TORONTO, Jan. 12, 2015 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (TSX: MOZ) today
announced positive results from the remaining 2014 drill holes
(MA-14-023 to MA-14-025) into the 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 identical in appearance to
gold-bearing QTP veining found elsewhere throughout the Valentine
Lake Gold Camp.
Drill holes MA-14-023 to MA-14-025, located in the southwestern
portion of the growing Marathon Zone, intersected wide intervals of
gold mineralization with narrower high-grade ore shoots. The 2014
drilling, totaling 4,133 meters of from 25 drill holes, has
outlined a gold mineralized corridor with a strike length of over
200 meters, a true width ranging from 50 to 100 meters, and a
vertical depth of more than 200 meters. The gold mineralized
corridor is currently open along strike as well as to depth
(Figure 1).
The Winter 2015 drilling campaign will focus on developing new
near-surface open pit resources at the Marathon Zone with possible
testing of new mineralization found in late 2014 at the Triangle
and Narrows areas that are along strike to the north east of the
Marathon Zone. The 2015 drilling campaign will commence in the
southwest of the Marathon Zone where MA-14-024 just intersected
27.5 meters (true thickness) grading 2.11 g/t Au down dip and along
strike. Follow up drilling is justified at Victory and Sprite based
on the 2014 drilling results however the priority now is to
delineate the potential open pit material at Marathon Zone. All of
the work programs for 2015 will be executed within the context of
maintaining a strong cash position.
Highlights (all drill intercepts reported at true
thickness):
- The step-out drill hole MA-14-024 with 2.11 g/t Au over 27.5
meters including 3.72 g/t Au over 1.0 meters, 10.99 g/t Au over 0.5
meters, and 10.43 g/t Au over 0.5 meters, confirms the southwestern
continuation of the mineralized corridor and proves that this
gold-rich zone is open along strike.
- The 2014 drilling in the Marathon Zone has intersected 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, more than 200 meters in
strike length, and up to 200 meters in depth. The Marathon Zone is
open to depth and along strike.
- The 2015 drilling program has commenced at the Marathon Zone
with the immediate aim of increasing the strike length and quickly
developing a significant new open-pit resource(s) in this area
proximal to the Valentine Lake Thrust Fault, Valentine Lake Gold
Camp.
- Additional 2015 drilling will focus on exploring and developing
gold resources 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 recently discovered Marathon Zone has been expanding with
each drill hole to date, and the first holes of the 2015 drilling
campaign will target to the southwest of the zone where widening,
shallow southwest plunging mineralization has just returned the
2.11 g/t Au over 27.5 meters. We are fortunate in having a lot of
drill targets and can selective in our drilling to target
those with the best potential." said Phillip Walford, President and CEO of Marathon.
"2014 has been a very successful year for us in advancing the
project with two new zones developed, Sprite and Marathon, several
new surface exposures of gold mineralization found and all aided by
advancements in the geological understanding of the large gold
mineralizing system on the property. In addition, the metallurgical
testing conducted in 2014 gives consistent recoveries above 90%
using standard methods of milling and leaching. We look forward to
further advances in the project in 2015"
TABLE 1: Significant assay intervals from the Marathon
Zone drill holes MA-14-023 to MA-14-025.
DDH
|
Section
|
From
|
To
|
Core
Length
(m)
|
TT
(m)*
|
Gold
(g/t)
(uncut)
|
MA-14-023
|
17200
|
6
|
9
|
3
|
1.2
|
2.22
|
|
|
75
|
79
|
4
|
1.6
|
1.64
|
MA-14-024
|
17170
|
51
|
54
|
3
|
1.5
|
1.64
|
|
|
59
|
62
|
3
|
1.5
|
1.19
|
|
|
69
|
124
|
55
|
27.5
|
2.11
|
including
|
|
84
|
85
|
1
|
0.5
|
10.99
|
including
|
|
104
|
105
|
1
|
0.5
|
10.43
|
including
|
|
121
|
123
|
2
|
1.0
|
13.72
|
MA-14-025
|
17210
|
14
|
34
|
20
|
10.0
|
1.87
|
including
|
|
16
|
18
|
2
|
1.0
|
5.47
|
|
|
52
|
55
|
3
|
1.5
|
2.05
|
|
|
62
|
65
|
3
|
1.5
|
1.44
|
|
|
72
|
75
|
3
|
1.5
|
1.99
|
|
|
102
|
105
|
3
|
1.5
|
1.62
|
*TT-Denotes true thickness
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, 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, 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