TORONTO, Nov. 5, 2012 /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, Leprechaun Gold Deposit". The resource update was announced on October 22, 2012 and conducted by Roscoe Postle Associates.
"Management believes that this new Valentine resource estimate is a significant step towards justifying an economic study. The resource at Valentine only covers the Leprechaun Deposit and considerable potential exists on the property and will further underpin the value of the Valentine Lake Project," said Phillip Walford, President and CEO of Marathon Gold Corp. In addition to the Leprechaun resource, Marathon has 50% of the Golden Chest Mine in Idaho that has an open pit resource. The resource ounces attributable to Marathon are mainly Measured and Indicated, the highest resource categories. Our strategy is to continue to successfully develop quality resources leading to reserves."
- Leprechaun-Measured and Indicated: 9.53 million tonnes @ 2.22 g/t Au containing 682,000 oz Au
- Leprechaun-inferred: 1.96 million tonnes @ 2.30 g/t containing 145,000 oz Au
- The resource has not only significantly increased by 61% in the M&I category, and the grade has increased by 8% as well
- The resource has advanced to an open pit and underground resource
- The total resource attributable to Marathon including 50% of Golden Chest and all of Leprechaun:
- Measured and Indicated: 10.93 million tonnes @ 2.11 g/t Au containing 744,000 oz;
- Inferred: 3.89 million tonnes @ 1.88 g/t Au containing 235,000 oz Au; and
- A new resource is expected by the end of the quarter for Golden Chest.
Phillip Walford P.Geo, President and CEO of Marathon Gold, is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Walford has reviewed the contents for accuracy and has approved this new release on behalf of Marathon Gold.
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 18 kilometers along strike running in a north-easterly direction. 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 kilometer long, highly prospective gold-bearing mineralized corridor focused along the Valentine Lake thrust fault.
Marathon is currently conducting a fall 2012 program of prospecting, geological mapping and trenching along the highly prospective 23 kilometer strike length of the property outside of the current boundaries of the Leprechaun Gold Deposit. One drill is currently turning on the newly discovered J. Frank Zone southwest extension.
About the Leprechaun Gold Deposit
The Leprechaun Gold Deposit has a combined NI 43-101 compliant Measured and Indicated Resource of 9,537,000 tonnes grading 2.22 g/t Au, for a total estimated 682,000 ounces of Au. 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
Phillip Walford President and CEO of Marathon Gold