Marathon’s principal asset is the Valentine Gold Project in the Central Region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. When completed, the Valentine Gold Project will be the largest gold mine in Atlantic Canada and a significant contributor to the economy of Newfoundland and Labrador.
The Project comprises a series of mineralized deposits along a 20-kilometre trend. A December 2022 Feasibility Study outlined an open pit mining and conventional milling operation over a 14.3 year mine life with a 22% after-tax rate of return and an average gold production profile of 195,000 ounces of gold per year for the first 12 years. The Project has estimated Proven and Probable Mineral Reserves of 2.7 Moz (51.6 Mt at 1.62 g/t Au) and Mineral Resource Estimate for Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.96 Moz (64.62 Mt at 1.90 g/t Au). Additional Inferred Mineral Resources are 1.10 Moz (20.75 Mt at 1.65 g/t Au).
The Valentine Gold Project is subject to regulation under the environmental protection regimes of the Canadian Environmental Assessment Act, 2012 and the Newfoundland and Labrador Environmental Protection Act. Marathon filed a project description with both the Impact Assessment Agency (“IAA”, formerly the Canadian Environmental Assessment Agency) and the NL Department of Municipal Affairs and Environment (“NLDMAE”) on April 5, 2019, which was accepted into the formal Environmental Assessment (“EA”) process on April 16, 2019 and released from Environmental Assessment in August 2022. Both the IAA and the NLDMAE issued a determination requiring a project Environmental Impact Statement and guidelines have now been published by both parties.
In support of the EA process and the future development and operation of the Project, Marathon is engaging in formal stakeholder engagement with the communities of Buchans, Buchans Junction, Millertown, Badger, Bishop’s Falls and Grand Falls-Windsor, Qalipu and Miawpukek First Nations and other interested parties.
Based on the Feasibility Study, Marathon expects to employ an average of 405 persons during the project’s construction and 522 persons during operations, with $598M payable in federal and provincial income taxes, mining duties, at US$1700/oz gold.
Primary Activity
Mining Company
gold, copper, Aluminum, lead, nickel, tin, zinc