The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Marathon Hits High-Grade Au Intercepts Down-Dip on the Main Zone, Leprechaun Gold Deposit

Sunday, March 03, 2013

Marathon Hits High-Grade Au Intercepts Down-Dip on the Main Zone, Leprechaun Gold Deposit09:00 EST Sunday, March 03, 20135.98 g/t Au over 10.45 m (TT) and 23.79 g/t Au (cut) over 2.55 m (TT)TORONTO, March 3, 2013 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) today announced new high-grade gold intersections from 50 to 120 meters down-dip of previous Marathon drilling in the Main Zone, Leprechaun Gold Deposit, Valentine Lake Project, Newfoundland (Figure 1). The drilling continues to target the down-dip extension of high-grade ore shoots within the Main Zone as well as new extensional lenses in the hanging wall of the Leprechaun Gold Deposit.Highlights include:Main Zone high-grade gold intercept: 5.98 g/t Au over 10.45 meters (TT) with 27.72 g/t Au over 1.80 meters (TT), and 3.32 g/t Au over 5.40 meters (TT) in VL-13-522 (Photo 1).Main Zone high-grade cut gold intercept: 23.70 g/t Au over 2.55 meters (TT) with 35.00 g/t Au (105.88 g/t Au uncut) over 0.85 meters (TT) in VL-13-523 (Photo 2).Hanging wall intercepts of 2.39 g/t Au over 3.80 meters (TT) and 1.10 g/t Au over 4.75 meters (TT) in VL-13-522, and 1.10 g/t Au over 7.0 meters (TT) in VL-13-523.Additional significant gold intercepts include 4.81 g/t Au over 2.85 meters (TT) with 14.00 g/t Au over 0.95 meters (TT), 2.62 g/t Au over 2.85 meters (TT) with 7.17 g/t Au over 0.95 meters (TT), and 4.09 g/t Au over 2.85 meters (TT) with 9.98 g/t Au over 0.95 meters (TT) in VL-13-521 (Photo 3).Future drilling will focus on targeting additional high grade Main Zone ore shoots in the underground resource region of the Leprechaun Gold Deposit."These new high grade gold intercepts drilled down-dip on high-grade ore shoots within the Main Zone are extremely encouraging as we continue to work towards expansion of the underground resource at the Leprechaun Gold Deposit", said Phillip Walford, President and CEO of Marathon Gold.TABLE 1: Significant Assay Intervals from drill holes at the Leprechaun Gold Deposit.*DDHSectionFromToCore LengthTT (m)Gold (g/t)UncutGold (g/t)CutVL-13-5211021018819132.85 4.81 including 19019110.9514.00   21922232.852.62 including 22022110.957.17   24424732.854.09 including 24424510.959.98 VL-13-5221005010811243.802.39   11812354.751.10   2502611110.455.98 including 25725921.8027.72   29229754.501.33   30431065.403.32 VL-13-5231036061377.001.10   17017443.601.98   26126432.5552.7323.70including 26126210.85105.8835.00  28729032.551.43 *No significant intervals in VL-13-517 and VL-13-518.**Note the 35 g/t Au cut off in the Main Zone was determined by RPA.To view Figure #1 please click on the following: http://files.newswire.ca/953/Fig_1_Mar_3_PR.pdfThe Valentine Lake Project is 100% owned by Marathon Gold Corporation (July 9, 2012 news release). Marathon has begun a 10,000 meter winter 2013 diamond drilling program focused along the highly prospective 23 kilometer strike length of the Valentine Lake Property. All grades in this release are uncut, and all thicknesses are estimated true thicknesses.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. Due to the coarse nature of the gold at the Leprechaun Gold 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.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 the Valentine Lake ProjectMarathon Gold Corporation is the 100% owner of the Valentine Lake Project. The Leprechaun Gold Deposit is situated at the south-western end of the Valentine Lake Project, and the Valentine East Gold Zone is located 17 kilometers along strike running in a north-easterly direction.  The J. Frank Zone, which currently extends over an area in excess of 1.4 kilometers in length and 250 meters in width, is located up to 0.5 kilometers southwest along strike from the current Resource boundary of the Leprechaun Gold Deposit. These gold occurrences form part of a 23 kilometer long, highly prospective gold-bearing mineralized corridor focused along the Valentine Lake thrust fault.About the Leprechaun Gold Deposit The Leprechaun Gold Deposit has a combined NI 43-101 compliant Measured and Indicated Resource of 9,537,000 tonnes grading 2.22 g/t Au, for a total estimated 682,000 ounces of Au (October 22, 2012 news release). The Inferred Resource is 1,959,000 tonnes grading 2.30 g/t Au, for an estimated 145,000 ounces of Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for open pit resources and 1.5 g/t Au for underground resources. The Leprechaun Gold Deposit is open at depth and along strike.About Marathon Gold CorporationMarathon 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.comCAUTIONARY 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.  PDF available at: http://stream1.newswire.ca/media/2013/03/03/20130303_C9903_DOC_EN_24221.pdfSOURCE: Marathon Gold CorporationFor further information: Marathon Gold Corporation Christopher Haldane Investor Relations Manager Tel: 1-416-987-0714 E-mail: chaldane@marathon-gold.com