Marathon Gold Hits 9.68 g/t Au over 12.8m (TW) including 23.15 g/t Au over 4.8m (TW) at the Leprechaun Gold Deposit
TORONTO, March 29 /CNW/ --
TORONTO, March 29 /CNW/ - Marathon Gold Corporation (TSX: MOZ) and Mountain Lake Resources Inc. (TSXV: MOA) ('Mountain Lake') announced today the intersection of high-grade and wide intervals of
gold mineralization on its joint-venture Leprechaun Gold Deposit and
Valentine East Prospect. The drill holes were: 9.68 g/t Au over 12.8m
in VL-11-261; 2.80 g/t Au over 34.8m in VL-11-258; and 4.27 g/t Au over
16.5m in VL-11-253 at the Leprechaun Gold Deposit (Figure - LP).
'The assay results from the Leprechaun Gold Deposit continue to
demonstrate the high-grade gold mineralization of the deposit,' said
Phillip Walford, President and CEO of Marathon Gold Corp. 'With these
new drill intercepts, we continue to expand the potential open pit
boundary and increase the resource both down dip and along strike to
the northeast of the deposit.'
Highlights:
-- These new drill results are defining a 30-40m wide dilation
lens of gold mineralization which extends for 80m up dip and
more than 60 m along strike in the northeast end of the current
resource. This lens is open both down dip and along strike to
the northeast.
-- The new assay grades in this dilation lens include 9.68 g/t Au
over 12.8m including 23.15 g/t Au over 4.8m and 103.53 g/t Au
over 0.8m in VL-11-261, 2.80 g/t Au over 34.8m including 13.23
g/t Au over 2.4m and 52.0 g/t Au over 0.6m in VL-11-258 and
4.27 g/t Au over 16.5m including 11.86 g/t Au over 3.5m in
VL-11-253. Previous drill holes VL-11-246, VL-11-250 and
VL-99-7 intersected this dilation lens.
-- The mineralization in VL-11-252 is located 40m down dip and
central to a second more southern zone of wide gold
mineralization previously intersected in VL-11-233 and
VL-11-236. This new intercept increases the down-dip extension
of the Main Zone and pushes the pit boundary into the hanging
all of the deposit.
-- Drill holes VL-11-254 and VL-11-256, collared in sediments 500m
east of the Leprechaun Gold deposit and targeted over Au soil
and IP anomalies, returned up to 698 ppb Au over 2m in sediment
hosted quartz pyrite veining. These results are encouraging
given the occurrence of historical gold mineralization in
sediment hosted quartz veins proximal to the Victoria River,
9km northeast of the Leprechaun Gold deposit.
TABLE 1: New Results for the Leprechaun Gold Deposit and Valentine East
Prospect
__________________________________________________________________
| | | | | |Core | | |
| | | | | |Width|True Width| |
| DDH |Section|Zone|From (m)|To (m)| (m) | (m) |Gold (g/t)|
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-251|10487.5| MZ | 104 | 113 | 9 | 7 | 0.72 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10487.5| MZ | 104 | 107 | 3 | 2.5 | 1.67 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-251|10487.5| MZ | 164 | 174 | 10 | 8 | 2.43 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10487.5| MZ | 171 | 174 | 3 | 2.5 | 6.65 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-251|10487.5| MZ | 199 | 202 | 3 | 2.5 | 1.80 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-252| 10425 | MZ | 108 | 124 | 16 | 10 | 2.04 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10425 | MZ | 110 | 114 | 4 | 2.5 | 7.48 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-252| 10425 | MZ | 134 | 143 | 9 | 5.5 | 1.02 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10425 | MZ | 135 | 140 | 5 | 3 | 1.78 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-252| 10425 | MZ | 161 | 170 | 9 | 5.5 | 1.28 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10425 | MZ | 161 | 164 | 3 | 2 | 3.71 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-252| 10425 | MZ | 199 | 207 | 8 | 5 | 1.10 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10425 | MZ | 201 | 204 | 3 | 2 | 2.81 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-253| 10525 | MZ | 106 | 117 | 11 | 8 | 1.02 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-253| 10525 | MZ | 140 | 143 | 3 | 2 | 1.37 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-253| 10525 | MZ | 147 | 170 | 23 | 16.5 | 4.27 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10525 | MZ | 151 | 156 | 5 | 3.5 | 11.86 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-255| 10525 | MZ | 18 | 21 | 3 | 2 | 0.76 