Marathon Gold Intersects Wide Interval of Gold Mineralization in the Sprite Zone with 1.85 g/t Au over 20.0m including 16.86 g/t Au over 1.0m

TORONTO, May 4 /CNW/ - Marathon Gold Corporation (MOZ-TSX) announced today the near surface intersection of a wide interval of gold mineralization in the Sprite Zone, located 700 m northeast along strike from the Leprechaun Gold Deposit. Drill hole VL-11-264 intersected 1.85 g/t Au over 20.0m including 16.86 g/t Au over 1.0m within 20m of the surface  (Figure - SZ). Previous historical drilling in the Sprite Zone had returned additional significant gold values including  2.28g/t Au over 36.51m including 10.6 m unsampled in the interval and including 19.17 g/t over 3.0m in hole VL - 27. As well, VL-35 intersected 3.18 g/m over 4.1m and VL-40 had 3.01 g/t in hole VL-50 in 13 drill holes widely spaced over a 750 strike length.

"The wide near surface intercept is a good start to exploring in the Sprite Zone. It has good potential to add to the gold resource on the property. Exploration will start up again in a few weeks at Valentine Lake and we are looking forward to an aggressive summer exploration program," said Phillip Walford, President and CEO of Marathon Gold Corporation.

Highlights:

  • The wide gold intersection of 1.85 g/t Au over 20.0m with 16.86 g/t Au over 1.0 in VL-11-264 confirms the potential for additional near surface mineralization as we plan future exploration drilling at the Sprite Zone
  • These new drill results show the continuation of near surface gold mineralization, including wide intervals with high-grade intercepts, in an area at least 700m to the northeast of the current NE boundary of the Leprechaun Gold Deposit
  • Future drilling between the Leprechaun Gold Deposit and Sprite Zone will explore the potential for development of an open pit that extends the 700m beyond the current Leprechaun pit boundary into the Sprite Zone

TABLE 1: Significant Assay Intervals for the Sprite Zone

DDH Section From (m) To (m) Core Width (m) Gold (g/t)
VL-11-260 11200 131 134 3 0.47
VL-11-262 11175 145 148 3 0.65
VL-11-264 11175 8 11 3 1.88
VL-11-264 11175 23 43 20 1.85
including 11175 28 29 1 16.86
VL-11-264 11175 61 72 11 0.45
VL-11-267 11162.5 66 71 5 0.65
VL-11-267 11162.5 95 98 3 0.55
VL-11-270 11212.5 37 41 4 0.56
VL-11-270 11212.5 73 76 3 1.02
VL-11-277 11200 38 41 3 0.73
VL-11-279 11187.5 29 36 7 0.89
including 11187.5 29 32 3 1.59
VL-11-279 11187.5 89 92 3 0.51

Note: (1) VL-11-272 abandoned due to loss of water, and (2) true widths for the Sprite Prospect are unknown at this time.

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 future updates 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 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 Project 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 Property 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 Project, and the companies have agreed to jointly fund a $6 million budget in 2011 that will include a planned 25,000 metres of drilling.

Leprechaun Deposit: The Leprechaun Deposit has a new (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.  The new 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 M & I 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 ("Marathon") is one of Canada's newest gold resource development companies, with projects located in the mining friendly province of Newfoundland and Labrador and now a project in the prolific Coeur d'Alene Mining District of Idaho.  Marathon has a tiered project pipeline consisting of early stage exploration to advanced resource development projects that may be built into mineable reserves.  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 resource development and exploration has an established record of delivering rapid growth.  Marathon is the operator of the Valentine Lake Project under the joint venture with MOA.  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.

 

 

SOURCE Marathon Gold Corporation

For further information:

Marathon Gold Corporation
Joanna Longo
President, Terre Partners
1 (416) 238 1414 ext. 233
Email: jlongo@terrepartners.com
 

 

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Marathon Gold Corporation

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