TORONTO, Sept. 15, 2014 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today announced the results of drilling in the Sprite Zone, Valentine Lake Property (Figure 1). Drill holes VL-14-567 to VL-14-570 were designed to step out from mineralization intersected during previous winter 2014 drilling. Drill holes VL-14-571 to VL-14-577 were designed to target shallow quartz-tourmaline-pyrite (QTP) veining located directly beneath areas of anomalous channel intervals encountered in recent trenching (Figure 1). Best drill intervals included 2.80 g/t Au over 9.0 meters true thickness (TT) in VL-14-567, 2.48 g/t Au over 5.1 meters (TT) in VL-14-569 and 1.53 g/t Au over 11.2 meters (TT) in VL-14-575. The information from this shallow drilling has identified areas for further drilling and also yielded additional information about the structural controls on gold mineralization in this area of the Sprite Zone.
Highlights of Sprite Drilling:
- Best intervals in step-out drill holes included 2.80 g/t Au over 9.0 meters (TT) including 11.04 g/t Au over 0.9 meters (TT) and 7.04 g/t Au over 1.8 meters (TT) in VL-14-567, and 2.48 g/t Au over 5.1 meters (TT) including 8.60 g/t Au over 0.9 meters (TT) in VL-14-569. Drill holes VL-14-567 and VL-14-569 are 50 meter step-out holes from the wide gold intercepts found in previous drill holes VL-14-542 and VL-14-543, respectively.
- Best intervals in shallow-target drilling under trench channel intercepts included 1.53 g/t Au over 11.2 meters (TT) including 8.30 g/t Au over 0.8 meters (TT) in VL-14-575, and 1.39 g/t Au over 4.8 meters (TT) including 6.01 g/t Au over 0.8 meters (TT) in VL-14-574.
- Drill holes with significant intercepts with TT yet to be determined included 9.73 g/t Au over 7.0 meters including 28.22 g/t over 2.0 meters in VL-14-571 and 3.11 g/t Au over 8.0 meters including 11.24 g/t Au over 1 meters in VL-14-577. These drill holes cut at low angle to the dominant trend of mineralization.
- Drilling continues at the Sprite Zone as we further delineate the areas of most favorable near surface mineralization and build towards an open pit resource in this area located 2 kilometers NE of the Leprechaun Gold Deposit.
An access trail into the area of new gold showings at the Marathon Zone is now being completed. A program of trenching and channel sampling will commence this week with the aim of determining the surface extent and grade of this new mineralization. It is expected that any drill targets developed will be tested this fall.
"Marathon has a very busy fall ahead as we push forward with our prospecting, stripping and sampling at the Marathon Zone, and continued drilling at Rainbow and Sprite Zones. We are very pleased to see the continuation of the QTP veining at shallow depth along the length of the mineralized corridor as currently defined in the Sprite Zone. With our increased understanding of the geology of the mineralizing system we look forward to continued drilling as we work towards development of an initial open pit resource at the Sprite Zone," said Phillip Walford, President and CEO of Marathon.
TABLE 1: Significant Assay Intervals from drill holes VL-14-567 to VL-14-577, Sprite Zone
|TT (m)**||Gold (g/t)|
* Note: No significant intervals in VL-14-570 and VL-14-576
** True thickness not determined
All of the samples were fire assayed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland.
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 move 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. As a result of favorable drilling results in 2013 and 2014, the Sprite Area, which is adjacent to the Leprechaun Gold Deposit, will be a focus of continued exploration this year. The Sprite Area adjoins the Leprechaun Gold Deposit and recent promising drilling is located 1.5 km to the north east of the Leprechaun Gold Deposit.
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.
Image with caption: "Figure 1: Location map of Sprite Zone showing the collar position of new drill holes VL-14-567 to VL-14-577, winter 2014 drill collars, historical drill holes, channel sample intervals, and the mineralized alteration corridor. (CNW Group/Marathon Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20140915_C9059_PHOTO_EN_42773.jpg
SOURCE: Marathon Gold Corporation
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