Marathon Discovers New Gold Bearing Quartz Veins with Grab Samples Assaying up to 113.3 g/t Au
TORONTO, Aug. 25, 2011 /CNW/ --
TORONTO, Aug. 25, 2011 /CNW/ - Marathon Gold Corporation ('Marathon' or the 'Company') (MOZ:TSX) is pleased to announce the discovery while trenching of a new
quartz-tourmaline-pyrite vein structure that extends over a 80 meters
strike length in an area 1 kilometer southwest from the southern end of
the current Leprechaun Gold Deposit resource boundary (Figure 1). Numerous grab samples consisting of quartz-tourmaline-pyrite with
coarse visible gold (Plate 1) returned assays of up to 113.30 g/t Au, 28.01 g/t Au, and 15.33 g/t Au.
The high grade gold samples were collected from frost-heaved angular
sub-crop located directly overlying and in contact with the newly
uncovered quartz-tourmaline-pyrite-gold vein structure (Plate 2). This new gold-bearing vein is part of a larger gold-bearing quartz
vein alteration system that currently extends over an area 600 long by
200m wide and is located up to 1.4km southwest along strike from the
current resource boundary of the Leprechaun Gold deposit. Additional
high-grade gold grab samples have been collected throughout the area.
Historical trenching and drilling did not intersect the new vein nor
adequately test other mineralization in the area. We plan to drill the
area during this fall.
'I have just visited the new vein discovery and observed the visible
gold. The alteration, mineralization and vein structure in this new
exposure is clearly part of the gold system that currently includes the
Leprechaun Gold Deposit located 1 kilometer along strike to the
northeast', said Phill Walford, President and CEO for Marathon Gold
Corporation. 'I am also very encouraged by the additional high grade
grab samples occurring within 400 meters to the southwest of the new
mineralized vein.'
Highlights:
-- High grade grab samples consisting of quartz-tourmaline-pyrite
with coarse visible gold returned assays of up to 113.30 g/t
Au, 28.01 g/t Au, and 15.33 g/t Au.
-- The quartz-tourmaline-pyrite-gold veining and alteration system
extends over an area at least 600m by 200m in size, up to 1.4
km along strike to the SW of the current Leprechaun God Deposit
resource boundary, and proximal to the Valentine Lake intrusive
structurally controlled contact with the Rogerson Lake
conglomerate.
-- Ongoing prospecting and stripping continues to exposes
additional quartz veining along strike.
-- Channel sampling continues in the SW Leprechaun area; assays
pending.
TABLE 1: Significant Assays from Grab Samples - SW of Leprechaun Gold
Deposit
Tag E_N83 N_N83 Au_g/t
6734 485422 5355476 113.30
5421 485280 5355355 79.11
6753 486318 5355849 55.25
5420 485611 5355482 49.19
6720 486314 5355960 29.04
6741 485457 5355471 28.01
6911 485069 5355394 21.26
6743 485465 5355467 15.33
6739 485450 5355472 11.60
6902 485281 5355354 8.18
6736 485428 5355478 7.38
6733 485420 5355477 7.00
6723 485532 5355656 4.80
6740 485451 5355472 4.74
6754 486333 5355843 4.28
6709 485578 5355481 4.17
6762 486213 5355930 3.01
6905 485206 5355342 2.97
6764 486237 5355962 2.48
6712 485651 5355527 2.40
6705 486307 5355978 2.01
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. 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
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Except for statements of historical fact relating to Marathon Gold,
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statements'. Forward-looking statements include statements that are
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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
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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, President & CEO
Tel: 1-416-987-0711