Marathon Gold Reports NI- 43-101 Resource Estimate Update for the Golden Chest Mine
Published : January 17, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Marathon Gold Reports NI- 43-101 Resource Estimate Update for the Golden Chest Mine

TORONTO, Jan. 17, 2013 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today announced the updated NI-43-101 compliant Resource Estimate for the Golden Chest Mine in north eastern Idaho, USA. The Resource Estimate is an essential component of the project's development and is a key milestone for Marathon. The Golden Chest Mine is owned 50% by Marathon Gold Corporation (MOZ: TSX) and 50% by New Jersey Mining Company ("NJMC"), and NJMC is the operator.

"The increase in resources at the Golden Chest Mine is very good. The Global M&I resource has increased from the previous resource in contained ounces by 73% to 254,000 ounces and the grade has increased from 1.47 grams per tonne to 1.71 grams per tonne, an increase of 16.3%.  The open pit M&I resource has increased by 84% to 223,000 ounces and the grade has increased from 1.35 grams per tonne to 1.59 grams per tonne, an increase of 17.8%. The first underground resource has also been estimated, which is a milestone for the project. The mineralization is open to depth and along strike to the north where historic grades of 17 grams per tonne were mined. There is a lot of potential remaining to expand the resource at the Golden Chest Mine," stated Phillip Walford, President and CEO of Marathon.

"For Marathon Gold, the 50% of the Golden Chest Mine resource attributable to Marathon, when combined with the resources at our 100% owned Valentine Project, gives Marathon a total attributable M&I resource of 803,000 ounces at a grade of 2.11 grams per tonne, and the total attributable Inferred resource for Marathon is 237,000 ounces at a grade of 2.09 grams per tonne. This is a large increase in one year and most of it is in the lower risk M&I categories," said Mr. Walford.

Golden Chest
Mine Resource
Estimate Update
Description Measured Indicated Measured and
Indicated
Inferred
     
  Global Resource @ 0.4 g/t gold cut-off
Idaho Vein System
(Main body)1
Tonnes 1,261,000 3,291,000 4,552,000 3,065,000
Grade (g/t Au) 1.52 1.73 1.67 1.48
Ounces of gold 62,000 183,000 245,000 145,000
Other Veins2 Tonnes 0 75,000 75,000 797,000
Grade (g/t Au) 0 3.69 3.69 3.04
Ounces of gold 0 9,000 9,000 78,000
Grand Total1+2 Tonnes 1,261,000 3,366,000 4,627,000 3,862,000
Grade (g/t Au) 1.52 1.77 1.71 1.80
Ounces of gold 62,000 192,000 254,000 223,000
     
  In Open Pit @ 0.3 g/t gold cut-off
Idaho Vein System
+
Other Veins
Tonnes 1,317,000 3,054,000 4,371,000 2,369,000
Grade (g/t Au) 1.47 1.64 1.59 1.33
Ounces of gold 62,000 161,000 223,000 101,000
     
  Underground Potential @ 2.0 g/t gold cut-off
Idaho Vein System
+
Other Veins
Tonnes 0 196.600 196,600 738,300
Grade (g/t Au) 0 3.11 3.11 3.48
Ounces of gold 0 19,600 19,600 82,500
  1. The 0.4 g/t gold cut-off grade for the Global Resource numbers has not been constrained by economic parameters and it may be compared to the initial resource estimate of March, 2012.
  2. The mineral resource estimate reported at 0.3 g/t gold cut-off grade for a potential Open Pit is based on a number of parameters and assumptions including a gold price of US$1,455 per troy ounce, 92% metallurgical gold recovery, mining costs of US$2.00/tonne and process costs of US$9.50/tonne, General & Administrative costs of US$2.00/tonne and environmental rehabilitation costs of US$0.20 per tonne treated.
  3. The 2.0 g/t gold cut-off grade for a potential Underground mine was suggested by Marathon Gold Corporation and New Jersey Mining Corporation based on their experience. The mineral resource estimate is reported at that cut-off grade.
  4. The quantity and grade of reported Inferred mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define the Inferred mineral Resources as Indicated or Measured mineral Resources. It is uncertain if further exploration will result in upgrading them to Indicated or Measured mineral Resource categories.
  5. The mineral Resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.  The effective date of this mineral Resource Estimate is January 16, 2013.

Global Mineral Resource parameters:

a.      Estimations are based on sample composites of ~1.5 meters for both underground channels and drill holes. Grade capping was applied to a single outlier sample grading 864 g/t Au. Based on detailed statistical analysis combined with information from drill hole logs, no further grade capping was deemed necessary.
b.      A 0.40 g/t Au cut-off grade was applied for the 3D deposit modeling, in some cases lower grade material was included in order to get a reasonable shape in the interpretations.
c.      A constant specific gravity of 2.66 tonnes per cubic meter was used.
d.      Resources were modeled using 3D interactive modeling backed by sectional interpretation.
e.      The database for the Golden Chest deposit comprised a total of 24,140 meters of drilling (169 DDH and 26 RC), and 186 meters of sampling in 160 underground channels.
f.      The mineralized zones at the Golden Chest Mine extend approximately 1,250 meters along strike.  The Open Pit Mineral Resource has been constrained by a conceptual open pit shell that includes Resources to a maximum depth of approximately 250 meters.
g.      Grade estimation was carried out using Ordinary Kriging interpolation for the Idaho Vein System (main body) and Inverse Distance Cubed for the other veins.
h.      Resource estimation for the main body is based on a block model with block dimensions of 5 meters East-West, 5 meters North-South and 5 meters in height.  Grade estimation for the other veins estimations was based on a block model with block dimensions of 1 meter East-West, 1 meter North-South and 1 meter in height.
i.      Measured mineral resources include all mineralized blocks with a minimum of 3 drill holes within ~25 meter radius of the centroid of each block, and clean-up of isolated minor volumes.
j.      Indicated mineral resources include all mineralized blocks with a minimum of 3 drill holes within ~50 meter radius of the centroid of each block, and clean-up of isolated minor volumes.
k.      Inferred mineral resources include all the remaining mineralized blocks to the extent of the wireframe constraints.  All blocks were interpolated with data from a minimum of 2 drill holes.
l.      Resource estimation for the potential underground mine was based on a cut-off grade of 2.0 g/t gold.
   

This Resource has been estimated in compliance with National Instrument 43-101 standards and a corresponding Technical Report will be filed under the Company's profile on SEDAR within the time allotted. The Micon staff responsible for this Resource Estimate are Messrs. Charley Murahwi, M.Sc., P. Geo., FAusIMM and Alan J. San Martin, MAusIMM(CP). Both are Qualified Persons as defined in NI 43-101, and are independent of Marathon Gold Corporation and New Jersey Mining Company. Micon acknowledges that it has read this news release and confirms the accuracy of it.

Phillip Walford P.Geo, President and CEO of Marathon Gold, is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Walford has reviewed the contents for accuracy and has approved this new release on behalf of Marathon.

Golden Chest Mine

The Golden Chest Mine is located two miles east of Murray, Idaho within the gold belt of the Coeur d'Alene Mining District. The mine has over 3,900 m of underground workings and has the permits necessary to drill and operate on the deposit. The property includes 24 patented mining claims and 70 unpatented mining claims covering 515 hectares. The patented claims that cover the mine workings have mineral and surface rights enabling the Joint-Venture to work easily on the Mine property.

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 or results otherwise.

 

SOURCE: Marathon Gold Corporation

For further information:

Marathon Gold Corporation

Christopher Haldane
Investor Relations Manager
Tel: 1-416-987-0714
Email: chaldane@marathon-gold.com
www.marathon-gold.com

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

Marathon gold Corp

EXPLORATION STAGE
CODE : MOZ.TO
ISIN : CA56580Q1028
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

