TORONTO, June 15, 2015 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) today announced that it has made the regulatory filing of the report entitled "Technical Report and Resource Estimate on the Valentine Lake Project." The resource updated was announced on April 30, 2015 and completed by Micon International Limited ("Micon").
"The growing resource total at the Valentine Gold Camp confirms our belief that we have just scratched the surface of this property's potential. The new Marathon deposit was discovered in the fall of 2014. Just 7 months after the start of prospecting we have been able to quantify a resource on a high grade potentially low cost open pit deposit" said Phillip Walford, President and CEO of Marathon.
Prospecting and trenching is presently underway in the vicinity of the Marathon Deposit to identify additional mineralization along strike and in potential parallel zones.
Highlights of the Resource:
- The overall Measured and Indicated resource for the Valentine Gold Camp has increased by 30% from 816,000 oz Au at a grade of 2.24 g/t to 1,060,000 oz Au at a grade of 2.20 g/t
- The overall Inferred resource for the Valentine Gold Camp has increased by 34% to 200,000 oz Au at a grade of 2.83 g/t Au.
- The discovery cost of the new resources is approximately $9 to $10 per oz.
- The Open pit constrained resources represent 87% of the total Indicated resources
- Further drilling is planned on the Marathon Deposit to delineate the ultimate size of the deposit before commissioning a PEA
Phillip Walford P.Geo, President and CEO of Marathon Gold and Sherry Dunsworth, VP of Exploration are Marathon's Qualified Person's in compliance with National Instrument 43-101 with respect to this release. Mr. Walford and Mrs. Dunsworth have reviewed the contents for accuracy and have approved this new release on behalf of Marathon.
About Marathon Gold Corporation
Marathon is a Toronto based gold resource company focused on its 100% owned Valentine Gold Camp located in central Newfoundland. The Valentine Gold Camp currently hosts four near-surface, mainly pit-shell constrained, gold resources totaling 1,060,100 oz. gold at 2.20 g/t (Measured & Indicated) and 200,000 oz. gold at 2.83 g/t (Inferred), (April 2015). These resources, open along strike and to depth, cover less than 6% of the total length of the highly prospective Valentine Lake Thrust Fault and associated splay faults which host the majority of the gold mineralization within the property. Certain of Marathon's exploration expenditures at its mineral properties in Newfoundland are funded by the Government of Newfoundland and Labrador through its Junior Exploration Assistance program. For more information please 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: Christopher Haldane, Investor Relations Manager, Tel: 1-416-987-0714, E-mail: [email protected]