Marathon Gold Corporation is pleased to report drill results from recent exploration drilling at the Valentine Gold Project, central Newfoundland (the “Project”). These latest results represent fire assay data from the initial ten drill holes completed in the new Berry Zone following the restart of drilling operations on June 9, 2020.
Highlights include:
All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1.
The ten drill holes released today represent step out drilling to both the southwest and northeast of the new Berry Zone, located within the six-kilometre long Sprite Corridor between the Leprechaun and Marathon Deposits (Figure 1). Previous drilling in this area has outlined “Main Zone”-style mineralization characteristic of the Valentine Gold Project, with shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veins contained within steeply northwest plunging envelopes in the hanging-wall of the Valentine Lake Shear Zone. Drill Holes VL-20-823 and 824 (Figure 2) returned exceptional results at Sections 13690E and 13720E respectively (Figures 3 and 4), drilling down-plunge of the stacking and confirming the extension of the Berry Zone to the northeast.
Matt Manson, President & CEO commented: “Our 2020 exploration drill program is focussed on new discovery, with broad step out drilling into areas previously untested. We are particularly encouraged by these continued good results. When we returned to drilling in early June, we picked up where we had left off with a 32,000-metre drill plan extending northeastwards from the Berry Zone towards the Frozen Ear Pond Road area and ultimately to the limit of the Marathon Deposit, which remains open on the southwestern side. This is a total strike length of approximately three kilometres of high exploration potential. Moving along this trend systematically will remain the goal of our exploration efforts in 2020, with results reported as they become available.”
The latest ten drill holes at the Berry Zone represent oblique drilling across the Main Zone envelope of QTP-Au veining towards the southeast (such as VL-20-819, 820, 821, 822, 825, 826 and 827) or steeply down through the stacking of the Main Zone envelope towards the northwest (such as VL-20-818, 823 and 824). Nine of the ten holes returned “significant” drill intersections of greater than 0.7 g/t Au (Table 1), and each of the ten drill holes returned drill intersections with gold grades above the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource Estimate for the Project.
The scale of QTP-Au mineralization developed in the Berry Zone appears closely controlled by the size and frequency of sheared mafic dykes, which extend NE-SW parallel to the Valentine Lake Shear Zone. Main Zone mineralization is contained within a 30-100m wide interval between dykes intruding quartz-eye porphyry on the hanging-wall (NW) side and the main shear zone contact with sedimentary rocks on the foot-wall (SE) side. This mineralized envelope extends from surface to a depth of over 250 metres, where it remains open. Two drill holes (VL-20-819 and 820; Figure 2) on Sections 13340E and 13290E respectively returned only intermittent or low-grade mineralization. QTP-Au mineralization is developed over a broad interval in the area of Sections 13400E and 13600E, and then appears to narrow to the northeast where it becomes concentrated between the contact and a particularly large mafic dyke in the area of Section 13800E. This implies a drill confirmed strike extent for the Berry Zone of approximately 450 metres based on current data to date.
Table 1: Significant assay intervals, Sprite Corridor, Valentine Gold Project
DDH | Section | Az | Dip | From | To | Core Length (m) |
True Thickness (m) |
Gold g/t | Gold g/t (cut) |
