Marathon Gold Reports Final 2020 Drill Results and 2021 Exploration Program

TORONTO, Feb. 02, 2021 - Marathon Gold Corp. ("Marathon" or the "Company"; TSX: MOZ) is pleased to report fire assay data from the final fifteen drill holes completed as part of the 2020 exploration program at the Valentine Gold Project, central Newfoundland (the "Project"). These latest results are all derived from within the 1.5 kilometre long Berry Zone. Highlights include:

• VL-20-942 intersected 19.85 g/t Au over 6 metres including 111.62 g/t Au over 1 metre, and 2.56 g/t Au over 20 metres including 17.54 g/t Au over 1 metre, and 20.00 g/t Au over 2 metres;
• VL-20-946 intersected 9.37 g/t Au over 6 metres including 52.02 g/t Au over 1 metre, and 10.76 g/t Au over 2 metres including 16.64 g/t Au over 1 metre, and 6.75 g/t Au over 2 metres including 11.65 g/t Au over 1 metre;
• VL-20-947 intersected 1.47 g/t Au over 18 metres including 11.20 g/t Au over 1 metre, and 0.88 g/t Au over 22 metres, and 1.06 g/t Au over 9 metres, and 0.74 g/t Au over 10 metres;
• VL-20-945 intersected 1.61 g/t Au over 26 metres;
• VL-20-944 intersected 3.21 g/t Au over 10 metres including 22.82 g/t Au over 1 metre and 2.71 g/t Au over 6 metres including 11.85 g/t over 1 metre; and
• VL-20-950 intersected 2.87 g/t Au over 12 metres including 12.88 g/t Au over 1 metre.

All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1.

With these final 2020 results, a total of 42,000 metres of drilling in 212 holes is now available for use in the maiden mineral resource estimation for Berry. Consistent with previous practice, the Berry mineral resource estimate will be based on the results of metallic screening samples that have been submitted for all 1m core intervals grading above the mineral resource cut-off of 0.3 g/t Au after fire assay. The Berry mineral resource estimate is expected to be completed prior to the end of the first quarter of this year.

In addition to today's drill results, Marathon reports that the Company's Board of Directors has approved a 2021 Exploration Program comprising 52,000 metres of drilling at a budget of C$10.5 million. These expenditures will be fully funded from existing cash resources. The 2021 Exploration Program will include:

• Up to 30,000 metres at the Berry Zone designed to increase drill density over the full 1.5 kilometres of mineralization delineated in 2020;
• Up to 8,000 metres at both the Sprite and Victory Deposits, with a view to potential resource expansion at each of these areas of historical exploration; and
• Up to 6,000 metres dedicated to grassroots projects focussed on new discovery.
  

The 2021 Exploration Program will be managed and operated by Marathon's team of exploration staff and contractors, all of whom are resident within Newfoundland and Labrador.

Matt Manson, President & CEO commented: "Today's results represent the final batch of drill holes completed prior to our seasonal shutdown at the end of November. Our 2020 Exploration Program, including the Berry Infill Drill Program added mid-year, has been successful in delineating an important new area of gold mineralization at the Valentine Gold Project. The first mineral resource estimate for Berry based on this initial round of drilling is expected by the end of this quarter. Whereas our 2020 exploration work was discovery oriented, our 2021 Exploration Program is designed to add ounces, with up to 30,000 metres of additional in-fill drilling planned for the Berry Zone over its full 1.5 kilometre length. We also plan to return to the Victory and Sprite Deposits, with up to 8,000 metres of drilling in each area. Modest quantities of mineral resources have been previously estimated at each of Victory and Sprite based on limited drilling completed prior to 2015. The new drill program will be designed to test for the tightly concentrated "Main Zone" type mineralization located immediately proximal to the Valentine Lake Shear Zone in the style seen at the Leprechaun Deposit, and now also at Berry, and which may have been missed by previous drilling patterns. Neither Victory nor Sprite are included in the current Valentine Gold Project mine planning. Finally, up to 6,000 metres of drilling will be reserved for greenfield initiatives within the 20 kilometres of shear zone geology contained within the Valentine Lake Property. All of this exploration activity will proceed in parallel with our ongoing environmental assessment and engineering activities. Drilling with three rigs at site has already commenced."

