TORONTO, April 30, 2015 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") (MOZ: TSX) is pleased to announce the
new Mineral Resource Estimate prepared by Micon International
Limited ("Micon") in accordance with National Instrument 43-101
("NI 43-101") for its 100% owned Valentine Gold Camp in
Newfoundland. The overall Measured
and Indicated resource for the Valentine Gold Camp has increased by
30% from 816,000 oz Au at a grade of 2.24 g/t to 1,060,000 oz Au at
a grade of 2.20 g/t, with 87% of the Measured and Indicated
resource in the in pit resource category. The Inferred resource for
the Valentine Gold Camp has increased by 34% to 200,000 oz Au at a
grade of 2.83 g/t Au. The Marathon Deposit accounts for the
majority of this resource growth and represents a high potential
area of the property.
Prospecting led to the discovery of the new Marathon Deposit in
September 2014 and rapid development
of the resource began with drilling in mid-October 2014. Our ongoing systematic and
efficient approach to exploration and discovery of new gold zones
at the Valentine Gold Camp has provided and will continue to
provide us with the opportunity to grow additional resources and
continue to move the project forward. There are now four gold
deposits with resources at the Valentine Gold Camp spaced along a
13 km long section of the Valentine Lake Thrust Fault. The
Leprechaun Deposit remains unchanged since the last resource
estimate.
Highlights of the Resource:
- The discovery cost of the new resources is approximately
$9 to $10 per oz.
- In the Valentine Gold Camp all of the new resources as well as
the existing Leprechaun Deposit are in the 2 g/t range
- The pit constrained resources represent 87% of the Indicated
resources and are relatively insensitive to gold prices between
$1,100 and $1,350 (see Table #2)
- All of the deposits are open along strike and to depth
- Underground potential at Marathon, Sprite and Victory Deposits will
develop further with deeper drilling
- Further drilling is planned on the Marathon Deposit to
delineate the ultimate size of the deposit before commissioning a
PEA
"The new resource estimate is a large step forward in advancing
and demonstrating the potential of our Valentine Lake project. We now have over 1
million oz. of Measured and Indicated resource at a good grade. Our
success has been focused on finding and developing more open pit
resources at good grades as well as starting to develop the
underground potential as we drill deeper on the new deposits.
The fact that we could find and drill a new deposit to a resource
in just 7 months is a tribute to the strength of our team.
"The Sprite and Victory deposits are important but the new
Marathon Deposit is the real catalyst for increasing the resource.
The Marathon Deposit has the combination of width, grade and strike
length that holds promise for rapid expansion of resources when
drilling begins again" said Phillip
Walford, President and CEO of Marathon.
The updated constrained Mineral Resource estimate is summarized
below:
Table 1: April 30, 2015
Marathon, Sprite and Victory Deposit Mineral Resource
(prepared by Micon)
Category
|
Open Pit
(0.50 g Au/t cut-off)
|
Underground
(3.0 g Au/t cut-off)
|
Total
|
Marathon
Deposit
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Indicated
|
3,008
|
1.924
|
186,100
|
65
|
4.527
|
9,500
|
3,073
|
1.979
|
195,600
|
Inferred
|
234
|
2.209
|
16,600
|
46
|
4.853
|
7,200
|
280
|
2.643
|
23,800
|
Category
|
Open Pit
(0.50 g Au/t cut-off)
|
Underground
(3.0 g Au/t cut-off)
|
Total
|
Sprite
Deposit
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Indicated
|
301
|
2.033
|
19,700
|
36
|
4.734
|
5,500
|
337
|
2.322
|
25,200
|
Inferred
|
158
|
2.720
|
13,800
|
49
|
5.277
|
8,300
|
207
|
3.325
|
22,100
|
Category
|
Open Pit
(0.50 g Au/t cut-off)
|
Underground
(3.0 g Au/t cut-off)
|
Total
|
Victory
Deposit
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Indicated
|
939
|
1.829
|
55,200
|
58
|
4.889
|
9,100
|
997
|
2.007
|
64,300
|
Inferred
|
80
|
1.801
|
4,600
|
62
|
4.644
|
9,300
|
142
|
3.042
|
13,900
|
Notes:
- CIM Definition Standards were followed for mineral
resources.
