TORONTO,
Nov. 25, 2014 /CNW/
- Marathon Gold Corporation ("Marathon" or the "Company")
(TSX: MOZ) today announced very positive results from continued
drilling (MA-14-004 to MA-14-009) at 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 Gold Camp (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 new drill holes MA-14-004 to MA-14-009 have
intersected wide intervals of gold mineralization enclosing
narrower high-grade ore shoots over a more than 120 meter strike
length and confirm the existence of a major QTP-gold veining
system. The drill holes MA-14-001 to MA-14-009 define what
currently appears to be a near vertical gold mineralized corridor
ranging from 50 to 80 meters in true width and currently drilled to
a vertical depth of up to 200 meters. The zone is open along strike
and at depth with assays pending from additional drill holes
MA-14-010 to MA-14-017 (Figure 1).
Drilling continues at the Marathon Zone and the
discovery of QTP-gold bearing veining in outcrop and new trenching
for up to 2 kilometers along strike northeast into the Narrows and
Triangle Zones continue to provide additional drill-ready targets.
Channel results from these new trenches are pending.
Highlights:
- New wide intervals of gold mineralization include 2.74 g/t Au
over 24.2 meters (true thickness) (TT) in MA-14-009, 2.71 g/t Au
over 16.5 meters (TT) and 2.35 g/t Au over 11.6 meters (TT) in
MA-14-005, 2.58 g/t Au over 15.4 meters (TT) in MA-14-006 and 2.50
g/t Au over 5.50 meters (TT) in MA-14-004.
- New narrow, high-grade gold intervals include 49.28 g/t Au over
0.6 meters (TT ) in MA-14-006, 35.72 g/t Au over 0.6 meters (TT),
6.65 g/t Au over 1.7 meters (TT ) and 5.99 g/t Au over 2.20 meters
(TT ) in MA-14-009, and 10.26 g/t Au over 0.6 meters (TT), 10.01
g/t Au over 0.6 meters (TT ), 7.61 g/t Au over 3.9 meters (TT) and
7.20 g/t Au over 0.6 meters (TT) in MA-14-005.
- These first nine drill holes into the Marathon Zone have
intersected an area of multiple stacked gold-bearing QTP veining
that defines a near vertical mineralized corridor that is currently
up to 80 meters wide and 200 meters deep, and is open along strike
to both the southwest and northeast. Assays are pending for
additional drill holes MA-14-010 to MA-14-017.
- Drilling currently ongoing at the Marathon Zone is designed to
further increase the strike length of this new gold-rich zone and
quickly develop significant new open-pit resource(s) in this area
proximal to the Valentine Lake Thrust Fault, Valentine Gold
Camp.
- Marathon plans to continue focused drilling in the Marathon
Zone until drilling ends in early December, review the results and
then resume drilling at the Marathon Zone and test the other
targets along strike of the Marathon Zone in early January,
2015.
"We are extremely pleased as we continue to
intersected additional wide intervals of good grade Au in each new
drill hole in the Marathon Zone", said Phillip Walford, President and CEO of Marathon.
"The mineralized corridor is wide, continues open along strike and
at depth, and is returning very good open pit grades. The Marathon
Zone is certainly shaping up to be the most promising mineralized
area found to date in the Valentine Gold Camp outside of the
Leprechaun Gold Deposit. The Marathon Zone is one of several drill
targets along a 2km strike that gives this entire area a high
priority for further work. We are rapidly moving towards the
development of another open pit gold resource in the Valentine Gold
Camp".
TABLE 1: Significant assay intervals from
the Marathon Zone drill holes MA-14-004 to MA-14-009
DDH*
|
Section
|
From
|
To
|
Core Length
(m)
|
TT
(m)
|
Gold (g/t)
(uncut)
|
MA-14-004
|
17170
|
8
|
12
|
4
|
2.2
|
1.93
|
|
|
19
|
31
|
12
|
6.6
|
1.26
|
including
|
|
26
|
27
|
1
|
0.6
|
5.51
|
|
|
43
|
46
|
3
|
1.7
|
1.43
|
|
|
52
|
61
|
9
|
5.0
|
0.98
|
|
|
74
|
84
|
10
|
5.5
|
2.50
|
MA-14-005
|
17200
|
80
|
110
|
30
|
16.5
|
2.71
|
including
|
|
93
|
100
|
7
|
3.9
|
7.61
|
|
|
129
|
150
|
21
|
11.6
|
2.35
|
including
|
|
129
|
130
|
1
|
0.6
|
10.01
|
including
|
|
134
|
135
|
1
|
0.6
|
10.26
|
including
|
|
145
|
146
|
1
|
0.6
|
7.20
|
|
|
173
|
176
|
3
|
1.7
|
1.28
|
|
|
189
|
192
|
3
|
1.7
|
4.83
|
|
|
200
|
204
|
4
|
2.2
|
2.02
|
MA-14-006
|
17250
|
23
|
26
|
3
|
1.7
|
1.34
|
|
|
97
|
125
|
28
|
15.4
|
2.58
|
including
|
|
100
|
101
|
1
|
0.6
|
49.28
|
|
|
135
|
138
|
3
|
1.7
|
1.44
|
MA-14-007
|
17250
|
20
|
23
|
3
|
1.7
|
1.74
|
|
|
32
|
35
|
3
|
1.7
|
1.47
|
|
|
63
|
69
|
6
|
3.3
|
1.52
|
MA-14-008
|
17250
|
108
|
112
|
4
|
2.2
|
2.45
|
MA-14-009
|
17280
|
49
|
52
|
3
|
1.7
|
2.35
|
|
|
70
|
114
|
44
|
24.2
|
2.74
|
including
|
|
85
|
88
|
3
|
1.7
|
6.65
|
including
|
|
93
|
97
|
4
|
2.2
|
5.99
|
including
|
|
100
|
101
|
1
|
0.6
|
35.72
|
*Assays pending for MA-14-010 to MA-14-017
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 Gold is a Toronto based gold resource company with
exploration focused on its 100% owned Valentine Lake Property
located in central Newfoundland.
The Valentine Lake Property currently hosts two near-surface,
mainly pit-shell constrained, NI 43-101 compliant gold resources
totaling 816,000 oz gold at 2.24 g/t (Measured & Indicated) and
149,000 oz gold at 2.64 g/t (Inferred), (August, 2013). These
resources, which are open along strike and to depth, cover less
than 5% of the total length of the highly prospective Valentine
Lake Thrust Fault and associated splay faults which host the
majority of the gold mineralization within the property. Newly
discovered gold zones, including the Sprite Zone and Marathon Zone,
have returned wide intervals of near-surface good gold grades and
have yet to be incorporated into new gold resources for the
Valentine Lake Property. For more information please
visit www.marathon-gold.com.
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