Marathon Gold intersects 2.57 g/t Au over 20.25m (TW) including 16.55 g/t Au over 2.25m (TW) near surface at the Leprechaun Gold Deposit
TORONTO, April 26 /CNW/ --
TORONTO, April 26 /CNW/ - Marathon Gold Corporation (MOZ:TSX) ('Marathon' or 'the Company') announced today the near surface
intersection of a wide interval of gold mineralization at the
Leprechaun Gold Deposit; the first defined gold resource within the
highly prospective Valentine Lake Property in central Newfoundland.
Drill hole VL-11-282 intersected 2.57 g/t Au over 20.25m, including
16.55 g/t Au over 2.25m, within 25m of the surface (Figure - LP). Other significant near surface intersections included 1.33 g/t Au
over 9.6m with 5.53 g/t Au over 1.6m in VL-11-263 and 1.39 g/ Au over
6.7m with 4.79 g/t Au over 0.95m in VL-11-283. The Valentine Lake
Project is a 50/50 venture between Marathon and Mountain Lake.
'We are delighted with the discovery of this new near surface
mineralization. The wide dilation lenses that we have encountered this
year are typical of the Leprechaun Gold Deposit and contain most of its
gold resource', said Phillip Walford, President and CEO of Marathon
Gold Corporation.
Highlights:
-- The wide gold intersection of 2.57 g/t Au over 20.25m with
16.55 g/t Au over 2.25 in VL-11-282 confirms the potential for
significant additional near surface mineralization as we
continue with future in-fill and step out drilling at the
Leprechaun Gold deposit
-- These new drill results show the continuation of near surface
gold mineralization, including wide intervals with high-grade
intercepts, over more than a 200m strike length along the
eastern margin of the Leprechaun Gold Deposit
-- This new mineralization will effectively extend the limit of
the pit boundary eastward into the footwall sediments
-- Drilling has ceased for the spring break-up but will resume in
the spring when the remaining 18,000 m of the program will
begin.
TABLE 1: New Assay Intervals for the Leprechaun Gold Deposit*, **
__________________________________________________________________
| | | | | |Core | | |
| | | | | |Width|True Width| |
| DDH |Section|Zone|From (m)|To (m)| (m) | (m) |Gold (g/t)|
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-263| 10450 | MZ | 32 | 44 | 12 | 9.6 | 1.33 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10450 | MZ | 32 | 34 | 2 | 1.6 | 5.53 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-263| 10450 | MZ | 59 | 62 | 3 | 2.4 | 0.93 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-263| 10450 | MZ | 69 | 82 | 13 | 10.4 | 1.07 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10450 | MZ | 70 | 71 | 1 | 0.8 | 10.63 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-265| 10500 | MZ | 4 | 9 | 5 | 4 | 1.89 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10500 | MZ | 6 | 7 | 1 | 0.8 | 8.48 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-271|10487.5| MZ | 22 | 25 | 3 | 2.4 | 2.48 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-271|10487.5| MZ | 40 | 43 | 3 | 2.4 | 2.74 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-275|10437.5| MZ | 26 | 29 | 3 | 2.4 | 1.43 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-276| 10425 | MZ | 27 | 36 | 9 | 6.3 | 0.86 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-278|10412.5| MZ | 9 | 12 | 3 | 2.4 | 0.83 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-278|10412.5| MZ | 25 | 28 | 3 | 2.4 | 7.69 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-280| 10400 | MZ | 55 | 61 | 6 | 4.8 | 2.28 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10400 | MZ | 60 | 61 | 1 | 0.8 | 9.06 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-280| 10400 | MZ | 69 | 72 | 3 | 2.4 | 1.33 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-280| 10400 | MZ | 88 | 95 | 7 | 5.6 | 0.56 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-282| 10300 | MZ | 12 | 39 | 27 | 20.25 | 2.57 |
|_________|_______|____|________|______|_____|__________|__________|
|including| 10300 | MZ | 22 | 25 | 3 | 2.25 | 16.55 |
|_________|_______|____|________|______|_____|__________|__________|
|VL-11-283|10312.5| MZ | 15 | 22 | 7 | 6.7 | 1.39 |
|_________|_______|____|________|______|_____|__________|__________|
|including|10312.5| MZ | 21 | 22 | 1 | 0.95 | 4.79 |
|_________|_______|____|________|______|_____|__________|__________|
Estimated true widths, MZ = main zone
* VL-11-266, VL-11-268, VL-11-269, VL-11-273, VL-11-274, VL-11-281 and
VL-11-284 did not return any significant assay intervals.
**VL-11-260, VL-11-262, VL-11-264, VL-11-267, VL-11-270, VL-11-272,
VL-11-277 and VL-11-279 were drilled in the Sprite Zone and will be the
subject of a forthcoming Press Release.
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.
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