TORONTO, April 22, 2013 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) today announced continued success with latest near-surface drilling results at Valentine East Hill, Valentine Lake Project, Newfoundland (Figure 1). The drilling focused on expanding the area of recently discovered wide intervals of high-grade gold mineralization (press release, April 4th, 2013). The quartz-tourmaline-pyrite (QTP) and gold-bearing vein style mineralization at Valentine East is similar to that which characterizes the Leprechaun Gold deposit.
- New wide intervals of near-surface gold mineralization including 2.72 g/t Au over 19.0 meters (TT) with 21.93 g/t Au over 1.0 meters (TT) and 9.66 g/t Au over 1.0 meters (TT) in VE-13-025, and 2.01 g/t Au over 21.0 meters (TT) with 16.41 g/t Au over 1.0 meter (TT) and 12.55 g/t Au over 1.0 meter (TT) in VE-13-024.
- Additional significant near-surface gold intercepts including 2.59 g/t Au over 3.8 meters (TT) with 7.51 g/t Au over 0.95 meter and 1.61 g/t Au over 6.65 meters (TT) with 7.82 g/t AU over 0.95 meters in VL-13-023.
- The next phase of drilling at in the Valentine East Hill area will focus on exploring along strike and down-dip for additional wide intervals of near surface gold mineralization.
- The Valentine East Hill alteration and QTP veining appears similar to that which characterizes the Main Zone of the Leprechaun Gold Deposit located 13 km along strike to the southwest.
"I am very pleased with the discovery of these wide intervals of good grade gold in early-stage drilling at Valentine East are very important as we develop additional open pit resources along strike of the Leprechaun Deposit.", said Phillip Walford, President and CEO of Marathon Gold. "Additional gold targets located between Leprechaun and the Valentine North-East will be worked on this summer within the Valentine Lake Property".
TABLE 1: Significant Assay Intervals from drill holes at Valentine East Hill.
*No significant intervals in VE-13-022, 026 and 027
Figure 1: Location map of the drill holes VL-13-021 to VL-13-027, Valentine East Hill.
To view Figure 1 please click on the following link: http://files.newswire.ca/1171/MGFigure_1.pdf
The Valentine Lake Project is 100% owned by Marathon Gold Corporation (July 9, 2012 news release). The 10,000 meter winter 2013 diamond drilling program announced on January 15, 2013 was completed at the end of March 2013 on Valentine East and 12 drill holes at Leprechaun are in for assaying at this time. All grades in this release did not require cutting, and all thicknesses are estimated true thicknesses.
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
Marathon Gold Corporation is the 100% owner of the Valentine Lake Project. 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 1.4 kilometers in length and 250 meters in width, is located up to 0.5 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 focused along the Valentine Lake thrust fault.
About the Leprechaun Gold Deposit
The Leprechaun Gold Deposit has a NI 43-101 compliant Measured Resource of 3,033,000 tonnes grading 2.30 g/t AU and Indicated Resource of 6,505,000 tonnes grading 2.19 g/t Au, for a total estimated 682,000 ounces of Au (October 22, 2012 news release). The Inferred Resource is 1,959,000 tonnes grading 2.30 g/t Au, for an estimated 145,000 ounces of Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for open pit resources and 1.5 g/t Au for underground resources. The Leprechaun Gold Deposit is open at depth and along strike.
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, the prolific Coeur d'Alene Mining District of Idaho and the historic gold rich Greenhorn District of Oregon, USA. 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.
SOURCE: Marathon Gold Corporation
For further information:
Marathon Gold Corporation
Investor Relations Manager
E-mail: [email protected]