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-257|10512.5| MZ | 55 | 72 | 17 | 10.5 | 0.78 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10512.5| MZ | 61 | 64 | 3 | 2 | 2.07 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-258|10512.5| MZ | 107 | 165 | 58 | 34.8 | 2.80 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10512.5| MZ | 107 | 110 | 3 | 1.8 | 4.67 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10512.5| MZ | 131 | 145 | 14 | 8.4 | 5.38 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10512.5| MZ | 161 | 165 | 4 | 2.4 | 13.23 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10512.5| MZ | 164 | 165 | 1 | 0.6 | 52.00 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-259| 10475 | MZ | 177 | 180 | 3 | 2 | 0.96 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-261|10537.5| MZ | 137 | 140 | 3 | 2.4 | 2.58 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-261|10537.5| MZ | 167 | 183 | 16 | 12.8 | 9.68 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10537.5| MZ | 176 | 182 | 6 | 4.8 | 23.15 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10537.5| MZ | 177 | 178 | 1 | 0.8 | 103.53 |
|_________|_______|____|________|______|_____|__________|__________|
|VE-11-005| 7200 | VE | 89 | 92 | 3 | 3 | 0.68 |
|_________|_______|____|________|______|_____|__________|__________|
|VE-11-005| 7200 | VE | 113 | 115 | 2 | 2 | 0.95 |
|_________|_______|____|________|______|_____|__________|__________|
|VE-11-006| 7050 | VE | 27 | 31 | 4 | 4 | 0.46 |
|_________|_______|____|________|______|_____|__________|__________|
Estimated true widths, MZ = main zone, VE = Valentine East
* VL-11-254 and VL-11-256 collared 500m east of Leprechaun Gold deposit
did not return any significant assay intervals.
All of the samples were analyzed at Eastern Analytical Laboratory Ltd.,
in Springdale, Newfoundland. Samples were assayed using lead collection
fire assay with AA (atomic absorption) finish. Results from fire assay
are used for drill hole planning only. Assay results for the future
updates of the December, 2010 resource will be determined by an ongoing
metallic screening process. Due to the coarse nature of the gold at the
Leprechaun Deposit, the metallic screening method is used on
economically important intersections using standard fire assay
techniques. The reported values in this release are fire assay results.
About the Valentine Lake Joint Venture: The Valentine Lake Project is a 50/50 joint venture between Marathon
Gold and Mountain Lake. The Leprechaun Gold Deposit is situated at the
south-western end of the Valentine Lake Property and the Valentine East
Gold Zone is located 13 km along strike running in a north-easterly
direction. These gold occurrences form part of a 23 km long, highly
prospective gold-bearing mineralized corridor. Marathon is the operator
of the Project, and the companies have agreed to jointly fund a $6
million budget in 2011 that will include a planned 25,000 metres of
drilling.
Leprechaun Deposit: The Leprechaun Deposit has a new (News release, December 16, 2010) NI 43-101 compliant Measured and Indicated Resource of 3,284,000
tonnes grading 2.62 g/t gold for a total estimated 277,000 ounces of
gold. The inferred mineral resource is 4,409,000 tonnes grading 2.01
g/t gold for an estimated 285,000 ounces of gold. The new resource was
estimated using a 0.5 g/t gold minimum cut-off over a 3 meter minimum
width. The Leprechaun Gold Deposit is open at depth and along strike
with 74% of the current M & I ounces occurring within 150m of surface.
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.
Gary Woods, P. Geo, President and CEO is Mountain Lake's Qualified
Person and has reviewed and approved the contents of this news release.
About Marathon Gold Corporation:
Marathon Gold Corporation ('Marathon') 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 of Idaho. Marathon has a tiered
project pipeline consisting of early stage exploration to advanced
resource development projects that may be built 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 is the operator of the Valentine Lake Project under the joint
venture with MOA. For more information visit: www.marathon-gold.com
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Marathon Gold Corporation
Joanna Longo
President, Terre Partners
1 (416) 238 1414 ext. 233
Email: jlongo@terrepartners.com