VL-20-818 | 13360E | 338 | -81 | 45 | 47 | 2 | 1.9 | 1.47 | |
93 | 94 | 1 | 1.0 | 4.39 | |||||
107 | 110 | 3 | 2.9 | 0.77 | |||||
132 | 134 | 2 | 1.9 | 3.67 | |||||
149 | 151 | 2 | 1.9 | 0.72 | |||||
204 | 210 | 6 | 5.7 | 2.26 | |||||
VL-20-820 | 13290E | 163 | -55 | 6 | 7 | 1 | 0.7 | 0.85 | |
130 | 132 | 2 | 1.4 | 1.76 | |||||
VL-20-821 | 13580E | 164 | -59 | 40 | 41 | 1 | 0.8 | 0.72 | |
51 | 52 | 1 | 0.8 | 1.79 | |||||
72 | 73 | 1 | 0.8 | 3.59 | |||||
78 | 91 | 13 | 9.8 | 2.12 | |||||
152 | 154 | 2 | 1.5 | 0.96 | |||||
171 | 175 | 4 | 3.0 | 0.77 | |||||
195 | 196 | 1 | 0.8 | 1.36 | |||||
205 | 206 | 1 | 0.8 | 1.36 | |||||
220 | 223 | 3 | 2.3 | 0.93 | |||||
VL-20-822 | 13570E | 162 | -60 | 67 | 99 | 32 | 24.0 | 2.33 | |
Including | 90 | 94 | 4 | 3.0 | 10.49 | ||||
106 | 107 | 1 | 0.8 | 3.81 | |||||
113 | 118 | 5 | 3.8 | 7.84 | |||||
Including | 114 | 115 | 1 | 0.8 | 29.20 | ||||
128 | 132 | 4 | 3.0 | 3.50 | |||||
VL-20-823 | 13690E | 343 | -77 | 79 | 80 | 1 | 1.0 | 3.94 | |
87 | 207 | 120 | 114.0 | 3.33 | 3.31 | ||||
Including | 119 | 129 | 10 | 9.5 | 11.83 | 11.57 | |||
Including | 144 | 146 | 2 | 1.9 | 13.03 | ||||
Including | 161 | 189 | 28 | 26.6 | 4.97 | ||||
228 | 232 | 4 | 3.8 | 1.23 | |||||
234 | 235 | 1 | 1.0 | 1.23 | |||||
253 | 254 | 1 | 1.0 | 0.83 | |||||
272 | 273 | 1 | 1.0 | 1.34 | |||||
332 | 334 | 2 | 1.9 | 1.17 | |||||
VL-20-824 | 13720E | 344 | -80 | 19 | 23 | 4 | 3.8 | 51.52 | 8.18 |
Including | 21 | 22 | 1 | 1.0 | 203.36 | 30.00 | |||
38 | 39 | 1 | 1.0 | 2.83 | |||||
43 | 44 | 1 | 1.0 | 37.56 | 30.00 | ||||
49 | 56 | 7 | 6.7 | 5.69 | |||||
64 | 65 | 1 | 1.0 | 15.97 | |||||
72 | 73 | 1 | 1.0 | 0.97 | |||||
77 | 81 | 4 | 3.8 | 1.87 | |||||
107 | 143 | 36 | 34.2 | 3.37 | 3.20 | ||||
Including | 119 | 120 | 1 | 1.0 | 36.14 | 30.00 | |||
149 | 152 | 3 | 2.9 | 1.49 | |||||
169 | 171 | 2 | 1.9 | 1.86 | |||||
181 | 185 | 4 | 3.8 | 1.05 | |||||
VL-20-825 | 13670E | 162 | -44 | 23 | 25 | 2 | 1.4 | 9.09 | |
124 | 125 | 1 | 0.7 | 1.18 | |||||
141 | 142 | 1 | 0.7 | 0.79 | |||||
VL-20-826 | 13630E | 163 | -54 | 130 | 131 | 1 | 0.7 | 2.47 | |
VL-20-827 | 13800E | 162 | -45 | 86 | 87 | 1 | 0.7 | 0.80 | |
90 | 92 | 2 | 1.4 | 3.01 |
Notes on the Calculation of Assay Intervals
Qualified Person
Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, P.Geo. (NL), Project Manager for exploration at the Valentine Gold Project. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P.Geo (NL), GIS Manager for Marathon Gold Corporation. Both Mr. Capps and Ms. Borysenko are qualified persons under National Instrument (“NI”) 43-101.
Quality Assurance-Quality Control (“QA/QC”)
QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (70 – 95% of core length), and reported with and without a top-cut of 30 g/t Au applied.
Acknowledgments
Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
About Marathon
Marathon is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of four mineralized deposits along a 20-kilometre system. An April 2020 Pre-Feasibility Study outlined an open pit mining and conventional milling operation over a twelve-year mine life with a 36% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.3 Moz (26.3 Mt at 1.52 g/t) and Probable Mineral Reserves of 0.6 Moz (14.8 Mt at 1.23 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Please see the Technical Report dated April 21, 2020 for further details and assumptions relating to the Valentine Gold Project.
For more information, please contact:
Matt Manson President & CEO Tel: 416 987-0711 mmanson@marathon-gold.com |
Hannes Portmann CFO & Business Development Tel: 416 855-8200 hportmann@marathon-gold.com |
Amanda Mallough Senior Associate, Investor Relations Tel: 416 885-8202 amallough@marathon-gold.com |
To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.