TORONTO, ON–(Marketwired – October 06, 2015) – Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) announced today positive results from the latest drilling in the Marathon Area, Valentine Gold Camp. Six shallow exploration drill holes, MA-15-066 to MA-15-071, intersected multiple-stacked quartz-tourmaline-pyrite (QTP) veining in the area between the 2015 Marathon Deposit resource boundary and recent step-out drilling approximately 250 meters to the southwest of the existing resource boundary (Figure 1). This new drilling confirms the current continuity of the Marathon Deposit, which now stands at over 850 meters and is open both along strike and to depth. The QTP-Au veining is identical in style to the gold-bearing QTP veining found along an 18km strike length that includes the Leprechaun, Sprite, Victory and Marathon Gold deposits.
Highlights (true thickness):
- The best drill hole intercepts included: 8.98 g/t Au (cut) over 5.1 meters with 33.00 g/t Au (cut) over 0.9 meters and 17.63 g/t Au over 0.9 meters in MA-15-070; 2.53 g/t Au over 3.5 meters and 4.76 g/t Au over 3.5 meters with 15.29 g/t Au over 0.7 meters in MA-15-067, and 3.06 g/t Au over 2.8 in MA-15-068.
- This new shallow drilling confirms the current continuity of the Marathon Deposit, which now stands at over 850 meters and remains open along strike to the southwest and northeast and to depth. The strike of the main Marathon mineralized corridor extends to the northeast and southwest beneath bog and overburden (Figure 1).
- The summer 2015 drilling program is completed at Marathon and Sprite, and winter drilling conditions in the bogs along strike from the Marathon Deposit are expected to allow access to drill these highly prospective extensions of the Marathon Deposit. In particular, the 3.5 km gap between the new Sprite mineralization and the Marathon Deposit is largely bog and overburden, however the airborne magnetic trends continue from Sprite to the Marathon Deposit. This area is a high priority target for future exploration.
“We are very pleased with the results of the summer 2015 exploration program at Marathon and Sprite. Not only was the strike length of the Marathon Deposit doubled to over 850 meters, but our exploration team also delineated gold in QTP veining in channels and outcrop samples for up to 1.2 km along strike to the northeast of the Marathon Deposit.
“The mineralized corridor of the Marathon deposit also extends SW along strike under the bog and to depth towards the new Sprite mineralization. The NE and SW extensions of the Marathon deposit await future winter drilling conditions when we can drill on the bogs,” said Phillip Walford, President and CEO of Marathon. “Our focus continues to be on developing a critical mass of open pit resources, and the summer program has put us in a good position to do so.”
TABLE 1: Significant assay intervals from the Marathon Zone drill holes MA-15-066 to MA-15-071.
* 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 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.
For more information, please contact:
Investor Relations Manager
E-mail: [email protected]
President and Chief Executive Officer
E-mail: [email protected]