TORONTO, Nov. 4, 2014 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") (TSX: MOZ) today announced the
results of drilling along a 700 meter strike length within the
Sprite Zone, Valentine Lake Gold
Camp (Figure 1). Drill holes into the southwestern portion
of the Sprite Zone focused on in-fill drilling and returned 4.14
g/t Au over 11.4 meters (true thickness) (TT) in VL-14-600, 2.02
g/t Au over 14.25 meters (TT) in VL-14-599, and 1.48 g/t Au over
12.35 meters (TT) in VL-14-593. Drill holes in the northeastern
portion of the Sprite Zone focused on expanding the strike length
of the mineralized zone to within 100 meters of where the zone is
covered by thick bog overburden. These drill holes returned 3.05
g/t Au over 14.25 meters (TT) in VL-14-602 and 2.25 g/t Au over
5.70 meters (TT) in VL-14-603.
The Sprite Zone, located 2 kilometers NE along strike of the
Leprechaun Gold Deposit, is exposed over an 1100 meter strike
length and ranges in width from 40 meters to 190 meters (Figure 1).
The mineralization consists of multiple stacked, gold-bearing
quartz-tourmaline-pyrite (QTP) veining that intrudes strongly
deformed quartz porphyry and lesser mafic dikes. The Sprite Zone is
open along strike to the southwest and northeast as well as
down-dip.
Highlights of Drilling – Sprite Zone:
- Best drill intervals from the southwestern Sprite Zone included
4.14 g/t Au over 11.4 meters (TT) including 27.83 g/t Au over 0.95
meters (TT) and 12.94 g/t Au over 0.95 meters (TT) in VL-14-600,
2.02 g/t Au over 14.25 meters (TT) including 12.83 g/t Au over 0.95
meters (TT) in VL-14-599, and 1.48 g/t Au over 12.35 meters (TT)
including 11.53 g/t Au over 0.95 meters (TT) and 1.34 g/t Au over
8.55 meters (TT) in VL-14-593.
- Best drill intervals from the northeastern Sprite Zone included
3.05 g/t Au over 14.25 meters (TT) with 10.26 g/t Au over 1.90
meters (TT) in VL-14-602 and 2.25 g/t Au over 5.70 meters (TT) with
10.21 g/t Au over 0.95 meters and 2.26 g/t Au over 5.70 meters (TT)
in VL-14-603.
- This new drilling in the Sprite Zone has continued to intersect
wide intervals of significant gold grades and will, in combination
with previous 2014 drill results, contribute to the development of
an open pit resource in this area located 2 kilometers NE of the
Leprechaun Gold deposit.
- Future drilling in the Sprite Zone will be focused on both
infill and step out drilling towards the northeast as we work on
expanding the strike length of the mineralized corridor to
underneath the boggy overburden.
"Our trenching and follow-up drilling programs continue to pay
off as we succeed in intersecting more and more wide intervals of
QTP veining with good gold grades. The exploration drilling at the
Sprite Zone is still in an early stage but the results to date
certainly support the strong probability of developing new open pit
resources. We have been drilling with just one drill to keep close
control of our cash position as we have in the past. We expect to
cease drilling around the end of November in order to asses all of
our drilling results before planning another exploration program,"
said Phillip Walford, President and
CEO of Marathon.
Marathon Gold Corporation would like to acknowledge the
continuing financial support of the Valentine Lake project by the
Government of Newfoundland and
Labrador through the Junior
Exploration Assistance Program.
TABLE 2: Significant assay intervals from Sprite Zone
DDH's VL-14-593, VL-14-594, and VL-14-596 to VL-14-605.
DDH
|
Section
|
From
|
To
|
Core
Length
(m)
|
TT
(m)
|
Gold
g/t
(uncut)
|
VL-14-593
|
12300
|
55
|
59
|
4
|
3.80
|
1.25
|
|
|
90
|
103
|
13
|
12.35
|
1.48
|
including
|
|
90
|
91
|
1
|
0.95
|
11.53
|
|
|
125
|
134
|
9
|
8.55
|
1.34
|
VL-14-594
|
12300
|
12
|
16
|
4
|
3.60
|
0.83
|
|
|
24
|
27
|
3
|
2.70
|
10.20
|
|
|
39
|
42
|
3
|
2.70
|
0.52
|
VL-14-598
|
12370
|
49
|
52
|
3
|
2.85
|
2.34
|
VL-14-599
|
12200
|
24
|
39
|
15
|
14.25
|
2.02
|
including
|
|
34
|
35
|
1
|
0.95
|
12.83
|
|
|
63
|
66
|
3
|
2.85
|
1.39
|
VL-14-600
|
12240
|
30.12
|
33
|
2.9
|
2.74
|
2.76
|
|
|
44
|
56
|
12
|
11.40
|
4.14
|
including
|
|
50
|
51
|
1
|
0.95
|
27.83
|
including
|
|
55
|
56
|
1
|
0.95
|
12.94
|
VL-14-601
|
12690
|
22
|
25
|
3
|
2.85
|
2.62
|
VL-14-602
|
12730
|
19
|
34
|
15
|
14.25
|
3.05
|
including
|
|
21
|
23
|
2
|
1.90
|
10.26
|
|
|
42
|
46
|
4
|
3.80
|
0.61
|
|
|
58
|
64
|
6
|
5.70
|
1.53
|
|
|
69
|
72
|
3
|
2.85
|
0.77
|
|
|
74
|
78
|
4
|
3.80
|
3.06
|
VL-14-603
|
12900
|
12
|
18
|
6
|
5.70
|
2.26
|
|
|
38
|
44
|
6
|
5.70
|
2.25
|
including
|
|
38
|
39
|
1
|
0.95
|
10.21
|
|
|
50
|
53
|
3
|
2.85
|
1.21
|
|
|
148
|
151
|
3
|
2.85
|
3.46
|
including
|
|
148
|
149
|
1
|
0.95
|
9.86
|
VL-14-604
|
12690
|
1
|
5
|
4
|
3.80
|
0.77
|
VL-14-605
|
12750
|
15
|
18
|
3
|
2.85
|
1.03
|
|
|
35
|
38
|
3
|
2.85
|
0.62
|
|
|
49
|
52
|
3
|
2.85
|
3.22
|
* Note: no significant intervals in VL-14-596 and
VL-14-597
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