TORONTO, Sept. 15, 2015 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (TSX: MOZ) 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
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, results or otherwise.
SOURCE Marathon Gold Corporation