Marathon Gold Hits 9.68 g/t Au over 12.8m (TW) including 23.15 g/t Au over 4.8m (TW) at the Leprechaun Gold Deposit
Published : March 29, 2011
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Keywords :   Canada | Cœur D'alene | Gold | Growth | Idaho | Lead |

TORONTO, March 29 /CNW/ - Marathon Gold Corporation (TSX: MOZ) and Mountain Lake Resources Inc. (TSXV: MOA) ("Mountain Lake") announced today the intersection of high-grade and wide intervals of gold mineralization on its joint-venture Leprechaun Gold Deposit and Valentine East Prospect.  The drill holes were: 9.68 g/t Au over 12.8m in VL-11-261; 2.80 g/t Au over 34.8m in VL-11-258; and 4.27 g/t Au over 16.5m in VL-11-253 at the Leprechaun Gold Deposit (Figure - LP).

"The assay results from the Leprechaun Gold Deposit continue to demonstrate the high-grade gold mineralization of the deposit," said Phillip Walford, President and CEO of Marathon Gold Corp. "With these new drill intercepts, we continue to expand the potential open pit boundary and increase the resource both down dip and along strike to the northeast of the deposit."

Highlights:

  • These new drill results are defining a 30-40m wide dilation lens of gold mineralization which extends for 80m up dip and more than 60 m along strike in the northeast end of the current resource. This lens is open both down dip and along strike to the northeast.
  • The new assay grades in this dilation lens include 9.68 g/t Au over 12.8m including 23.15 g/t Au over 4.8m and 103.53 g/t Au over 0.8m in VL-11-261, 2.80 g/t Au over 34.8m including 13.23 g/t Au over 2.4m and 52.0 g/t Au over 0.6m in VL-11-258 and 4.27 g/t Au over 16.5m including 11.86 g/t Au over 3.5m in VL-11-253. Previous drill holes VL-11-246, VL-11-250 and VL-99-7 intersected this dilation lens.

  • The mineralization in VL-11-252 is located 40m down dip and central to a second more southern zone of wide gold mineralization previously intersected in VL-11-233 and VL-11-236. This new intercept increases the down-dip extension of the Main Zone and pushes the pit boundary into the hanging all of the deposit.

  • Drill holes VL-11-254 and VL-11-256, collared in sediments 500m east of the  Leprechaun Gold deposit and targeted over Au soil and IP anomalies, returned up to 698 ppb Au over 2m in sediment hosted quartz pyrite veining. These results are encouraging given the occurrence of historical gold mineralization in sediment hosted quartz veins proximal to the Victoria River, 9km northeast of the Leprechaun Gold deposit.

TABLE 1: New Results for the Leprechaun Gold Deposit and Valentine East Prospect

DDH Section Zone From (m) To (m) Core
Width
(m)
True Width
(m)
Gold (g/t)
VL-11-251 10487.5 MZ 104 113 9 7 0.72
including 10487.5 MZ 104 107 3 2.5 1.67
VL-11-251 10487.5 MZ 164 174 10 8 2.43
including 10487.5 MZ 171 174 3 2.5 6.65
VL-11-251 10487.5 MZ 199 202 3 2.5 1.80
VL-11-252 10425 MZ 108 124 16 10 2.04
including 10425 MZ 110 114 4 2.5 7.48
VL-11-252 10425 MZ 134 143 9 5.5 1.02
including 10425 MZ 135 140 5 3 1.78
VL-11-252 10425 MZ 161 170 9 5.5 1.28
including 10425 MZ 161 164 3 2 3.71
VL-11-252 10425 MZ 199 207 8 5 1.10
including 10425 MZ 201 204 3 2 2.81
VL-11-253 10525 MZ 106 117 11 8 1.02
VL-11-253 10525 MZ 140 143 3 2 1.37
VL-11-253 10525 MZ 147 170 23 16.5 4.27
including 10525 MZ 151 156 5 3.5 11.86
VL-11-255 10525 MZ 18 21 3 2 0.76
VL-11-257 10512.5 MZ 55 72 17 10.5 0.78
including 10512.5 MZ 61 64 3 2 2.07
VL-11-258 10512.5 MZ 107 165 58 34.8 2.80
including 10512.5 MZ 107 110 3 1.8 4.67
including 10512.5 MZ 131 145 14 8.4 5.38
including 10512.5 MZ 161 165 4 2.4 13.23
including 10512.5 MZ 164 165 1 0.6 52.00
VL-11-259 10475 MZ 177 180 3 2 0.96
VL-11-261 10537.5 MZ 137 140 3 2.4 2.58
VL-11-261 10537.5 MZ 167 183 16 12.8 9.68
including 10537.5 MZ 176 182 6 4.8 23.15
including 10537.5 MZ 177 178 1 0.8 103.53
VE-11-005 7200 VE 89 92 3 3 0.68
VE-11-005 7200 VE 113 115 2 2 0.95
VE-11-006 7050 VE 27 31 4 4 0.46

