TORONTO, Jan. 13, 2014 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today announced the commencement of a minimum 2,000m drilling campaign at its Valentine Lake Project located in Newfoundland, Canada. The drilling campaign will focus on expanding the open pit resource at the Victory Gold Deposit and testing new mineralization found in 2013 at the Sprite zone with the aim of increasing open pit resources for the anticipated PEA.
2014 Drill Targets:
Victory Gold Deposit
- Drilling at the Victory Gold Deposit will consist of a series of short drill holes positioned over 500 meters of a gold mineralized corridor that extends 1.5 km northeast from the current resource boundary. The target area contains historical drill holes with significant gold intervals (e.g.: VL-99-22 with 2.91 g/t Au over 10.6 m and 1.37 g/t Au over 10.7m) and 2013 channel samples returning up to 2.11 g/t Au over 18.18 meters. The historical drill holes are not included in the current resource. The goal of this winter 2014 drilling is to expand the Victory Gold Deposit resource, which currently consists of an indicated resource of 41,000 oz Au in 761,000 tonnes grading 1.67 g/t and an inferred resource of 9,000 oz Au in 199,000 tonnes grading 1.47 g/t.
- Drilling at the Sprite Zone will consist of a series of short drill holes positioned over a 600 meter strike length of a newly discovered mineralized zone located 1.5 km NE along strike from the Leprechaun Gold Deposit. This new area of mineralization contains multiple gold-bearing QTP veins with grab samples returning up to 58.13 g/t Au, 40.83 g/t Au, 19.82 g/t Au, 14.03 g/t Au and 13.30 g/t Au. Initial channel sampling in one trench returned 2.01 g/t Au over 7.02 meters with 4.43 g/t Au over 1.06 meters and 0.80 g/t Au over 7.38 meters with 1.58 g/t Au over 2.21 meters.
"We are continuing to advance the Valentine Lake Project by targeting near surface potential that can be discovered and drilled off at a moderate cost. Both of the drilling targets have the potential to significantly increase the open pit resources of the project. We also have additional open pit resource potential at the Frank Zone but that must wait for another time. 2014 looks to be another exciting year for the Company as we look to expand the resources at the Valentine Lake Property and advance the project," said Phillip Walford, President and CEO of Marathon.
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 Marathon Gold Corporation
Marathon is a Toronto based gold resource development company focused on the Valentine Lake property in central Newfoundland. Marathon's mission is to rapidly advance the Valentine Lake project towards advanced exploration and pre-development stages. For more information visit: www.marathon-gold.com.
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 compliant 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. These gold deposits form part of a 23 km long, highly prospective gold-bearing mineralized corridor focused along the Valentine Lake Thrust Fault.
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 containing 247,000 oz Au, and Indicated 6.2 million tonnes 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 containing 17,000 oz Au, and Indicated 764,000 tonnes containing 100,000 oz Au, and Inferred 349,000 tonnes containing 69,000 oz Au.
The Victory Gold Deposit (formerly Valentine East Hill) has an Open Pit Resource (refer to August 1, 2013 news release). The Open Pit Resource is Indicated 761,000 tonnes containing 41,000 oz Au, and Inferred 199,000 tonnes containing 9,000 oz Au. Both deposits are open to expansion.
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]