Marathon Advances Resource Development with In-fill Drilling at the Leprechaun Gold Deposit, Valentine Lake, Newfoundland
TORONTO, Aug. 30, 2011 /CNW/ --
TORONTO, Aug. 30, 2011 /CNW/ - Marathon Gold Corporation ('Marathon' or the 'Company') (TSX:MOZ) is pleased to announce the results of in-fill drilling at the
Leprechaun Gold Deposit (Figure 1). The in-fill drill holes were
focused in the northeast (VL-11-310, VL-11-311, VL-11-313, VL-11-316
and VL-11-318) and southwest (VL-11-309, VL-11-312, VL-11-314,
VL-11-315 and VL-11-317) areas of the current Leprechaun Gold Deposit
resource boundary (Figure 1). Each of the ten drill holes intersected
significant zones of gold mineralization and confirmed the continuity
of the mineralized zones along strike between adjacent sections within
the Leprechaun Gold Deposit.
A total of 111 drill holes totaling 18,098m (72%) of Marathon's planned
25,000m 2011 drilling campaign have been completed to date. It is
expected remaining drilling will be completed during Q4, 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 joint 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.
Phil Walford, Marathon President and CEO said: 'Our 2011 drilling
program at Leprechaun continues to provide good results. These in-fill
drill holes show our expected continuity of mineralization along strike
both in and between sections in the Deposit, and advance our
expectation for increased resources. The 2011 drill program remains on
schedule for completion during October, which should enable us to keep
our target of the first open pit NI 43-101 compliant resource at the
Leprechaun Gold Deposit by year end.'
Highlights:
-- In-fill drill holes in the northeast, with near surface
intercepts of up to 1.88 g/t Au over 32.3m as in VL-11-310,
confirmed the predicted continuity of mineralization along
strike between adjacent sections in the Deposit.
-- Drill hole VL-11-313 proved down-dip expansion of the Deposit
with high grade footwall intersection of 6.53 g/t Au over 2.4m
including 22.63 g/t Au over 0.6m.
-- In-fill drill holes in the southwest, with intercepts of up to
2.7 g/t Au over 12.8m including 10.69 g/t Au over 2.6m,
confirmed the predicted continuity of mineralization along
strike between adjacent sections in the Deposit.
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-11-309| 9950 | HW | 120 | 124 | 4 | 3.6 | 5.05 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | HW | 122 | 123 | 1 | 0.9 | 19.33 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | HW | 131 | 133 | 2 | 1.8 | 3.18 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 214 | 219 | 5 | 4.5 | 3.95 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 214 | 216 | 2 | 1.8 | 9.32 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 231 | 235 | 4 | 3.6 | 4.63 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 232 | 233 | 1 | 0.9 | 16.4 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 263 | 266 | 3 | 2.7 | 3.16 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-310|10362.5| MZ | 38 | 72 | 34 |32.3 | 1.88 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 40 | 43 | 3 | 2.9 | 4.41 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 67 | 72 | 5 | 4.8 | 6.32 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 89 | 97 | 8 | 7.6 | 1.61 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 94 | 97 | 3 | 2.9 | 3.62 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-311|10412.5| HW | 25 | 28 | 3 | 2.9 | 1.15 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 98 | 101 | 3 | 2.9 | 2.79 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 106 | 109 | 3 | 2.9 | 2.56 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-312| 9950 | HW | 33 | 36 | 3 | 2.7 | 0.76 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | HW | 77 | 80 | 3 | 2.7 | 1.57 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 175 | 185 | 10 | 9.0 | 2.27 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 175 | 176 | 1 | 0.9 | 19.56 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 210 | 214 | 4 | 3.6 | 1.48 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 220 | 223 | 3 | 2.7 | 3.13 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-313| 10425 | HW | 83 | 87 | 4 | 4 | 1.99 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 120 | 127 | 7 | 7 | 1.38 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 149 | 152 | 3 | 2.9 | 2.08 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 206 | 208 | 2 | 1.2 | 2.78 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | FW | 235 | 242 | 7 | 4.2 | 1.03 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | FW | 246 | 249 | 3 | 1.8 | 1.8 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | FW | 254 | 259 | 4 | 2.4 | 6.53 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | FW | 258 | 259 | 1 | 0.6 | 22.63 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-314| 9975 | MZ | 121 | 124 | 3 | 2.9 | 1.55 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 180 | 185 | 5 | 4.8 | 7.19 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 194 | 211 | 17 |16.2 | 2.38 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 205 | 211 | 6 | 5.7 | 4.33 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-315| 9988 | HW | 105 | 111 | 6 | 5.1 | 0.49 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 158 | 171 | 13 |11.1 | 4.01 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 164 | 167 | 3 | 2.6 | 11.00 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 177 | 182 | 5 | 4.3 | 2.92 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 180 | 181 | 1 | 0.9 | 12.8 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-316| 10338 | HW | 4.9 | 9 | 4.1 | 4.1 | 0.75 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 45 | 64 | 19 |16.2 | 0.72 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 77 | 81 | 4 | 2.4 | 1.66 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 88 | 98 | 10 | 6 | 2.13 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 88 | 89 | 1 | 0.6 | 12.65 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 128 | 131 | 3 | 1.8 | 1.01 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | FW | 177 | 181 | 4 | 2.4 | 1.08 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-317| 9988 | HW | 124 | 132 | 8 | 6.8 | 2.39 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | HW | 131 | 132 | 1 | 0.9 | 10.01 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 209 | 224 | 15 |12.8 | 2.7 |
|_________|_______|_____|________|______|_________|_____|__________|
|including| | MZ | 209 | 212 | 3 | 2.6 | 10.69 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 234 | 237 | 3 | 2.6 | 1.02 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 242 | 246 | 4 | 3.4 | 2.61 |
|_________|_______|_____|________|______|_________|_____|__________|
|VL-11-318| 10263 | MZ | 25 | 28 | 3 | 1.8 | 0.50 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 38 | 46 | 8 | 4.6 | 1.22 |
|_________|_______|_____|________|______|_________|_____|__________|
| | | MZ | 53 | 58 | 5 | 3 | 2.65 |
|_________|_______|_____|________|______|_________|_____|__________|
*Denotes: MZ - main zone, HW - hanging wall zone, and FW - footwall zone
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
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such as 'may', 'will', 'should', 'would' and 'could'. We provide
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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
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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