TORONTO, April 3, 2013 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today announced exciting results from our latest near-surface drilling at Valentine East Hill, Valentine Lake Project, Newfoundland (Figure 1). The drilling focused over a 100 meter strike length area in the southwest end of the Valentine East Hill where previous 2013 drilling intersected narrow high-grade Au intervals. The quartz-tourmaline-pyrite (QTP) and gold-bearing veining at Valentine East is similar to that which characterizes the Leprechaun Gold deposit.
Highlights include:
- High grade intervals included 4.14 g/t Au over 11.0 meters (TT) with 25.01 g/t Au over 1.0 meters (TT) and 11.71 g/t Au over 3.0 meters (TT) with 24.49 g/t Au over 1.0 meter (TT) in VE-13-019.
- Wide intervals with high grade gold include 2.38 g/t Au over 25.0 meters (TT) with 17.24 g/t Au over 1.0 meter (TT) and 11.62 g/t Au over 1.0 meter (TT) as well as 1.47 g/t Au over 14.0 meters (TT) with 10.61 g/t Au over 1.0 meter (TT) in VE-13-018 and 1.34 g/t Au over 9.0 meters with 5.85 g/t Au over 1.0 meter (TT) in VE-13-020.
- Additional significant near-surface gold intercepts include 4.33 g/t Au over 3.0 meters (TT) with 11.04 g/t Au over 1.0 meter and 2.60 g/t Au over 3.0 meters (TT) in VL-13-017, 2.20 g/t Au over 3.0 meters (TT) in VE-13-019, and 2.12 g/t Au over 3.0 meters (TT) in VE-13-015.
- The Valentine East Hill alteration and QTP veining appears similar to that which characterizes the Main Zone of the Leprechaun Gold Deposit located 13 km along strike to the southwest.
- The next phase of drilling in the Valentine East Hill area will focus on expanding the strike length and down-dip projection of this high-grade mineralization.
"These wide intervals of good grade gold at Valentine East are a significant advance in developing other open pit resources outside of the Leprechaun Deposit which contains all the resources discovered on the property to date. It is also significant that Valentine East Hill is 13 km along strike from the Leprechaun Deposit and there are additional gold targets located between Leprechaun and the Valentine East Hill Zone that require further work this year. It is still early in the exploration of this property", said Phillip Walford, President and CEO of Marathon Gold.
TABLE 1: Significant Assay Intervals from drill holes at Valentine East Hill.
| DDH | Section | From | To | Core Length | TT(m) | Gold(g/t) Uncut | ||
| VE-13-015 | 7000 | 58 | 61 | 3 | 3 | 2.12 | ||
| 64 | 67 | 3 | 3 | 0.61 | ||||
| VE-13-016 | 6975 | 41 | 44 | 3 | 3 | 0.55 | ||
| VE-13-017 | 6950 | 18 | 21 | 3 | 3 | 4.33 | ||
| including | 18 | 19 | 1 | 1 | 11.04 | |||
| 27 | 30 | 3 | 3 | 2.60 | ||||
| VE-13-018 | 6925 | 44 | 69 | 25 | 25 | 2.38 | ||
| including | 58 | 59 | 1 | 1 | 11.62 | |||
| including | 66 | 67 | 1 | 1 | 17.24 | |||
| 76 | 79 | 3 | 3 | 1.74 | ||||
| 90 | 104 | 14 | 14 | 1.47 | ||||
| including | 95 | 96 | 1 | 1 | 10.61 | |||
| VE-13-019 | 6925 | 14 | 17 | 3 | 3 | 2.20 | ||
| 23 | 26 | 3 | 3 | 11.71 | ||||
| including | 25 | 26 | 1 | 1 | 24.49 | |||
| 34 | 37 | 3 | 3 | 1.33 | ||||
| 49 | 60 | 11 | 11 | 4.14 | ||||
| including | 51 | 52 | 1 | 1 | 25.01 | |||
| 74 | 77 | 3 | 3 | 1.08 | ||||
| VE-13-020 | 6900 | 3 | 12 | 9 | 9 | 1.34 | ||
| including | 8 | 9 | 1 | 1 | 5.85 | |||
| 18 | 21 | 3 | 3 | 1.54 | ||||
| 31 | 34 | 3 | 3 | 0.78 | ||||
| 35 | 38 | 3 | 3 | 1.14 | ||||
| 46 | 49 | 3 | 3 | 1.92 | ||||
| 64 | 69 | 5 | 5 | 0.79 | ||||
Figure 1: Location map of the drill holes VL-13-015 to VL-13-020, Valentine East Hill.
To view Figure #1 please click on the following: http://files.newswire.ca/1171/Marathon_Fig_1.pdf
The Valentine Lake Project is 100% owned by Marathon Gold Corporation (July 9, 2012 news release). The 10,000 meter winter 2013 diamond drilling program announced on January 15, 2013 in nearing completion. All grades in this release did not require cutting, and all thicknesses are estimated true thicknesses.
All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Due to the coarse nature of the gold at the Leprechaun Gold Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results.
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 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 17 kilometers along strike running in a north-easterly direction. The J. Frank Zone, which currently extends over an area in excess of 1.4 kilometers 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.
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.
PDF available at: http://stream1.newswire.ca/media/2013/04/03/20130403_C2073_DOC_EN_25054.pdf
SOURCE: Marathon Gold Corporation
Marathon Gold Corporation
Christopher Haldane
Investor Relations Manager
Tel: 1-416-987-0714
E-mail: [email protected]
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