- The Qualified Person for the Marathon, Sprite and Victory Mineral Resource
estimate is Charley Murahwi, M.Sc., P.Geo, FAusIMM
- In pit Mineral Resources are reported at a cut-off grade of 0.5
g/t Au. Pit optimizations were used to constrain the
resources.
- Underground Mineral Resources are estimated at a cut-off grade
of 3.0 g/t Au, outside the open pit constraint and using high grade
wireframe vein models
- Mineral resources are estimated using an average long-term
forecast, gold price of US$1,200 per ounce.
- Totals may not add correctly due to rounding.
Table 2: Pit Constrained Gold Price Sensitivity Chart
Victory, Sprite and Marathon Resources
Whittle
In-Pit Mineral Resources by Gold Price; Open Pit (0.50 g Au/t
cut-off)
Gold
Price
|
Indicated
|
Inferred
|
|
Tonnes
|
Grade
(g/t)
|
Contained Au
(oz)
|
Tonnes
|
Grade
(g/t)
|
Contained Au
(oz)
|
$1,100
|
4,068,000
|
1.928
|
252,100
|
428,000
|
2.377
|
32,700
|
$1,150
|
4,160,000
|
1.920
|
256,700
|
448,000
|
2.336
|
33,700
|
$1,200
|
4,248,000
|
1.911
|
261,000
|
472,000
|
2.311
|
35,000
|
$1,250
|
4,371,000
|
1.904
|
267,500
|
498,000
|
2.303
|
36,800
|
$1,300
|
4,441,000
|
1.895
|
270,500
|
518,000
|
2.317
|
38,600
|
$1,350
|
4,520,000
|
1.886
|
274,200
|
541,000
|
2.303
|
40,100
|
Table 3: August 1, 2013
Leprechaun Deposit Mineral Resource
(prepared by Rosco Postle Assoc. Inc.)
Category
|
Open Pit
(0.50 g Au/t cut-off)
|
Underground
(2.0 g Au/t cut-off)
|
Total
|
Leprechaun
Deposit
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(oz)
|
Measured
|
3,523
|
2.18
|
247,000
|
108
|
4.83
|
17,000
|
3,631
|
2.26
|
263,000
|
Indicated
|
6,193
|
2.07
|
412,000
|
764
|
4.05
|
100,000
|
6,957
|
2.29
|
511,000
|
Total M &
I
|
9,716
|
2.11
|
658,000
|
872
|
4.15
|
116,000
|
10,588
|
2.28
|
775,000
|
Inferred
|
1,207
|
1.82
|
71,000
|
349
|
6.13
|
69,000
|
1,555
|
2.79
|
139,000
|
Notes: Leprechaun Resource Estimate September 13, 2013 (August
1, 2013 news release)
- CIM Definition Standards were followed for mineral
resources.
- The Qualified Person for the Leprechaun Mineral Resource
estimate is Wayne Valliant, B.Sc.,
P.Geo
- Open pit Mineral Resources are reported at a cut-off grade of
0.5 g/t Au. Pit optimizations were used to constrain the
resources.
- Underground Mineral Resources are estimated at a cut-off grade
of 2.0 g/t Au, outside the open pit constraint and using high grade
wireframe vein models
- Mineral resources are estimated using an average long-term
forecast, gold price of US$1,350 per ounce and an
exchange rate of US$:C$ of 1:1.
- Totals may not add correctly due to rounding.
In order to meet the criteria for "reasonable prospects for
economic extraction" as required by CIM, the block model was
constrained by an optimized pit using a gold price of US$1,350
per ounce and a USD: CAD exchange rate of 1:1 and reasonable cost
and metallurgical recovery. The material below the optimized pit
was re-estimated using a cut-off grade of 2.0 g/t Au.
Phillip Walford P.Geo, President
and CEO of Marathon Gold, is Marathon's Qualified Person in compliance with
National Instrument 43-101 with respect to this release. Mr.
Walford has reviewed the contents for accuracy and has approved
this new release on behalf of Marathon Gold.
About Marathon Gold Corporation
Marathon is a Toronto based gold resource company focused on
its 100% owned Valentine Gold Camp located in central Newfoundland. The Valentine Gold Camp
currently hosts four near-surface, mainly pit-shell constrained,
gold resources totaling 1,060,100 oz. gold at 2.20 g/t (Measured
& Indicated) and 200,000 oz. gold at 2.83 g/t (Inferred),
(April 2015). These resources, open
along strike and to depth, cover less than 6% 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. 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