TORONTO , Sept. 15, 2015 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ.TO) announced today the discovery of high-grade gold up to 550 meters along strike to the NE from the previous 2014 trenching in the Sprite Zone, Valentine Gold Camp (Figure 1). This new area of high-grade gold mineralization consists of dominantly shallow southwest dipping to sub-vertical, multiple vertical stacked gold-bearing quartz-tourmaline-pyrite (QTP) veining identical in appearance to the gold-bearing QTP veining found elsewhere throughout the Valentine Gold Camp. The new gold showings have begun to define two mineralized corridors that flank a magnetic high and occur NE along strike from the Sprite gold deposit area (Figure 1). The Sprite gold zone now has a strike length of over 1600 meters and consists of a number of parallel gold mineralized corridors that generally flank the margins of magnetic high areas.
Highlights:
- The new gold mineralized area located 550m NE of the previous Sprite Zone trenching has returned outcrop samples with 213.02 g/t Au, 195.13 g/t Au, 81.59 g/t Au, and 28.44 g/t Au and channels samples of 11.65 g/t Au over 6 meters with 32.82 g/t Au over 1.0m, 5.78 g/t Au over 2m, 3.12 g/t Au over 3.5m, and 2.26 g/t Au over 5.6m.
- Three short, near-surface drill holes drilled directly beneath the newly exposed QTP veining, 600 meters NE along strike from previous 2014 drilling, have intersected 3.82 g/t Au over 6.3 meters TT (true thickness) and 1.76 g/t Au over 9.1 meters TT in VL-15-609, 2.10 g/t Au over 2.1 meters TT and 2.35 g/t Au over 2.1 TT meters in VL-15-608, and 3.74 g/t Au over 2.1 meters TT in VL-15-607. The zones intercepted by VL-15-609 were further south than the mineralization intercepted in the other two drill holes.
- A second gold mineralized area located 100 meters NE of the previous Sprite Zone trenching has returned outcrop samples with 240.60g/t Au and 117.76 g/t Au and is a future winter drill target when the bog is frozen.
- Additional drilling is planned for this exciting new area with the aim of further developing the strike length of the main Sprite Zone mineralized corridor that extends to the NE beneath bog and continuing to build additional open pit resources at the Valentine Gold Camp.
TABLE 1: Significant assay intervals from the Sprite Zone drill holes VL-15-606 to VL-15-609.
|
DDH
|
Section
|
From (m)
|
To (m)
|
Core Length
(m)
|
True
Thickness
(m)
|
Gold g/t
(Uncut)
|
|
VL-15-606
|
13000
|
18
|
21
|
3
|
2.6
|
0.93
|
|
VL-15-607
|
13420
|
39
|
42
|
3
|
2.1
|
3.74
|
|
including
|
|
39
|
40
|
1
|
0.7
|
8.49
|
|
VL-15-608
|
13490
|
4
|
7
|
3
|
2.1
|
2.10
|
|
|
10
|
13
|
3
|
2.1
|
0.57
|
|
|
19
|
23
|
4
|
2.8
|
2.35
|
|
VL-15-609
|
13450
|
49
|
58
|
9
|
6.3
|
3.82
|
|
including
|
|
57
|
58
|
1
|
0.7
|
28.00
|
|
|
71
|
84
|
13
|
9.1
|
1.76
|
"The discovery of the new high-grade gold in an area up to 500m along strike from the previously known gold mineralization at the Sprite Zone is very encouraging as Marathon continues to discover new gold showings and identify additional resources along the 18km length of highly prospective ground proximal to the Valentine Lake thrust fault," said Phillip Walford , President and CEO of Marathon . "We are also very excited by the recent discovery of significant QTP intercepts in the new 400 m step-out drilling SW along strike of the Marathon Gold deposit."
All of the samples were fire assayed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland .
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 Marathon Gold Corporation Marathon is a Toronto based gold resource company focused on its 100% owned Valentine Gold Camp located in central Newfoundland . The Valentine Gold Camp currently hosts four near-surface, mainly pit-shell constrained, gold resources totaling 1,060,100 oz. gold at 2.20 g/t (Measured & Indicated) and 200,000 oz. gold at 2.83 g/t (Inferred), ( April 2015 ). These resources, open along strike and to depth, cover less than 6% of the total length of the highly prospective Valentine Lake Thrust Fault and associated splay faults which host the majority of the gold mineralization within the property. Certain of Marathon's exploration expenditures at its mineral properties in Newfoundland are funded by the Government of Newfoundland and Labrador through its Junior Exploration Assistance program. For more information please visit www.marathon-gold.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONExcept 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.
SOURCE Marathon Gold Corporation
Image with caption: "Figure 1: Map showing the location of the new gold zone located up to 550 meters along strike to the NE from previous Sprite Zone drilling, and the 2015 drill collars, channel intervals, outcrop samples (g/t Au), gold mineralized corridors and underlying 2014 ground magnetic survey, Sprite Deposit area, Valentine Gold Camp. (CNW Group/Marathon Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20150915_C1430_PHOTO_EN_496576.jpg