Marathon Gold Corporation (MOZ-TSX) (“MGC”) and Mountain
Lake Resources Inc. (TSX-V:MOA.v
- News) ("Mountain
Lake") are pleased to announce the intersection of a wide
zone of mineralization grading 3.15 g/t Au over 21.5m including 9.78 g/t Au
over 2m and 9.31 g/t over 2.5m in VL-11-250 at the Leprechaun Gold Deposit.
This mineralization represents a down dip extension of the wide zone of
mineralization reported in VL-11-246 (see news release of March
2, 2011) along the NE edge of the Leprechaun Gold Deposit (Figure
- LP), the first defined gold resource within the highly prospective
Valentine Lake Property in central Newfoundland.
Highlights:
- The
center of the new 21.5m wide (true width) mineralized intercept grading
3.15 g/t Au in VL-11-250 is located 60m below and 13m south of the
mineralized zone previously reported in VL-11-246, which graded 3.75 g/t
over 37.5 m (true width)
-
- The
area of the Leprechaun Gold deposit bounded by VL-11-246 and VL-11-250
was previously characterized as containing only isolated blocks of
inferred mineralization in the December 2010 resource and these drill
holes will effectively pull the current Measured and Indicated resource
down dip. The mineralization in VL-11-249 is located up dip and along
strike of the wide zone of gold mineralization intersected in VL-11-250
-
- The
results from VE-11-003 are very encouraging as we continue to delineate
zones of low grade mineralization in an area of Valentine East (Figure
– VE) not previously drilled.
-
TABLE 1: Results for the Leprechaun Gold Deposit and Valentine East
Prospect
DDH
|
|
Section
|
|
Zone
|
|
From
|
|
To
|
|
Core Width
|
|
True Width
|
|
Gold
|
|
|
|
|
|
|
(m)
|
|
(m)
|
|
(m)
|
|
(m)
|
|
(g/t)
|
VE-11-003
|
|
7150
|
|
|
|
131
|
|
134
|
|
3
|
|
3
|
|
1.61
|
VE-11-003
|
|
7150
|
|
|
|
243
|
|
256
|
|
13
|
|
13
|
|
1.40
|
including
|
|
7150
|
|
|
|
244
|
|
247
|
|
3
|
|
3
|
|
4.45
|
VL-11-249
|
|
10487.5
|
|
MZ
|
|
59
|
|
62
|
|
3
|
|
3
|
|
0.96
|
including
|
|
10487.5
|
|
MZ
|
|
60
|
|
61
|
|
1
|
|
1
|
|
2.82
|
VL-11-250
|
|
10500
|
|
MZ
|
|
120
|
|
127
|
|
7
|
|
3.5
|
|
3.45
|
VL-11-250
|
|
10500
|
|
MZ
|
|
161
|
|
204
|
|
43
|
|
21.5
|
|
3.15
|
including
|
|
10500
|
|
MZ
|
|
161
|
|
172
|
|
11
|
|
5.5
|
|
6.19
|
including
|
|
10500
|
|
MZ
|
|
168
|
|
172
|
|
4
|
|
2
|
|
9.78
|
including
|
|
10500
|
|
MZ
|
|
189
|
|
201
|
|
12
|
|
6
|
|
4.54
|
including
|
|
10500
|
|
MZ
|
|
196
|
|
201
|
|
5
|
|
2.5
|
|
9.31
|
Estimated
true widths, MZ = main zone
|
Phill Walford, President and CEO, for MGC stated, “We are
very pleased with our early 2011 drill results as this year’s
exploration program continues to intersect new wide zones of moderate to
locally high grade mineralization and should contribute significantly to our
ongoing resource development effort.”
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. Results from fire assay are
used for drill hole planning only. Assay results for the future updates of
the December, 2010 resource will be determined by an ongoing metallic
screening process. Due to the coarse nature of the gold at the Leprechaun
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.
About the Valentine Lake Joint Venture:
The Valentine Lake Project is a 50/50 joint venture between MGC and Mountain
Lake. The Leprechaun Gold Deposit is situated at the south-western end of the
Valentine Lake Property and the Valentine East Gold Zone is located 13 km
along strike running in a north-easterly direction. These gold occurrences form
part of a 23 km long, highly prospective gold-bearing mineralized corridor.
Marathon is the operator of the Project, and the companies have agreed to
jointly fund a $6 million budget in 2011 that will include a planned 25,000 metres of drilling.
Leprechaun Deposit: The Leprechaun Deposit has a new
NI 43-101 compliant Measured and Indicated Resource of 3,284,000 tonnes grading 2.62 g/t gold for a total estimated
277,000 ounces of gold. The inferred mineral resource is 4,409,000 tonnes grading 2.01 g/t gold for an estimated 285,000
ounces of gold (see news release, December
16, 2010). The new resource was estimated using a 0.5 g/t gold minimum
cut-off over a 3 meter minimum width. The Leprechaun Gold Deposit is open at
depth and along strike with 74% of the current M & I ounces occurring
within 150m of surface.
Valentine East Zone: Valentine East is a gold zone
located 13 km along strike to the northeast of the Leprechaun Deposit. Historical
drilling of 21 widely spaced drill holes tested the zone over a strike length
of 800m. Most of the drilling was focused on mineralization approximately
250m northwest of the sedimentary contact with the gold bearing granite.
These holes indicated potential for wide zones of low-grade gold
mineralization near surface. The best hole was VL99-17, which intersected
61.06m grading 1.09 g/t; however, 39.91m of that intercept was not sampled
and was therefore added as zeros values to the grade calculation. The current
program will test the potential of this zone and the 250m of rock to the
sedimentary contact where some gold has been found on surface and in 4
historical drill holes drilled along the granite/sedimentary contact
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.
Gary Woods, P. Geo, President and CEO, is Mountain Lake’s
Qualified Person and has reviewed and approved the contents of this news
release.
About Marathon Gold Corporation:
Marathon Gold Corporation (“Marathon”) is one of
Canada’s newest gold resource development companies, with projects
located in the mining friendly province of Newfoundland and Labrador and now
a project in the prolific Coeur d’Alene Mining District of Idaho.
Marathon has a tiered project pipeline consisting of early stage exploration
to advanced resource development projects that may be built into mineable
reserves. 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 resource development and exploration has an
established record of delivering rapid growth. Marathon is the operator of
the Valentine Lake Project under the joint venture with Mountain Lake
Resources Inc. For more information visit: www.marathon-gold.com
About Mountain Lake Resources Inc:
Mountain Lake Resources Inc. (TSX-V:MOA.v - News) is a diversified junior
exploration company, whose corporate strategy is to build shareholder value
through the exploration and development of economically viable mineral
properties. Mountain Lake’s current projects include: a 50% interest in
the Valentine Lake gold property (Newfoundland) under the joint venture with
Marathon Gold Corp; a 100% interest in the Glover Island gold exploration
property (Newfoundland); an option to earn a 100% interest in the Little
River gold-antimony exploration property (Newfoundland); a 100% interest in
the Bobby’s Pond base metals property (Newfoundland); and a minority
(~6.4%) stake in Etruscan Diamonds Ltd., an alluvial diamond project (South
Africa). For more information visit: www.mountain-lake.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold,
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'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.
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION
SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Contact:
For Marathon Gold Corporation
Terre Partners
Joanna Longo, 1 416-238-1414
President
jlongo@terrepartners.com
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