TORONTO, Nov. 5, 2013 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) is pleased to announce receipt of the prestigious 2013 - Explorer of the Year Award from the CIM - Newfoundland Branch during the recent annual awards banquet ceremonies held in St. John's on November 2, 2013 (Plate 1). The award is given in recognition of the significant advancements in gold resource development and exploration at Marathon's 100% owned Valentine Lake Property, central Newfoundland.
"Receiving this award is a great honour and Marathon Gold Corporation is proud to be involved in the continued expansion of the mineral potential of the central mineral belt of Newfoundland" said Phillip Walford, President and CEO of Marathon Gold. "The hard work and dedication of many people including Sherry Dunsworth, VP of Exploration, Tanya Tettelaar, Project Manager, prospectors Scott McCrindle, and David Galley, geologists Jamie Meyer, Adam Wall and Steven Fraser, and the other members of the head office and on-site exploration team, have been the driving force behind our continued exploration success. Their successes has led to the expansion of the gold deposits, zones and occurrences along a 17 km corridor and there is still so much more exploration to be done at Valentine Lake. This is the second award our exploration team has received, with our predecessor company Marathon PGM winning an award for the advancement of the Marathon Cu-PGM project, Marathon, Ontario."
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.
Image with caption: "CIM Newfoundland Branch - 2013 Explorer of the Year Award received by Marathon Gold Corporation during the annual CIM Award banquet. In attendance (from left to right): Phillip Walford, President and CEO, Sherry Dunsworth, V.P. Exploration, Tanya Tettelaar, Project Manager, and Adam Wall, geologist. (CNW Group/Marathon Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20131105_C9999_PHOTO_EN_32928.jpg
SOURCE: Marathon Gold Corporation
For further information:
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