Marathon's Potential Open Pit Resource Continues to Expand at the Leprechaun Gold Deposit, Valentine Lake Property, Newfoundland
TORONTO, Sept. 8, 2011 /CNW/ --
TORONTO, Sept. 8, 2011 /CNW/ - Marathon Gold Corporation ('Marathon' or the 'Company') (TSX: MOZ) is pleased to announce further positive results from the most recent
drilling at the Leprechaun Gold Deposit (Figure 1). Step-out drill holes in the southwest 'Heart of Gold' area returned
wide intervals of mineralization with high grade intervals including
3.70 g/t Au over 9.0 meters with 10.59 g/t Au over 3.0 meters and 32.24
g/t Au over 3.0 meters with 94.20 g/t Au over 1.0 meter in VL-11-324,
as well as 2.31 g/t Au over 16.2 meters including 11.67 g/t Au over
2.90 meters in VL-11-325.
'These solid results from our infill and step-out drilling program
continue to expand the open-pit potential of the Leprechaun Gold
Deposit. Our 'Heart of Gold' area continues to have high grade
intervals in larger lower grade envelopes and the multiple hanging wall
zones will help to reduce the amount of waste in the open pit design,'
said Phillip Walford, Marathon's President and CEO.
The Valentine Lake Project, including the Leprechaun Gold Deposit, is a
50/50 joint venture between Marathon and Mountain Lake Resources Inc.
Both companies are equal contributors to a 25,000 meter drilling
program now underway where Marathon is the operator. All grades in
this release are uncut, and all thicknesses are estimated true
thicknesses. A total of 117 drill holes totaling 19,915 meters (80%) of
the planned 25,000 meter 2011 drilling campaign have now been
completed. It is expected remaining drilling will be completed during
Q3, with a resource estimation to follow before year end
Highlights:
-- Step-out and in-fill drill holes in the southwest 'Heart of
Gold' area returned wide intervals of mineralization including
3.70 g/t Au over 9.0 meters with 10.59 g/t Au over 3.0 meters
and 32.24 g/t Au over 3.0 meters with 94.20 g/t Au over 1.0
meter in VL-11-324, 2.31 g/t Au over 16.2 meters including
11.67 g/t Au over 2.90 meters in VL-11-325, and 1.93 g/t Au
over 17.1 meters with 4.21 g/t Au over 4.8 meters in VL-11-320.
-- Step-out drill holes in the northeast Leprechaun Gold Deposit
returned up to 1.10 g/t Au over 10.4 meters with 3.35 g/t Au
over 2.40 meters and 10.16 g/t Au over 2.4 meters with 29.90
g/t Au over 0.8 meters in VL-11-321.
-- The continued success of intersecting mineralization with both
step-out and in-fill drilling confirms the continuity of
mineralization both along strike and down-dip in the Leprechaun
Gold Deposit
TABLE 1: Significant Assay Intervals for the Leprechaun Gold Deposit
________________________________________________________________
| DDH |Section|Zone*|From|To (m)| Core |TT (m)|Gold (g/t) |
| | | |(m) | |Width (m)| | Uncut |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-319| 10313 | MZ | 36 | 39 | 3 | 2.1 | 2.44 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ | 67 | 70 | 3 | 2.1 | 1.55 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-320| 10025 | HW |7.71| 13 | 5.29 | 5.3 | 0.75 |
|_________|_______|_____|____|______|_________|______|___________|
| | | HW |142 | 145 | 3 | 2.9 | 0.93 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |205 | 223 | 18 | 17.1 | 1.93 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |207 | 212 | 5 | 4.8 | 4.21 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-321| 10363 | MZ |149 | 162 | 13 | 10.4 | 1.10 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |152 | 155 | 3 | 2.4 | 3.35 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |174 | 177 | 3 | 2.4 | 10.16 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |175 | 176 | 1 | 0.8 | 29.90 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-322| 10025 | HW |114 | 128 | 14 | 13.3 | 1.48 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |188 | 191 | 3 | 2.7 | 2.57 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |223 | 238 | 15 | 13.5 | 0.99 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |231 | 238 | 7 | 6.3 | 1.59 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-323| 10375 | MZ |173 | 179 | 6 | 4.8 | 1.24 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-324| 10050 | HW | 8 | 14 | 6 | 6 | 1.37 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | HW | 10 | 12 | 2 | 2 | 4.07 |
|_________|_______|_____|____|______|_________|______|___________|
| | | HW | 39 | 48 | 9 | 9 | 3.70 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | HW | 40 | 43 | 3 | 3 | 10.59 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |128 | 131 | 3 | 3 | 32.24 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |129 | 130 | 1 | 1 | 94.20 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-325| 10050 | MZ |169 | 172 | 3 | 2.9 | 1.06 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |195 | 212 | 17 | 16.2 | 2.31 |
|_________|_______|_____|____|______|_________|______|___________|
|including| | MZ |209 | 212 | 3 | 2.9 | 11.67 |
|_________|_______|_____|____|______|_________|______|___________|
|VL-11-326| 10300 | HW | 62 | 65 | 3 | 3 | 1.13 |
|_________|_______|_____|____|______|_________|______|___________|
| | | MZ |202 | 211 | 9 | 6.3 | 1.36 |
|_________|_______|_____|____|______|_________|______|___________|
*Denotes: MZ - main zone and HW - hanging wall 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. 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.
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 the Valentine Lake Joint Venture
The Valentine Lake Joint Venture is a 50/50 joint venture between
Marathon and Mountain Lake Resources Inc. The Leprechaun Gold Deposit
is situated at the south-western end of the Valentine Lake Project, and
the Valentine East Gold Zone is located 17 kilometers along strike
running in a north-easterly direction. These gold occurrences form
part of a 23 kilometer 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 plans for 25,000 meters of drilling which is
currently ongoing.
About the Leprechaun Gold Deposit
The Leprechaun Gold Deposit has a 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 (news release, December 16, 2010). The Inferred 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 150 meters
of surface.
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, and 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
Corporation, certain information contained herein constitutes
'forward-looking statements'. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
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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 Corporation'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, results or otherwise.
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Marathon Gold Corporation
Phillip Walford, President & CEO
Tel: 1-416-987-0711