14.32
|
|
Including
|
|
150
|
154
|
4
|
1.6
|
3.19
|
|
Including
|
|
153
|
154
|
1
|
0.4
|
9.60
|
|
Including
|
|
179
|
180
|
1
|
0.4
|
4.84
|
|
Including
|
|
187
|
188
|
1
|
0.4
|
4.13
|
|
|
206
|
209
|
3
|
1.2
|
1.19
|
|
MA-14-003
|
17210
|
56
|
61
|
5
|
2.25
|
1.50
|
|
|
75
|
94
|
19
|
8.55
|
1.03
|
|
Including
|
|
76
|
77
|
1
|
0.45
|
6.20
|
|
|
104
|
110
|
6
|
2.7
|
0.67
|
|
|
123
|
126
|
3
|
1.35
|
5.07
|
|
|
153
|
157
|
4
|
1.8
|
1.39
|
*Assays pending for MA-14-004 to MA-14-007
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