Marathon Gold Reports First 2021 Exploration Drill Results from the Valentine Gold Project, NL

TORONTO, March 11, 2021 - Marathon Gold Corp. ("Marathon" or the "Company"; TSX: MOZ) is pleased to report results from the first drill holes completed under the 2021 exploration program at the Valentine Gold Project, central Newfoundland (the "Project"). These latest results represent fire assay data from seven drill holes located within the 1.5 kilometre long Berry Zone. Highlights include:

• VL-20-956 intersected 6.57 g/t Au over 22 metres including 29.68 g/t Au over 3 metres;
• VL-20-957 intersected 3.93 g/t Au over 21 metres including 37.90 g/t Au over 1 metre, and 12.35 g/t Au over 1 metre and 11.54 g/t Au over 1 metre, and 9.21 g/t Au over 7 metres including 29.17 g/t Au over 2 metres, and 8.65 g/t Au over 2 metres including 11.61 g/t Au over 1 metre;
• VL-20-955 intersected 14.93 g/t Au over 3 metres including 43.70 g/t Au over 1 metre;
• VL-20-958 intersected 1.75 g/t Au over 12 metres including 15.48 g/t Au over 1 metre; and
• VL-20-953 intersected 0.92 g/t Au over 24 metres;
  

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

Matt Manson, President & CEO commented: "We are releasing today the first seven holes drilled as part of this year's $10.5 million exploration program at the Valentine Gold Project. Since the start of the program in mid-January we have completed 37 holes with three rigs operating for a total of 10,335 metres drilled. All of our drilling currently is within the 1.5 kilometre long Berry Zone, and these latest results again demonstrate strong quartz-tourmaline-pyrite-Au mineralization at this location with high grades. A first mineral resource estimate at Berry based on 42,000 metres of drilling completed to the end of 2020 is currently under preparation. A further 30,000 metres of drilling at Berry will be completed as part of the 2021 program with a view to further delineation and resource growth. Additional drilling in 2021 will be completed at the Sprite and Victory Deposits, and on generative projects identified along the 20 kilometres of Valentine Lake Shear Zone contained within the property's boundaries. Drill results will be released in regular batches through to the end of this year."

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 ("VLSZ"). 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 at a low angle of incidence to the individual veins and across the strike of Main Zone mineralization.

All seven drill holes released today represent southeast oriented holes designed to test for Main Zone type mineralization at depth along the VLSZ contact from setup locations set back within the hanging wall rocks. Three holes were located at the western end of the Berry Zone between sections 13550E and 13900E (VL-21-953, 954 and 958), two holes were located at the eastern end of the Berry Zone at the Frozen Ear Pond Road between sections 14800E and 14900E (VL-21-955 and 957), and two holes were located within the centre of the Berry Zone between sections 14150E and 14350E (VL-21-956 and 959; Figure 2).

All seven drill holes returned "significant" drill intercepts of greater than 0.7 g/t Au (Table 1), and each drill hole 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.

The results from drill hole VL-21-956, which returned 6.57 g/t Au over 22 metres starting at 232 metres down hole, are particularly significant (Figures 2, 3 and 4). This drill hole is located within the central portion of the Berry Zone, which has been drilled to date with predominantly shallow and wider spaced holes returning relatively intermittent mineralization when compared to the more closely drilled and densely mineralized western and eastern ends. Drill hole VL-21-956 suggests the presence of a well developed and high-grade Main Zone-type sequence of gold mineralization at depth along the VLSZ contact, supporting continuity of mineralization through this central Berry area. Also of note, drill hole VL-21-957, in the eastern end of the Berry Zone, exhibited 26 instances of logged visible gold within multiple high grade intercepts (Figure 5).

Figure 1: Location Map, Valentine Gold Project
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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.

Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-21-953 to VL-20-959
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Figure 3: Cross Section 14180E (View NE) Berry Zone, Valentine Gold Project.
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Figure 4: Long section view of the Berry Zone. Gold fire assay grades are illustrated on 1m samples above a 0.3 g/t Au bottom cut-off. Fire assay grades correlate by colour as yellow (low) to red (high).
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Figure 5: Visible Gold ("VG") occurrences within quartz-tourmaline-pyrite veins in drill hole VL-21-957 between 92 metres and 202 metres downhole.
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Qualified Person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, P.Geo. (NL), Manager of Exploration for Marathon Gold Corp.. 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.

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.