Marathon Defines 3 km Gold Corridor at the Victory Deposit Area, Valentine Lake Gold Camp, Newfoundland
TORONTO, ON--(Marketwired - October 26, 2015) - Marathon Gold Corp. ("Marathon" or the "Company") (TSX: MOZ) today announced positive results from continued prospecting and trenching work in the Victory Deposit area, Marathon Deposit, Valentine Gold Camp. New trenching along the southwest end of the current Victory Deposit resource pit outline has exposed additional quartz-tourmaline-pyrite-gold veining that returned 3.34 g/t Au over 5 meters, 1.83 g/t Au over 7 meters, and 1.13 g/t Au over 4 meters (Figure 1). Further prospecting has found QTP-bearing outcrop returning up to 9.49 g/t Au with numerous sample assays still outstanding along a 3km long gold-bearing corridor through the Victory deposit area (Figure 1). Areas of overburden between Victory SW, Victory Deposit and Victory NE contain numerous large angular boulders with abundant QTP veining and present future drill targets as Marathon continues with exploration plans to expand the gold resources in the Victory Deposit area.
Highlights:
- Best intercepts from trench 6900 located at the SW end of the current Victory Deposit open pit resource shell returned 3.34 g/t Au over 5 meters, 1.83 g/t Au over 7 meters, and 1.13 g/t Au over 4 meters. These intercepts have not been drilled. Ongoing trenching in this area SW of the Victory Deposit has intersected additional QTP veining with outcrop grab and channel sample assays pending.
- Prospecting in an area up to 400m west and southwest from the Victory NE Area has discovered good QTP veining in outcrop returning up to 9.49 g/t Au. Angular subcrop, within a large area of QTP-bearing angular boulders, returned 1.62 g/t Au. The new trenching just completed in this area has intersected QTP veining. Trench grabs and channel sample results are pending.
- The fall exploration season continues at the Valentine Gold Camp. Ground magnetic and VLF surveys continue over the nearly 120 line kilometers of new grid cut along the 12km strike length between the Sprite, Marathon and Victory Deposit areas. Prospecting, trenching and channel sampling in target zones as well as regional and detailed geological mapping is ongoing between the Marathon and Victory Deposit areas. Results of the magnetic and VLF surveys will be used to define the location of the Valentine Lake Thrust Fault and delineate new winter drilling targets along bog and overburden covered areas that lie directly along strike of the Sprite, Marathon and Victory Deposits.
"We are excited by the positive results from our ongoing fall exploration work. We continue to find new outcrop and angular float with abundant QTP veining and anomalous gold. These new gold showings and results of the magnetic and VLF surveys will contribute to the development of our anticipated winter drilling program as we continue to increase gold resources at the Valentine Lake Gold Camp." said Phillip Walford, President and CEO of Marathon. "Our focus continues to be developing a critical mass of open pit resources and this fall's program has put us in a good position to do so."
All of the samples were fire assayed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland.
Marathon Gold Corp. 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 Corp., 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 Corp.'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.
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Contact
For more information, please contact:
Christopher Haldane
Investor Relations Manager
Tel: 1-416-987-0714
E-mail: chaldane@marathon-gold.com
Phillip Walford
President and Chief Executive Officer
Tel: 1-416-987-0711
E-mail: pwalford@marathon-gold.com