Estimated true widths, MZ = main zone, VE = Valentine East
* VL-11-254 and VL-11-256 collared 500m east of Leprechaun Gold deposit did not return any significant assay intervals.

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. Results from fire assay are used for drill hole planning only. Assay results for the future updates of the December, 2010 resource will be determined by an ongoing metallic screening process. Due to the coarse nature of the gold at the Leprechaun 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.

About the Valentine Lake Joint Venture: The Valentine Lake Project is a 50/50 joint venture between Marathon Gold and Mountain Lake. The Leprechaun Gold Deposit is situated at the south-western end of the Valentine Lake Property and the Valentine East Gold Zone is located 13 km along strike running in a north-easterly direction.  These gold occurrences form part of a 23 km long, highly prospective gold-bearing mineralized corridor. Marathon is the operator of the Project, and the companies have agreed to jointly fund a $6 million budget in 2011 that will include a planned 25,000 metres of drilling.

Leprechaun Deposit: The Leprechaun Deposit has a new (News release, December 16, 2010) NI 43-101 compliant Measured and Indicated Resource of 3,284,000 tonnes grading 2.62 g/t gold for a total estimated 277,000 ounces of gold. The inferred mineral resource is 4,409,000 tonnes grading 2.01 g/t gold for an estimated 285,000 ounces of gold. The new resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 meter minimum width. The Leprechaun Gold Deposit is open at depth and along strike with 74% of the current M & I ounces occurring within 150m of surface.

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.

Gary Woods, P. Geo, President and CEO is Mountain Lake's Qualified Person and has reviewed and approved the contents of this news release.

About Marathon Gold Corporation:

Marathon Gold Corporation ("Marathon") is one of Canada's newest gold resource development companies, with projects located in the mining friendly province of Newfoundland and Labrador and now a project in the prolific Coeur d'Alene Mining District of Idaho.  Marathon has a tiered project pipeline consisting of early stage exploration to advanced resource development projects that may be built into mineable reserves.  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 resource development and exploration has an established record of delivering rapid growth.  Marathon is the operator of the Valentine Lake Project under the joint venture with MOA.  For more information visit: www.marathon-gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Marathon Gold, 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'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 or results otherwise.

NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

 

 

For further information:

Marathon Gold Corporation
Joanna Longo
President, Terre Partners
1 (416) 238 1414 ext. 233
Email: jlongo@terrepartners.com

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Marathon gold Corp

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CODE : MOZ.TO
ISIN : CA56580Q1028
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Marathon Gold is a gold exploration company based in Canada.

Its main exploration properties are GOLDEN CHEST in USA and VALENTINE LAKE (LEPRECHAUN) in Canada.

Marathon Gold is listed in Canada. Its market capitalisation is CA$ 106.8 millions as of today (US$ 85.4 millions, € 74.8 millions).

Its stock quote reached its highest recent level on December 02, 2010 at CA$ 5.25, and its lowest recent point on November 27, 2015 at CA$ 0.11.

Marathon Gold has 118 660 000 shares outstanding.

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