Figure 1: Location Map, Valentine Gold Project

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Gold mineralization at the Valentine Gold Project is contained predominantly within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold ("QTP-Au") veins. At the Leprechaun and Marathon Deposits, as well as at the new Berry Zone, these QTP-Au veins form densely stacked and northwest plunging "Main Zone" envelopes within intrusive host rocks on the hanging wall (northwest) side of the Valentine Lake Shear Zone. The extent of mineralization appears related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the hanging wall, parallel to the shear zone. Exploration drilling is generally undertaken in two orientations: down steeply towards the northwest at a high angle to the individual veins and down-plunge of the Main Zone stacking, or obliquely towards the southeast sub-parallel to the individual veins and across the strike of Main Zone mineralization.

The results released today are derived from nine drillholes located within or adjacent to the Berry infill drilling area between sections 13540E and 13860E, and an additional six drillholes in the Frozen Ear Pond Road area between sections 14650E and 14800E (Figure 2).

Seven of the fifteen holes were oriented steeply down to the northwest testing for Main Zone type stacked QTP-Au mineralization close to the Valentine Lake Shear Zone (VL-20-942, 945, 947, 948, 949, 950, and 951). Six holes were oriented steeply down to the northwest within hanging wall rocks but at a greater distance from the shear zone contact (VL-20-938, 939, 940, 944, 946, and 952). Two holes were oriented to the southeast from the hanging wall toward the footwall contact (VL-20-941 and 943).

Thirteen of the fifteen drillholes returned "significant" drill intercepts of greater than 0.7 g/t Au (Table 1), and each drillhole returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource Estimate for the Project.

Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-20-938 to VL-20-952

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Table 1: Significant Assay Intervals, Berry Zone, Valentine Gold Project

Notes on the Calculation of Assay Intervals

1. "Significant" assay intervals are defined as 1m core length or more of mineralization with an average fire assay result of greater than 0.7 g/t Au, representing the bottom cut-off for high-grade mill feed in the Marathon April 2020 Pre-Feasibility Study mine plan (see technical report dated April 21, 2020). Assay intervals with an average fire assay result of between 0.3 g/t Au and 0.7 g/t Au are above the cut-off used in the January 2020 Mineral Resource Estimate for the Project but are not considered "significant" for the purposes of this news release.
2. Cut gold grades are calculated at 30 g/t Au.
3. No significant assays were returned in drill holes VL-20-941 and 951
   

Qualified Person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, P.Geo. (NL), Exploration Manager for the Valentine Gold Project. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P.Geo. (NL), GIS Manager for Marathon Gold Corp.. Both Mr. Capps and Ms. Borysenko are qualified persons under National Instrument ("NI") 43-101.

Quality Assurance-Quality Control ("QA/QC")

QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (70 - 95% of core length), and reported with and without a top-cut of 30 g/t Au applied.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

About Marathon

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of four mineralized deposits along a 20-kilometre system. An April 2020 Pre-Feasibility Study outlined an open pit mining and conventional milling operation over a twelve-year mine life with a 36% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.3 Moz (26.3 Mt at 1.52 g/t) and Probable Mineral Reserves of 0.6 Moz (14.8 Mt at 1.23 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Please see the Technical Report dated April 21, 2020 for further details and assumptions relating to the Valentine Gold Project.

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To find out more information on Marathon Gold Corp. and the Valentine Gold Project, please visit www.marathon-gold.com.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this news release, constitutes forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are 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", "estimates", "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. More particularly and without restriction, this news release contains forward-looking statements and information about Marathon's intention to complete the Offering and the timing thereof, economic analyses for the Valentine Gold Project, capital and operating costs, processing and recovery estimates and strategies, future exploration and mine plans, objectives and expectations and corporate planning of Marathon, future feasibility studies and environmental impact statements and the timetable for completion and content thereof and statements as to management's expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

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. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include receipt of all necessary regulatory approvals, completion of all conditions to closing of the Offering, availability of financing to fund Marathon's exploration and development activities, the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, Marathon's ability to realize the pre-feasibility study, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty as to calculation of mineral resources, changes in commodity and power prices, changes in interest and currency exchange rates, the ability to attract and retain qualified personnel, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources), changes in development or mining plans due to changes in logistical, technical or other factors, title defects, government approvals and permits, cost escalation, changes in general economic conditions or conditions in the financial markets, environmental regulation, operating hazards and risks, delays, taxation rules, competition, public health crises such as the COVID-19 pandemic and other uninsurable risks, liquidity risk, share price volatility, dilution and future sales of common shares, aboriginal claims and consultation, cybersecurity threats, climate change, delays and other risks described in Marathon's documents filed with Canadian securities regulatory authorities.

You can find further information with respect to these and other risks in Marathon's Amended and Restated Annual Information Form for the year ended December 31, 2019 and other filings made with Canadian securities regulatory authorities available at www.sedar.com. Other than as specifically required by law, Marathon undertakes 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 or results otherwise.