Marathon Gold Hits Significant Gold Intervals in a Thick Quartz-Tourmaline-Pyrite Alteration Envelope at J. Frank Zone
TORONTO, Dec. 6, 2011 /CNW/ - Marathon Gold Corporation ('Marathon' or the 'Company')
today announced that it has hit an intersection with thick intervals of near surface gold-bearing quartz-tourmaline-pyrite alteration containing gold during initial drilling at the J. Frank Zone, Valentine Lake Project (Figure 1).Significant new near surface J. Frank Zone intercepts include:
-- VL-11-366 with 3.49 g/t Au over 3.75 meters including 10.23 g/t
Au over 0.75 meters
-- VL-11-376 with 4.47 g/t Au over 2.25 meters including 13.30 g/t
Au over 0.75 meters
'We believe that the new J. Frank Zone discovery will be advantageous for Marathon and hitting this intersection, which contains high grade gold intervals within a more than 80 meter thick quartz-tourmaline-pyrite alteration envelope, provides further encouragement. The style and intensity of this mineralization is identical to that of the Leprechaun Gold Deposit which is located 1.5 kilometers along strike to the north-east. As it is still early days, we plan to carry out a drilling program that will aim to identify the wider and higher grade gold areas within the J. Frank Zone,' said Phillip Walford, President and CEO of Marathon Gold Corporation.
The Valentine Lake Project, including the Leprechaun Gold Deposit, is a 50/50 Joint Venture between Marathon Gold Corporation and Mountain Lake Resources Inc. Both companies were equal contributors to the recently completed 25,250 meter 2011 drilling program in which Marathon is the operator. All grades in this release are uncut, and all thicknesses are of estimated true thickness. A total of 150 drill holes have been completed during the 2011 drilling campaign. A revised Resource Estimate is expected to be completed in early Q1 2012.
Highlights:
-- Initial shallow exploration drilling at the J. Frank Zone
intersected high grade gold intervals within a more than 80
meter thick gold-anomalous quartz-tourmaline-pyrite alteration
envelope that is identical to the Leprechaun Gold Deposit
located 1.5 kilometers to the north-east.
-- Drill holes VL-11-366 and VL-11-376 intersected significant new
main zone-style mineralization with intervals of 3.49 g/t Au
over 3.75 meters including 10.23 g/t Au over 0.75 meters and
4.47 g/t Au over 2.25 meters including 13.30 g/t Au over 0.75
meters.
-- 2012 drilling at the J. Frank Zone will focus on delineating
and expanding areas of higher grade gold.
TABLE 1: Significant Assay Intervals for the J. Frank Zone*
_____________________________________________________
| DDH |Section|From|To | Core | TT |Gold (g/t)|
| | |(m) |(m)|Length (m)|(m) | Uncut |
|_________|_______|____|___|__________|____|__________|
|VL-11-366| 8900 | 19 |24 | 5 |3.75| 3.49 |
|_________|_______|____|___|__________|____|__________|
|including| | 21 |22 | 1 |0.75| 10.23 |
|_________|_______|____|___|__________|____|__________|
| | | 69 |73 | 4 | 3 | 0.60 |
|_________|_______|____|___|__________|____|__________|
|VL-11-367| 8925 | 16 |19 | 3 |2.25| 0.38 |
|_________|_______|____|___|__________|____|__________|
|VL-11-368|8962.5 | 6 | 9 | 3 | 3 | 0.33 |
|_________|_______|____|___|__________|____|__________|
| | | 13 |16 | 3 | 3 | 0.27 |
|_________|_______|____|___|__________|____|__________|
|VL-11-369|8962.5 | 5 | 9 | 4 |3.8 | 0.53 |
|_________|_______|____|___|__________|____|__________|
| | | 13 |16 | 3 |2.85| 0.41 |
|_________|_______|____|___|__________|____|__________|
|VL-11-370| 9050 | 74 |77 | 3 |2.25| 0.53 |
|_________|_______|____|___|__________|____|__________|
|VL-11-371| 9100 |0.6 | 5 | 4.4 |3.3 | 0.35 |
|_________|_______|____|___|__________|____|__________|
| | | 37 |40 | 3 |2.25| 0.38 |
|_________|_______|____|___|__________|____|__________|
|VL-11-374| 9000 |2.36| 6 | 3.64 |2.73| 1.07 |
|_________|_______|____|___|__________|____|__________|
| | | 36 |39 | 3 |2.25| 0.75 |
|_________|_______|____|___|__________|____|__________|
| | | 50 |56 | 6 |4.5 | 0.77 |
|_________|_______|____|___|__________|____|__________|
|including| | 55 |56 | 1 |0.75| 3.02 |
|_________|_______|____|___|__________|____|__________|
|VL-11-375| 8475 | 50 |55 | 5 |3.75| 0.41 |
|_________|_______|____|___|__________|____|__________|
| | | 71 |74 | 3 |2.25| 0.58 |
|_________|_______|____|___|__________|____|__________|
|VL-11-376| 8475 | 22 |25 | 3 |2.25| 4.47 |
|_________|_______|____|___|__________|____|__________|
|including| | 22 |23 | 1 |0.75| 13.30 |
|_________|_______|____|___|__________|____|__________|
| | | 33 |36 | 3 | 3 | 0.34 |
|_________|_______|____|___|__________|____|__________|
| | | 43 |46 | 3 | 3 | 0.37 |
|_________|_______|____|___|__________|____|__________|
*VL-11-372, VL-11-373 and VL-11-377 contained no significant assay intervals.
To view the complete list of drill results from the 2011 drilling program, which will be included in the pending updated Resource Estimate, click HERE.
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 Project
Valentine Lake is a 50/50 Joint Venture between Marathon Gold Corporation 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. The J. Frank Zone, which currently extends over an area in excess of 850 meters in length and 250 meters in width, is located up to 1.5 kilometers southwest along strike from the current resource boundary of the Leprechaun Gold Deposit. 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 jointly funded a $6 million 2011 exploration program that included the 25,250 meters of drilling. A 40,000 m drilling program is planned to commence in January 2012.
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. A new Leprechaun Gold Deposit resource is expected to be released Q1 2012
About Marathon Gold Corporation
Marathon Gold Corporation is a North American gold resource development company, 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 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 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.
Marathon Gold Corporation
CONTACT: Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
Tel: 1-416-987-0714
Email:jguay@marathon-gold.com