TORONTO, Sept. 17, 2013 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) reported that the NI 43-101 "Technical Report on the Valentine Lake Property in Newfoundland" by Executive Vice President - Geology Wayne Valliant, B.Sc., P.Geo. of RPA dated September 13, 2013 was filed under the profile of the Company on SEDAR.
The report contains several historical estimates reported on the Valentine Lake property which Marathon has referred to in previous disclosure, and clarifies that Marathon is not treating such estimates as current mineral resources or mineral reserves under NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as a current mineral resource or mineral reserve and as such, should not be relied upon.
- Open Pit: Measured 3.5 million tonnes @ 2.18 g/t Au containing 247,000 oz Au and Indicated 6.2 million tonnes @ 2.07 g/t Au containing 412,000 oz Au and Inferred 1.2 million tonnes @ 1.82 g/t Au containing 71,000 oz Au
- Relative to the previous open pit resource estimate, M&I gold content increased 97,000 oz while the M&I grade remained constant
- Inferred gold content increased by 14,500 oz
- The new pit shell using a US$1,350 per oz gold price has almost the same footprint as the 2012 pit shell using a US$1,500 per oz gold price
- An increase in the gold content in the open pit resource tonnes is a result of finding additional material in the hanging wall of the Leprechaun Gold Deposit as well as higher grades near the bottom of the previous pit shell
- Underground Resource: Measured 108,000 tonnes @ 4.83 g/t Au containing 17,000 oz Au and Indicated 764,000 tonnes @ 4.05 g/t Au containing 100,000 oz Au and Inferred 349,000 tonnes @ 6.13 g/t Au containing 69,000 oz Au
- 52% increase in the gold grade in the underground M&I category from the previous resource
- 136% increase in the gold grade in the underground inferred category is a result of the open pit constraint and using high grade wireframe vein models
- The high grade vein extensions have been traced to over 400 metres down dip and still remain open at depth and down plunge
"The increase in the Leprechaun resource and the first Victory resource were the result of a small, focused drill program. The work completed this past summer on the property has provided additional drill targets for the expansion of the Leprechaun and Victory Gold deposits and we look forward towards further growth of the resources" said Phillip Walford, President and CEO of Marathon.
About the Valentine Lake Project
The Valentine Lake property, owned 100% by Marathon Gold Corporation, hosts two well defined gold deposits with NI 43-101 complaint resources: the Leprechaun Gold Deposit and the Victory Gold Deposit. The Leprechaun Gold Deposit is located near the south-western end of the Valentine Lake property, and the Victory Gold Deposit is located 13 kilometers along strike to the north-east. 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 0.5 kilometers southwest along strike from the current resource boundary of the Leprechaun Gold Deposit. These gold occurrences form part of a 23 kilometers 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 Open Pit and Underground Resource (refer to August 1, 2013 news release). The Open Pit Resource is Measured 3.5 million tonnes at 2.8 g/t Au containing 247,000 oz Au, and Indicated 6.2 million tonnes at 2.07 g/t Au containing 412,000 oz Au, and Inferred 1.2 million tonnes at 1.82 g/t Au containing 71,000 oz Au. The Underground Resource is Measured 108,000 tonnes at 4.83 g/t Au containing 17,000 oz Au, and Indicated 764,000 tonnes at 4.05 g/t Au containing 100,000 oz Au, and Inferred 349,000 tonnes at 6.13 g/t Au containing 69,000 oz Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for the open pit resources and a 2.0 g/t Au minimum cut-off for the underground resources. The Leprechaun Gold Deposit is open at depth and along strike.
About the Victory Gold Deposit
The Victory Gold Deposit (formerly Valentine East Hill) has a first ever NI 43-101 compliant Open Pit Resource (refer to August 1, 2013 news release). The Open Pit Resource is Indicated 761,000 tonnes at 1.67 g/t Au containing 41,000 oz Au, and Inferred 199,000 tonnes at 1.47 g/t Au containing 9,000 oz Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for the open pit resources. The Victory Gold Deposit is open at depth and along strike.
About Marathon Gold Corporation
Marathon 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'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:
Investor Relations Manager
E-mail: [email protected]