Marathon Continues Successful Results at Leprechaun Gold Deposit with 2.18 g/t Gold over 32.2m True Thickness including 11.36 g/t Gold over 2.8m
TORONTO, July 27, 2011 /CNW/ --
TORONTO, July 27, 2011 /CNW/ - Marathon Gold Corporation ('Marathon' or the 'Company') (MOZ: TSX) is pleased to announce continued success of its 2011 drilling program.
With the intersection of wide intervals of mineralization in VL-11-296
with 2.18g/t Au over 32.2m, in VL-11-291 with 3.53 g/t Au over 14.4m,
and in VL-11-292 with 1.60 g/t Au over 12.0m, substantial success is
being achieved in the Company's goal of expanding and defining the
Leprechaun Gold Deposit .
http://files.newswire.ca/953/Figure1_PR_July27.pdf
All grades in this release are uncut, and all thicknesses are estimated
true thicknesses. The Valentine Lake Project, including the Leprechaun
Gold Deposit, is a 50/50 venture between Marathon Gold Corporation and
Mountain Lake Resources. Both companies are equal contributors to the
25,000m drilling program now underway where Marathon is the operator.
'We are extremely pleased with the results of our program, which confirm
our assessment and interpretation of this deposit. The wide interval of
high grade mineralization intersected during in-fill drilling confirms
the continuity of the main zone. At the same time, the step-out drill
holes confirm the continued expansion of our current resource with the
deposit remaining open both down dip and along strike,' said Phil
Walford, President and CEO of Marathon Corp.
A total of 92 drill holes totaling 13,863.6m (55.4%) of Marathon's
planned 25,000m 2011 drilling campaign have been completed to date. It
is expected remaining drilling will be completed during Q3, with
summarized results to follow shortly thereafter.
Highlights:
-- In-fill drill hole VL-11-296 with 2.18 g/t Au over 32.2m
including 11.36g/t Au over 2.8m confirms the continuity of main
zone mineralization over a 40m section in the northeast portion
of the current Leprechaun Gold deposit pit boundary.
-- Step-out drill hole VL-11-291 with 3.53 g/t Au over 14.4m
including 8.86 g/t Au over 5.6m is 20m down dip from previous
drill hole VL-11-259 and proves continuation of the major lens
of main zone mineralization identified over 50m along strike to
the northeast in adjoining sections 10487.5 to 10537.5.
-- Step-out drill hole VL-11-294 with 5.40 g/t Au over 7.0m
including 10.10 g/t Au over 3.5m identifies significant
mineralization for up to 185m down dip from previous drilling
on section 10,462.5 in this northeast part of deposit.
-- In-fill drill hole VL-11-297 with 2.46 g/t Au over 5.4m
including 13.24 g/t Au over 0.9m confirms the 140m down-dip
continuity of main zone mineralization previously identified in
the adjacent drill holes VL-11-295 to VL-11-293 on section
9887.5.
-- In-fill drill holes VL-11-290 with 1.10 g/t Au over 8.8m and
VL-11-292 with 1.60 g/t Au over 12.0m including 6.04 g/t Au
over 3.0m confirm near surface mineralization that is open
along strike along the southeast boundary of the Leprechaun
Gold deposit.
TABLE 1: Significant Assay Intervals for the Leprechaun Gold Deposit
_____________________________________________________________________
| DDH |Section|Zone*|From (m)|To (m)|Core Width |TT (m)|Gold (g/t)|
| | | | | | (m) | | Uncut |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-290| 9900 | MZ | 57 | 68 | 11 | 8.8 | 1.10 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-291| 10475 | MZ | 182 | 200 | 18 | 14.4 | 3.53 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 10475 | MZ | 182 | 189 | 7 | 5.6 | 8.86 |
|_________|_______|_____|________|______|___________|______|__________|
| | 10475 | FW | 216 | 220 | 4 | 3.2 | 1.77 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-292| 9900 | MZ | 17 | 29 | 12 | 12 | 1.60 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 9900 | MZ | 22 | 25 | 3 | 3 | 6.04 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-293|9887.5 | HW | 62 | 75 | 13 | 13 | 0.58 |
|_________|_______|_____|________|______|___________|______|__________|
| |9887.5 | MZ | 254 | 258 | 4 | 3.2 | 1.26 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-294|10462.5| MZ | 257 | 260 | 3 | 2.1 | 2.20 |
|_________|_______|_____|________|______|___________|______|__________|
| |10462.5| FW | 307 | 317 | 10 | 7 | 5.40 |
|_________|_______|_____|________|______|___________|______|__________|
|including|10462.5| FW | 310 | 315 | 5 | 3.5 | 10.07 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-295| 9888 | MZ | 115 | 120 | 5 | 5 | 0.72 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-296| 10500 | HW | 85 | 88 | 3 | 3 | 0.91 |
|_________|_______|_____|________|______|___________|______|__________|
| | 10500 | MZ | 107 | 153 | 46 | 32.2 | 2.18 |
|_________|_______|_____|________|______|___________|______|__________|
|including| 10500 | MZ | 125 | 129 | 4 | 2.8 | 11.36 |
|_________|_______|_____|________|______|___________|______|__________|
| | 10500 | FW | 196 | 199 | 3 | 2.1 | 1.62 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-297|9887.5 | MZ | 164 | 170 | 6 | 5.4 | 2.46 |
|_________|_______|_____|________|______|___________|______|__________|
|including|9887.5 | MZ | 165 | 166 | 1 | 0.9 | 13.24 |
|_________|_______|_____|________|______|___________|______|__________|
|VL-11-299|10487.5| MZ | 120 | 123 | 3 | 2.4 | 1.03 |
|_________|_______|_____|________|______|___________|______|__________|
| |10487.5| FW | 164 | 167 | 3 | 2.4 | 1.31 |
|_________|_______|_____|________|______|___________|______|__________|
*Denotes: HW - hanging wall zone, MZ - main zone, FW - footwall zone
Note: DDH VL-11-298 lost at 17m and replaced with VL-11-299
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 update 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 Gold 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 Joint Venture 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 Project, 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 Joint Venture, and the companies have agreed to
jointly fund a $6 million budget in 2011 that includes a planned 25,000
meters of drilling.
Leprechaun Gold Deposit: The Leprechaun Gold Deposit has a (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. This 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 is one of Canada's newest gold resource
development companies, with projects located in the mining friendly
province of Newfoundland and Labrador together with a project in the
prolific Coeur d'Alene Mining District of Idaho. Marathon has a
project pipeline consisting of early stage exploration to advanced
resource development projects. 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. For more information visit: www.marathon-gold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold,
certain information contained herein constitutes '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', '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. 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. These risks and uncertainties include
but are not limited to those identified and reported in Marathon Gold's
public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, we undertake 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.
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Marathon Gold Corporation
Phillip Walford, Pres., CEO
Tel: 1-416-987-0711