Jul 29 2016
Marathon Gold Corporation ("Marathon" or the "Company") is pleased to announce positive results from new drilling at the Marathon Deposit, Valentine Gold Camp. Drill hole MA-16-101 and extended drill hole MA-15-032 intercepted wide intervals of gold mineralization for up to 150 meters down-dip of previous drilling on the Marathon Deposit (Figures 1 and 2). This deeper drilling confirms that the 50-100 meter wide (TT) mineralized corridor of the Marathon Deposit is not only open along strike but also extends in excess of 250 meters to depth. Previously reported extended drill holes MA-15-047 and MA-15-039 also intersected similar wide intervals of higher grade gold at depth (PR June 21, 2016 and July 6, 2016). Shallower drilling up to 300 meters along strike to the southwest of the current Marathon Deposit resource pit shell also intercepted significant mineralization (Figure 1).
Highlights (true thickness):
- Drill holes MA-16-101 and extended MA-15-032 intercepted significant wide intervals of good grade gold mineralization up to 150 meters down-dip of previously drilling in the Marathon Deposit (Figure 1). Best intercepts included 2.19 g/t Au over 39.0 meters with 5.39 g/t over 2.4 meters, 5.29 g/t over 7.2 meters and 17.28 g/t Au over 0.6 meters as well as 1.56 g/t Au over 9.0 meters in MA-16-101, and 1.48 g/t Au over 45.5 meters with 3.31 g/t Au over 11.2 meters including 16.31 g/t Au over 0.7 meters and 11.26 g/t Au over 0.6 meters in MA-15-032.
- Shallower drill holes MA-16-103 to MA-16-105, located up to 300 meters southwest of the current Marathon Deposit resource pit shell, intercepted significant mineralization including 1.44 g/t Au over 6.8 meters with 7.34 g/t Au over 0.8 meters in MA-16-103, 3.49 g/t Au over 2.8 meters with 10.90 g/t Au over 0.7 meters in MA-16-104, and 5.13 g/t Au over 2.1 meters in MA-16-105.
- The mineralized corridor within the Marathon Deposit resource pit shell now extends for more than 450 meters along strike, ranges 50-100 meters in width, and extends more than 250 meters to depth. The Marathon Deposit is currently open both along strike and to depth.
- The total strike length of the alteration and mineralized corridor, including the Marathon Deposit resource pit shell, now extends for at least 1.7 kilometers (Figure 1). The highest priority drilling at the Marathon Deposit continues to focus on expanding the open pit resource shell to the northwest into the hanging wall, and southwest along strike of the current Marathon Deposit resource pit shell.
- Metallurgical work is continuing on schedule with encouraging preliminary results both in the flotation and the column testing for heap leach viability at both the Leprechaun and Marathon Deposits.
"The continued success in intercepting wide intervals of significant gold mineralization up to 150 meters below previous drilling is very positive as we continue increasing the potential open pit and upper underground resources at the Marathon Deposit," said Phillip Walford, President and CEO of Marathon. "The mineralization below the current resource is clearly going to depth and the grades and widths are very encouraging. I am also encouraged by the development of more near surface mineralization to the southwest of the present resource which will be incorporated into the next resource update for the Marathon Deposit."
TABLE 1: Significant assay intervals from the extended drill holes MA-15-039 extension and MA-16-101 to 105, Marathon Gold Deposit.*
- No significant intervals from MA-16-100.
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.
Image Available: http://www.marketwire.com/library/MwGo/2016/7/28/11G108447/Images/July_28th_Drill_Map-3b6ac863c0c7af6aa389b95e78b4613b.jpg
Image Available: http://www.marketwire.com/library/MwGo/2016/7/28/11G108447/Images/July_28th_Cross_Section-1562dc39848cb1948aef41c6a40acc48.jpg
Source: http://www.marathon-gold.com/