TORONTO, Jan. 7, 2015 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced positive results from drill holes MA-14-015 to MA-14-022
in the 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 Gold Camp (Figure 1). The gold-bearing
quartz-tourmaline-pyrite (QTP) veining at the Marathon Zone
consists of multiple vertical stacked, dominantly shallow southwest
dipping tensional veining that is identical in appearance to
gold-bearing QTP veining found elsewhere throughout the Valentine
Lake Gold Camp.
Drill holes MA-14-015 to MA-14-022 intersected additional wide
intervals of gold mineralization hosting narrower high-grade ore
shoots and forming part of the growing Marathon Zone which has a
current strike length of over 200 meters. Drilling has so far
outlined a near vertical corridor of gold mineralization ranging
from 50 to 100 meters in true width, over 200 meters in strike
length, and up to 200 meters in vertical depth. A total of 25 drill
holes totaling 4,131 meters of NQ core were drilled into this major
QTP-gold vein system after its initial discovery in late 2014. The
gold mineralized corridor is currently open along strike as well as
to depth (Figure 1).
Highlights (all drill intercepts reported at true
thickness):
- Wide intervals of gold mineralization include 2.01 g/t Au over
40.8 meters in MA-14-021, 1.61 g/t Au over 27.6 meters in
MA-14-022, 1.45 g/t Au over 6.5 meters in MA-14-015, and 0.80 g/t
Au over 20.4 meters in MA-14-016.
- Narrow, high-grade gold intervals include 14.51 g/t Au over 2.4
meters and 11.53 g/t Au over 0.6 meters in MA-14-021, 25.60 g/t Au
over 0.6 meters and 14.12 g/t Au over 0.6 meters in MA-14-022,
13.18 g/t Au over 0.6 meters in MA-14-019, 12.80 g/t Au over 0.6
meters in MA-14-020, and 11.73 g/t Au over 0.6 meters in
MA-14-017.
- The initial 22 drill holes into the Marathon Zone have
intersected an area of multiple vertical stacked, dominantly
shallow southwest dipping tensional gold-bearing QTP veining that
defines a near vertical mineralized corridor currently up to 100
meters wide, up to 200 meters deep, more than 200 meters in strike
length, and currently open along strike. Assays are pending for the
remaining 2014 drill holes MA-14-023 to MA-14-025.
- Drilling at the Marathon Zone will resume in early January,
2015 with the aim of immediately increasing the strike length of
this new gold-rich zone and quickly developing a significant new
open-pit resource(s) in this area proximal to the Valentine Lake
Thrust Fault, Valentine Lake Gold Camp.
- Further drilling in the 2015 will focus on building additional
gold resources through added drilling at the Narrows and Triangle
Zones located up to 2km along strike from the Marathon Zone, as
well as within the Sprite Zone and Victory Gold Deposit.
"The Marathon Zone is part of a major gold-mineralized
alteration corridor that extends along a more than 30 kilometer
NE-SW strike length of the Valentine Lake Thrust through the
Valentine Lake Gold Camp. Our exploration efforts since 2010 have
told a story of continuous discovery and near-surface gold resource
development and we are looking forward to continued success with
the scheduled start-up of drilling next week in the Marathon Zone.
This program will be limited in scope and will leave our treasury
in good shape", said Phillip
Walford, President and CEO of Marathon.
TABLE 1: Significant assay intervals from the Marathon
Zone drill holes MA-14-015 to MA-14-025.
DDH*
|
Section
|
From
|
To
|
Core Length
(m)
|
TT
(m)
|
Gold (g/t)
(uncut)
|
MA-14-015
|
17300
|
16
|
26
|
10
|
6.5
|
1.45
|
|
|
33
|
37
|
4
|
2.6
|
1.24
|
MA-14-016
|
17330
|
106
|
140
|
34
|
20.4
|
0.80
|
including
|
|
137
|
140
|
3
|
1.8
|
2.12
|
MA-14-017
|
17330
|
59
|
65
|
6
|
3.6
|
2.17
|
including
|
|
64
|
65
|
1
|
0.6
|
11.73
|
|
|
77
|
80
|
3
|
1.8
|
1.16
|
|
|
103
|
106
|
3
|
1.8
|
3.06
|
MA-14-018
|
17350
|
82
|
85
|
3
|
2.1
|
0.94
|
MA-14-019
|
17330
|
41
|
44
|
3
|
1.8
|
5.38
|
including
|
|
42
|
43
|
1
|
0.6
|
13.18
|
MA-14-020
|
17230
|
37
|
40
|
3
|
1.8
|
1.97
|
|
|
57
|
60
|
3
|
1.8
|
4.68
|
including
|
|
59
|
60
|
1
|
0.6
|
12.80
|
MA-14-021
|
17230
|
59
|
127
|
68
|
40.8
|
2.01
|
including
|
|
75
|
76
|
1
|
0.6
|
6.46
|
including
|
|
84
|
85
|
1
|
0.6
|
11.53
|
including
|
|
95
|
96
|
1
|
0.6
|
5.73
|
including
|
|
100
|
104
|
4
|
2.4
|
14.51
|
MA-14-022
|
17230
|
5
|
9
|
4
|
2.4
|
0.48
|
|
|
72
|
76
|
4
|
2.4
|
1.09
|
|
|
107
|
110
|
3
|
1.8
|
1.14
|
|
|
126
|
172
|
46
|
27.6
|
1.61
|
including
|
|
143
|
144
|
1
|
0.6
|
14.12
|
including
|
|
155
|
156
|
1
|
0.6
|
25.60
|
*Assays pending for MA-14-023 to MA-14-025
All of the samples were fire assayed at Eastern Analytical
Laboratory Ltd., in Springdale,
Newfoundland.
Marathon Gold Corporation acknowledges the financial support of
the JEA Program, Department of
Natural Resources, Government of Newfoundland and Labrador.
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 Gold Camp located in central Newfoundland. The Valentine Lake Gold Camp
currently hosts two near-surface, mainly pit-shell constrained,
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, open along strike and to depth,
cover less than 5% of the total length of the highly perspective
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 Gold Camp. 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