Marathon Gold drills 8.68 g/t gold over 16 metres at Valentine, Newfoundland

The Valentine Lake exploration camp in Newfoundland. Source: Marathon Gold Corp.

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Marathon Gold Corp. [MOZ-TSX; MGDPF-OTCQX] reported the latest drill assay results from the 100%-owned Valentine Gold Project in central Newfoundland. The latest drill results represent fire assay data from the first 15 diamond drill holes completed as part of the 2022 drill campaign at the Berry Deposit and an additional five holes from 2021 and 2022 drilling at the Victory Deposit.

Berry highlights include drill hole VL-22-1189 that intersected 8.68 g/t gold over 16 metres, including 20.55 g/t gold over 6 metres, and 6.17 g/t gold over 2 metres, including 10.78 g/t gold over 1 metre, and 0.75 g/t gold over 15 metres. VL-22-1193 intersected 1.56 g/t Au over 40 metres including 12.67 g/t Au over 1 metre, and 6.44 g/t Au over 2 metres including 11.85 g/t Au over 1 metre.

VL-22-1191 intersected 3.86 g/t Au over 13 metres including 21.33 g/t Au over 1 metre, and 1.29 g/t Au over 25 metres including 12.76 g/t Au over 1 metre. VL-22-1198 intersected 25.25 g/t Au over 2 metres, and 1.97 g/t Au over 14 metres including 13.06 g/t Au over 1 metre. VL-22-1185 intersected 2.58 g/t Au over 13 metres including 12.74 g/t Au over 1 metre, and 13.55 g/t Au over 1 metre, and 13.04 g/t Au over 1 metre, and 1.38 g/t Au over 9 metres.

Victory highlights include VGD-22-086 that intersected 3.85 g/t Au over 17 metres including 45.55 g/t Au over 1 metre. All quoted intersections comprise uncut gold assays in core lengths.

Matt Manson, President and CEO, commented: “Today’s results are from the first drill holes completed at the Berry Deposit during our 2022 exploration program. Their purpose is to continue the task of in-filling along the 1.5-kilometre length of the deposit delineated to date. These results will not be included in the upcoming mineral resource update for Berry which is based on drilling completed to the end of November 2021. However, once again we are reporting multiple long intercepts of high-grade mineralisation. Of note in today’s release is another significant drill hole from the Victory Deposit, VGD-22-086, which returned 17 metres of high-grade mineralization starting at just 48 metres down-hole. The location of this drill hole adjacent to the Valentine Lake Shear Zone and well away from the location of the historical Victory Mineral Resources validates our exploration thesis for the area, and points to the potential for new discoveries within the underexplored portions of the Valentine Lake property.”

All 15 drill holes returned “significant” drill intercepts of greater than 0.7 g/t gold and all returned additional intercepts with gold grades above the 0.3 g/t gold cut-off used in the April 2021 Berry Mineral Resource estimate.

The 2021 infill drill program at the Berry Deposit was conducted with the objective of achieving an approximate 25-metre drill spacing over Berry’s Main Zone over its full length. As of the end of 2021, 99,986 metres of drilling had been completed at Berry.

Of note in the latest drilling, drill hole VL-21-1189 returned a broad zone of very high-grade mineralization (8.68 g/t Au over 16 metres including 20.55 g/t Au over 6 metres) starting at 247 metres down-hole. This is one of three areas at Berry where mineralization appears to plunge to the northeast.

In total, 28 drill holes were completed at the Victory Deposit in 2021. All five drill holes reported today returned “significant” drill intercepts of greater than 0.7 g/t gold, and all returned additional intercepts with gold grades above the 0.3 g/t gold cut-off.

Of note in the latest drilling, hole VGD-22-086 has returned the most significant individual intercept observed at Victory to date, 3.85 g/t gold over 17 metres, including 45.55 g/t gold over 1 metre, starting at 48 metres down-hole. Mineralization at Victory remains open in all directions.

The Valentine Gold Project comprises five mineralized deposits along a 20-km system. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a 13-year mine life with a 31.5% after-tax rate of return. The project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au).


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