SOURCE: Marathon Gold Corp.

Marathon Gold Corp.

August 09, 2016 07:00 ET

Marathon Deposit Grows Larger With New Drill Results: 2.11 g/t Au (Cut) Over 68.3 Meters (TT) and 1.33 g/t Over 48.8 Meters (TT)

TORONTO, ON--(Marketwired - August 09, 2016) - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) is pleased to announce continued positive results from its latest drilling at the Marathon Deposit, Valentine Gold Camp. New drill holes MA-16-107 and MA-16-11 have both intercepted very wide intervals of good-grade gold mineralization for up to 80 meters down-dip of previous drilling on the Marathon Deposit (Figure 1, Section 17250 in www.marathon.com). These new drill holes further confirm the continuity of the 50-100 meter wide (TT) mineralized corridor of the Marathon Deposit that is currently open along strike and extends to depth for more than 250 meters. Previously reported drill holes MA-16-101 and extended drill holes MA-15-032, MA-15-039 and MA-15-047 also intersected similar wide intervals of higher grade gold at depth (Figure 1, PR's June 21, 2016, July 6, 2016 & July 28, 2016). Shallower drilling intercepted significant mineralization up to 250 meters southwest of the current Marathon resource pit shell and in the hanging wall of the deposit (Figure 1).

Highlights (true thickness):

  • Drill holes MA-16-107 and MA-16-111 intercepted very wide intervals of good grade gold mineralization up to 80 meters down-dip of previously drilling in the Marathon Deposit (Figure 1). Best intercepts included 2.11 g/t Au (cut) over 68.3 meters with 10.64 g/t (cut) over 3.3 meters, 4.29 g/t over 2.0 meters, 12.92 g/t Au (cut) over 2.0 meters, 5.19 g/t Au over 2.0 meters, 6.56 g/t Au over 2.6 meters and 8.84 g/t Au over 2.6 meters in MA-16-107, and 1.33 g/t Au over 48.8 meters with 5.23 g/t Au over 1.3 meters, 10.03 g/t Au over 0.7 meters and 4.62 g/t Au over 3.9 meters in MA-16-111.
  • The recently drilled deeper drill holes through the central portion of the Marathon Deposit (i.e.: MA-16-101, MA-16-107, MA-16-111 and extended drill holes MA-15-032, MA-15-039 and MA-16-047) now define a more than 200 meters long subvertical mineralized corridor up to 50 to 100 meters wide that extends to depth beyond 250 meters. The mineralized corridor of the Marathon Deposit remains open along strike and to depth.
  • Significant near-surface mineralization was also encountered in step-out drill hole MA-16-106 with 2.44 g/t Au over 3.5 meters and in hanging wall drill hole MA-16-109 with 6.74 g/t Au over 1.8 meters, 1.05 g/t Au over 2.4 meters and 1.01 g/t Au over 1.8 meters.
  • The total strike length of the alteration and mineralized corridor, including the spring 2015 Marathon Deposit resource pit shell, now extends for at least 1.6 kilometers (Figure 1). The highest priority drilling at the Marathon Deposit continues to focus on expanding the open pit resource shell to the southwest along strike of the current Marathon Deposit resource pit shell as well as northwest into the hanging wall of the deposit.
  • Metallurgical work is continuing on schedule with encouraging preliminary results both in the floatation and the column testing for heap leach viability at both the Leprechaun and Marathon Deposits.

"The drilling program is going very well at the Marathon Deposit. The deeper drill holes are continuing to prove that the deposit is open to depth and so far the deeper holes are intersecting wider mineralization than is found closer to surface. These deeper intersections do have significant zones of higher grades within them. While more drilling is needed, it appears that the thicker zones of gold mineralization have a shallow plunge to the south west," said Phillip Walford, President and CEO of Marathon.

TABLE 1: Significant assay intervals from drill holes MA-16-106 to MA-16-111, Marathon Gold Deposit, Valentine Lake Gold Camp.*

                      
DDH  Section  From  To  Core
Length (m)
 True
Width (m)
 Gold
g/t
 Gold
g/t
(cut)
MA-16-106  16800  53  58  5  3.5  2.44   
MA-16-107  17250  31  37  6  3.9  1.85   
      172  277  105  68.3  2.38  2.11
including     249  277  28  18.2  3.09   
including     173  178  5  3.3  14.29  10.64
including     200  203  3  2.0  4.29   
including     213  216  3  2.0  16.50  12.92
including     251  254  3  2.0  5.19   
including     258  262  4  2.6  6.56   
including     273  277  4  2.6  8.84   
MA-16-108  17040  20  23  3  2.0  0.65   
      35  38  3  2.0  0.76   
MA-16-109  17170  53  56  3  1.8  6.74   
      66  70  4  2.4  1.05   
      123  126  3  1.8  1.01   
MA-16-111  17280  62  70  8  5.2  1.19   
      141  144  3  2.0  1.45   
      178  253  75  48.8  1.33   
including     194  196  2  1.3  5.23   
including     200  201  1  0.7  10.03   
including     230  236  6  3.9  4.62   
               
  • No significant intervals from MA-16-110.

All of the samples were fire assayed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Marathon Gold Corporation acknowledges the financial support of the JEA Program, Department of Natural Resources, Government of Newfoundland and Labrador. The Research and Development Corporation of Newfoundland and Labrador has granted approximately 75% of the costs of the current metallurgical program to Marathon Gold and we appreciate this support.

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 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 2.85 g/t (Inferred), (April 2015). These resources, open along strike and to depth, cover less than 10% 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. 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.

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