Marathon Gold Announces High Grade Intercept of 33.0 g/t Gold Over 2.6 Meters on the Golden Chest mine
TORONTO, March 16 /CNW/ --
TORONTO, March 16 /CNW/ - Marathon Gold Corporation (TSX: MOZ) ('Marathon Gold') and New Jersey Mining Company (OTCBB: NJMC) ('NJMC')
are pleased to announce the initial results from their core drilling
program underway at the Golden Chest mine in Murray, Idaho. All drill
intersections in this release are uncut.
'These initial results from our 2011 drill program demonstrate the
high-grade potential of both the Katie and Idaho veins on the Golden
Chest deposit,' said Phillip Walford President of Marathon Gold
Corporation. 'Strategically located within a gold belt of the Coeur
D'Alene Mining District, we will continue with our 10,000 meter drill
program with the goal of completing a 43-101 National Instrument
Technical Resource Report by the end of 2011.'
Highlights:
-- GC-11-2 returned 33.0 g/t gold over 2.6 m (true thickness) in
an area north of the existing reserve and down-dip of the main
level - the No. 3 level.
-- GC-11-1 returned 6.25 g/t gold over a 4.4 m (true thickness) in
an area further north of the GC-11-2 intercept, and within the
230m unexplored gap where no previous drilling has occurred
between the Idaho vein reserve and the Katie-Dora. A hanging
wall vein above the Idaho vein was intercepted by both GC-11-1
and GC-11-2, grading 4.90 g/t gold over 1.3 m and 7.83 g/t gold
over 1.1 m, respectively.
-- GCU-11-2 intercepted 103.4 g/t gold over 0.8 meters only 5.9
meters from the existing ramp.
-- GC-11-3 intercepted the Idaho vein about 158 meters vertically
below the No. 3 level and is the deepest intercept to date on
the Idaho vein. Assays are pending.
Table 1 - Initial Drill Results at the Golden Chest Mine
_____________________________________________________________________
| DDH | Vein | From (m) | To (m) | Core Width| True | Gold |
| | | | | (m)|Thickness |Uncut |
| | | | | | (m) |(g/t) |
|_________|________|__________|________|___________|___________|______|
|GC-11-1 | H/W | 56.1| 57.4| 1.3|unknown (1)| 4.90|
|_________|________|__________|________|___________|___________|______|
| | Idaho | 165.7| 170.3| 4.6| 4.4 | 6.25|
|_________|________|__________|________|___________|___________|______|
|GC-11-2 | H/W | 55.4| 56.5| 1.1|unknown (1)| 7.83|
|_________|________|__________|________|___________|___________|______|
| | Idaho | 152.3| 154.9| 2.6| 2.6 | 33.00|
|_________|________|__________|________|___________|___________|______|
|GCU-11-2 | Katie | 5.9| 6.7| 0.8|unknown (1)| 103.4|
|_________|________|__________|________|___________|___________|______|
(1) True thickness cannot be calculated until more vein intersections
are drilled.
Surface core drilling through the Idaho vein, in an area north of the
current reserve, returned 33.0 grams per tonne (g/t) gold over 2.6
meters (m) true thickness including 0.9 m of 62.6 g/t gold in GC-11-2.
Visible gold was observed in this Idaho vein intercept. Hole GCU-11-2
had the highest interval with 103.4 g/t gold over 0,8 m in an area with
no reserves or resources. Five surface drill holes have been completed
to date with each intercepting the Idaho vein, and extending the vein
to the north and down-dip into areas where no previous drilling has
taken place. Assays are pending for holes GC-11-3 to GC-11-5.
An underground drilling program, located about 400 meters north of the
surface drilling, is underway in an area of the mine known as the
Katie-Dora area. Drilling here in GCU-11-2 returned 103.4 g/t over 0.8
meters through the Katie vein. The underground drilling is focused on
exploring for high-grade ore shoots in the northern part of the mine
where existing workings provide excellent access to explore the Idaho
fault corridor.
The Golden Chest Mine
The Golden Chest Mine is located two miles east of Murray, Idaho within
the gold belt of the Coeur d'Alene Mining District. Golden Chest LLC
operates the mine and is owned 50% by NJMC and 50% by MOZ. A surface
and underground drilling program of at least 10,000 meters is planned
for 2011 with the goal of producing a NI 43-101 compliant resource
estimate at a later date.
The mine has over 3,900 meters of underground workings and has the
permits necessary to drill and operate on the deposit. The property
includes 24 patented mining claims and 21 unpatented mining claims
covering 206 hectares. The patented claims that cover the mine workings
have mineral rights and surface rights enabling the JV to work easily
on the mine property.
Gold mineralization can be found along at least 1,500 meters of strike
length along the Idaho fault on the property. The veins in the north
end of the mine were historically mined at higher grades, estimated to
have been 17 g/t gold, whereas the Idaho vein in the south end of the
mine was thicker but lower in grade (175 m of vein mining on the main
level grading 6.71 g/t) gold. The lowest major level of the Golden
Chest mine is the No. 3 level, which is near the valley bottom
elevation.The Idaho vein has an SEC compliant proven and probable
underground reserve of 242,000 tonnes grading 5.10 g/t gold containing
40,000 ounces (ozs) of gold. The drilling to date has only gone 160 m
below the 3(rd) level and is still in the vein structure. The Idaho vein goes to
surface where an historic open pit resource has been estimated gold.
This resource is not NI 43-101 compliant.
There are currently two drills working on site, one on surface and one
underground. The surface drill will move up slope to drill the open pit
resource in the Idaho vein sometime in the second quarter after the
snow melts. The underground drill will continue to drill in the
northern half of the mine where there is high grade potential.
All of the samples were analyzed by American Analytical of Osburn,
Idaho, an ISO certified laboratory. Samples were analyzed using lead
collection fire assay with a gravimetric finish.
Sherry Dunsworth P.Geo. Vice President Exploration, is Marathon's
Qualified Person in compliance with National Instrument 43-101 with
respect to this release. Ms Dunsworth has reviewed the contents for
accuracy and has approved this press release on behalf of Marathon.
About Marathon Gold Corporation:
Marathon Gold Corporation is one of Canada's newest gold resource
development companies, with projects located in the mining friendly
province of Newfoundland and Labrador and now a project in the prolific
Coeur d'Alene Mining District. Marathon has a tiered project pipeline
consisting of early stage exploration to advanced resource development
projects which can be built quickly into mineable reserves. Marathon
is continually evaluating new gold resource development projects of
merit that are located within the Americas. Marathon's focused and
low-cost approach to resource development and exploration has an
established record of delivering rapid growth. Marathon Gold Corp.
(TSX: MOZ) ('Marathon') is the operator of the Valentine Lake Project
under the sub-option and joint venture agreement ('OJVA') between
Mountain Lake and Marathon.
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Joanna Longo President, Terre Partners
1 (416) 238 1414
Email: jlongo@terrepartners.com
www.marathon-gold.com