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$ 244.4 millions as of today (US$ 195.4 millions, € 171.2 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.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Marathon gold Corp
11/22/2018Marathon Gold advances Marathon deposit with more drilling, ...
Financings of Marathon gold Corp
6/30/2015Closes First Tranche of $3.5M Financing
6/30/2015Closes First Tranche of $3.5M Financing
6/23/2015Announces $3.5 M Financing
5/12/2014Announces Closing of the First Tranche of Private Placement
4/22/2014Announces $2.5 M Financing
Financials of Marathon gold Corp
11/12/2013Announces 2013 Q3 Financial Results
11/12/2012Announces 2012 Q3 Financial Results
11/12/2012Announces 2012 Q3 Financial Results
11/12/2012Announces 2012 Q3 Financial Results
3/29/2011Announces 2010 Financial Results
Project news of Marathon gold Corp
1/31/2012(Valentine Lake (leprechaun))Marathon Gold Hits New Gold Intersections with the Start of ...
8/25/2011(Valentine Lake (leprechaun))Marathon Discovers New Gold Bearing Quartz Veins with Grab S...
4/1/2011(Valentine Lake (leprechaun))Marathon Gold Hits 9.68 g/t Au over 12.8m (TW) including 23....
Corporate news of Marathon gold Corp
1/14/2016Marathon's Valentine Gold Camp Update and Q1 Plans
11/27/2015Marathon Gold Announces Closing of Flow-Through Financing
10/26/2015Marathon Defines 3 km Gold Corridor at the Victory Deposit A...
10/6/2015Exploration Success Continues at the Marathon Deposit; 8.89 ...
9/15/2015Marathon Discovers New High-Grade Gold Zone 550 Meters NE of...
9/9/2015Marathon Deposit Strike Length Doubles to 850 Meters, Valent...
8/10/2015Marathon Gold Announces Q2 2015 Financial Results
3/30/2015Deposit Continues to Expand in Advance of Resource Update, V...
3/2/2015Marathon Hits 3.02 g/t Au over 32.9 meters (TT) in Step-Out ...
2/17/2015The Marathon Gold Zone is now over 350m in Strike Length and...
2/17/2015The Marathon Gold Zone is now over 350m in Strike Length and...
2/2/2015Step out Drilling expands the strike length of the Marathon ...
1/12/2015Marathon Gold Step-Out Drills 2.11g/t Au over 27.5 meters (T...
1/7/2015Zone Continues Expanding with 2.01 g/t Au over 40.8 meters (...
1/7/2015Marathon Zone Continues Expanding with 2.01 g/t Au over 40.8...
12/10/2014Zone Growing with 4.13 g/t Au over 9.9m (TT) and 1.75 g/t A...
12/10/2014Marathon Zone Growing with 4.13 g/t Au over 9.9m (TT) and 1....
12/3/2014Reports High Metallurgical Process Recoveries of 92.8% to 95...
12/3/2014Marathon Reports High Metallurgical Process Recoveries of 92...
11/25/2014Zone Expanding with 2.74 g/t Au over 24.2m (TT), 2.71 g/t Au...
11/25/2014Marathon Zone Expanding with 2.74 g/t Au over 24.2m (TT), 2....
11/14/2014Marathon Gold Announces Q3 2014 Financial Results
11/4/2014Drills 4.14 g/t Au over 11.4 meters (TT) and 3.05 g/t Au ove...
11/4/2014Marathon Drills 4.14 g/t Au over 11.4 meters (TT) and 3.05 g...
10/30/2014Drills 1.71 g/t Au over 44.4 m (TT) in the Newly Discovered ...
10/30/2014Marathon Drills 1.71 g/t Au over 44.4 m (TT) in the Newly Di...
10/8/2014Marathon Announces Discovery of New High-Grade Gold Zone in ...
9/15/2014Summer Drilling in the Sprite Zone Confirms Near Surface Gol...
9/15/2014Marathon's Summer Drilling in the Sprite Zone Confirms Near ...
9/4/2014More Positive Results from Marathon's Rainbow and Sprite Zon...
9/4/2014More Positive Results from Marathon's Rainbow and Sprite Zon...
8/21/2014Marathon Gold Announces Closing of C$4.4 Million Equity Fina...
8/15/2014Marathon Gold Announces Q2 2014 Financial Results
8/5/2014Rambler Continues Its Investment in Marathon Gold
7/31/2014Marathon Gold Announces $3.0 Million Bought Deal, Unit and F...
7/23/2014Discovers New Gold Mineralized Trends over 2 Km at the Sprit...
7/10/2014Trenching and Prospecting Expands the Strike Length of the S...
6/24/2014Hits Gold in Channels 300m North of Leprechaun with 6.19 g/t...
6/18/2014discovers multiple high-grade mineralized veins 300 meters n...
4/17/2014Completes Successful Sprite Zone Winter Drilling Program, Va...
4/1/2014Drilling Expands the Sprite Zone with High-Grade, Near Surfa...
3/24/2014continues to succeed with drilling at the Sprite Area 2.53 g...
2/19/2014Drills New Gold Zone at Sprite Hitting 2.20 g/t Au over 16.8...
2/10/2014Announces Closing of Private Placement and Extension of Dril...
1/27/2014Hits Multiple Gold Intervals in Shallow Drilling at the Vict...
1/27/2014Hits Multiple Gold Intervals in Shallow Drilling at the Vict...
1/13/2014Launches 2014 Drilling Program at the Victory Gold Deposit
12/11/2013Completes Financing with Rambler and Announces Exploration P...
12/4/2013Enters into an Agreement With Rambler Metals and Mining to s...
11/27/2013Juniper Resources Exercise their Option from Marathon Gold t...
11/20/2013Step Out Channel Sampling at the Victory Gold Deposit Return...
4/3/2013Hits 4.14 g/t Au over 11.0 meters (TT) in Near-Surface Drill...
1/17/2013(Golden Chest)Reports NI- 43-101 Resource Estimate Update for the Golden C...
1/11/2013Intersects Near-Surface Gold Mineralization in the SW extens...
9/11/2012(Golden Chest)Extends High-Grade Gold Interval at the Golden Chest Mine, ...
9/8/2011Potential Open Pit Resource Continues to Expand at the Lepre...
8/30/2011Advances Resource Development with In-fill Drilling at the ...
6/9/2011(Golden Chest)Reports High Grade Drill Results from Golden Chest Mine, Ida...
3/29/2011Hits 9.68 g/t Au over 12.8m (TW) including 23.15 g/t Au over...
3/16/2011(Golden Chest)Announces High Grade Intercept of 33.0 g/t Gold Over 2.6 Met...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (MOZ.TO)
2.06+0.98%
TORONTO
CA$ 2.06
08/08 15:24 0.020
0.98%
Prev close Open
2.04 2.07
Low High
2.04 2.18
Year l/h YTD var.
1.24 -  3.17 -35.02%
52 week l/h 52 week var.
1.24 -  3.64 -35.63%
Volume 1 month var.
275,276 47.14%
24hGold TrendPower© : 27
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-41.48%
202121.80%3.532.13
202071.01%2.990.71
2019125.33%1.760.76
2018-34.78%1.280.65
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.02-0.35%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.59-2.26%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.62+3.75%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.57-1.88%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-25.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.91+4.30%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.93+1.17%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.28-3.39%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.09-0.95%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 57.78+1.99%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :