Marathon Expands It's 'Heart of Gold' with 16.15g/t Gold over 13.3 m (TT) including 30.46 g/t Gold over 6.7m (TT)
TORONTO, Aug. 9, 2011 /CNW/ --
TORONTO, Aug. 9, 2011 /CNW/ - Marathon Gold Corporation ('Marathon' or the 'Company') (MOZ:TSX) is pleased to announce the continued success of its 2011 drilling
program at the Leprechaun Gold Deposit with the intersection of wide
intervals of high grade mineralization in VL-11-306 with 16.15g/t Au
over 13.3m, as well as additional mineralization in VL-11-304 with 1.56
g/t Au over 24.7m, and in VL-11-301 with 3.96 g/t Au over 13.5m.
http://files.newswire.ca/953/Figure_PR_Aug8_F.PDF
'The high grade intercept in VL-11-306 is very exciting as it occurs 50
meters down dip from the high grade intercept in VL-10-165 that ran
38.32 g/t Au over 9.0 meters, is within the range of open pit mining, and continues to increase the
size of our 'Heart of Gold' high grade lens that has a current open
strike length of 200 meters. This area of higher grade intersections is not as intensely drilled as
the north east end of the deposit but is being drilled now,' said Phil
Walford, President and CEO of Marathon Gold Corp. 'The drill program is
progressing very well.'
A total of 97 drill holes totaling 15,496m (62%) 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. 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.
Highlights:
-- Step out drill holes VL-11-306 with 16.15 g/t Au over 13.3m
including 30.46 g/t Au over 6.7 m and VL-11-304 with 1.56 g/t
Au over 24.7m with 4.45 g/t Au over 6.8 m show the continued
expansion of a large high-grade 'Heart of Gold' mineralized
lens that currently extends for over 200m along strike to the
north east of hole VL-11-306. The zone is open down dip as well
as towards the northeast and southwest.
-- In fill drill holes VL-11-305 with 1.06 g/t Au over 18.2m
including 3.25 over 4.2m, and VL-11-307 with 1.71 g/t Au over
11.7m confirms the continuity of the main zone mineralization
that occurs on strike in adjacent sections.
-- In fill drill hole VL-11-301 with 3.96 g/t Au over 13.5 m
including 7.94 g/t Au over 6.3 m confirms the continuity of
near surface main zone mineralization in section as well as
along strike for 12.5m to the north east on the adjacent
section.
TABLE 1: Significant Assay Intervals for the Leprechaun Gold Deposit
___________________________________________________________________
| | | | | | Core | |Gold (g/t)|
| DDH |Section|Zone*|From (m)|To (m)|Width (m)|TT (m)| Uncut |
|_________|_______|_____|________|______|_________|______|__________|
|VL-11-300| 9900 | HW | 103 | 106 | 3 | 2.6 | 5.11 |
|_________|_______|_____|________|______|_________|______|__________|
| | | MZ | 159 | 161 | 2 | 1.7 | 0.87 |
|_________|_______|_____|________|______|_________|______|__________|
|VL-11-301| 10525 | MZ | 36 | 51 | 15 | 13.5 | 3.96 |
|_________|_______|_____|________|______|_________|______|__________|
|including| | MZ | 40 | 47 | 7 | 6.3 | 7.94 |
|_________|_______|_____|________|______|_________|______|__________|
|VL-11-303| 10400 | MZ | 100 | 104 | 4 | 3 | 0.82 |
|_________|_______|_____|________|______|_________|______|__________|
| | | MZ | 169 | 172 | 3 | 2.3 | 0.75 |
|_________|_______|_____|________|______|_________|______|__________|
|VL-11-304| 9925 | HW | 36 | 42 | 6 | 5.1 | 1.24 |
|_________|_______|_____|________|______|_________|______|__________|
| | | MZ | 199 | 228 | 29 | 24.7 | 1.56 |
|_________|_______|_____|________|______|_________|______|__________|
|including| | MZ | 199 | 207 | 8 | 6.8 | 4.45 |
|_________|_______|_____|________|______|_________|______|__________|
|VL-11-305|10387.5| HW | 7 | 15 | 8 | 5.6 | 0.92 |
|_________|_______|_____|________|______|_________|______|__________|
| | | MZ | 73 | 99 | 26 | 18.2 | 1.06 |
|_________|_______|_____|________|______|_________|______|__________|
|including| | MZ | 74 | 80 | 6 | 4.2 | 3.25 |
|_________|_______|_____|________|______|_________|______|__________|
|including| | MZ | 88 | 92 | 4 | 2.8 | 1.53 |
|_________|_______|_____|________|______|_________|______|__________|
| | | MZ | 127 | 145 | 18 | 12.6 | 0.90 |
|_________|_______|_____|________|______|_________|______|__________|
|VL-11-306|9937.5 | HW | 40 | 43 | 3 | 2.9 | 3.51 |
|_________|_______|_____|________|______|_________|______|__________|
| | | MZ | 196 | 210 | 14 | 13.3 | 16.15 |
|_________|_______|_____|________|______|_________|______|__________|
|including| | MZ | 196 | 203 | 7 | 6.7 | 30.46 |
|_________|_______|_____|________|______|_________|______|__________|
|VL-11-307|10387.5| MZ | 43 | 56 | 13 | 11.7 | 1.71 |
|_________|_______|_____|________|______|_________|______|__________|
|including| | MZ | 43 | 46 | 3 | 2.7 | 4.76 |
|_________|_______|_____|________|______|_________|______|__________|
|VL-11-308|10387.5| MZ | 108 | 110 | 2 | 1.4 | 1.96 |
|_________|_______|_____|________|______|_________|______|__________|
*Denotes: HW - hanging wall zone, MZ - main zone. Note: No significant
assays to report for VL-11-302.
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 Measured and Indicated 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 exploration and
resource development 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.
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER
(AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS
RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/09/c2479.html
Marathon Gold Corporation
Phillip Walford, Pres., CEO
Tel: 1-416-987-0711