Marathon
Discovers New Gold Bearing Quartz Veins with Grab Samples Assaying up to 113.3
g/t Au
TORONTO,
Aug. 25, 2011 /CNW/ - Marathon
Gold Corporation ("Marathon"
or the "Company") (MOZ:TSX) is pleased to announce the
discovery while trenching of a new quartz-tourmaline-pyrite vein structure that
extends over a 80 meters strike length in an area 1 kilometer southwest from
the southern end of the current Leprechaun Gold Deposit resource boundary (Figure 1). Numerous
grab samples consisting of quartz-tourmaline-pyrite with coarse visible gold (Plate 1) returned assays
of up to 113.30 g/t Au, 28.01 g/t Au, and 15.33 g/t Au.
The
high grade gold samples were collected from frost-heaved angular sub-crop
located directly overlying and in contact with the newly uncovered
quartz-tourmaline-pyrite-gold vein structure (Plate 2). This new
gold-bearing vein is part of a larger gold-bearing quartz vein alteration
system that currently extends over an area 600 long by 200m wide and is located
up to 1.4km southwest along strike from the current resource boundary of the
Leprechaun Gold deposit. Additional high-grade gold grab samples have been
collected throughout the area. Historical trenching and drilling did not
intersect the new vein nor adequately test other mineralization in the area. We
plan to drill the area during this fall.
"I
have just visited the new vein discovery and observed the visible gold. The
alteration, mineralization and vein structure in this new exposure is clearly
part of the gold system that currently includes the Leprechaun Gold Deposit
located 1 kilometer along strike to the northeast", said Phill
Walford, President and CEO for Marathon
Gold Corporation. "I am also very encouraged by the additional high
grade grab samples occurring within 400 meters to the southwest of the new
mineralized vein."
Highlights:
- High grade grab
samples consisting of quartz-tourmaline-pyrite with coarse visible gold
returned assays of up to 113.30 g/t Au, 28.01 g/t Au, and 15.33 g/t Au.
- The
quartz-tourmaline-pyrite-gold veining and alteration system extends over
an area at least 600m by 200m in size, up to 1.4 km along strike to the SW
of the current Leprechaun God Deposit resource boundary, and proximal to
the Valentine Lake intrusive structurally controlled
contact with the Rogerson Lake conglomerate.
- Ongoing
prospecting and stripping continues to exposes additional quartz veining
along strike.
- Channel sampling continues in the SW Leprechaun area; assays
pending.
TABLE 1: Significant Assays from Grab
Samples - SW of Leprechaun Gold Deposit
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Tag
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E_N83
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N_N83
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Au_g/t
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6734
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485422
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5355476
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113.30
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5421
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485280
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5355355
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79.11
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6753
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486318
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5355849
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55.25
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5420
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485611
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5355482
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49.19
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6720
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486314
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5355960
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29.04
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6741
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485457
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5355471
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28.01
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6911
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485069
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5355394
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21.26
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6743
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485465
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5355467
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15.33
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6739
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485450
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5355472
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11.60
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6902
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485281
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5355354
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8.18
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6736
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485428
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5355478
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7.38
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6733
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485420
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5355477
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7.00
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6723
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485532
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5355656
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4.80
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6740
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485451
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5355472
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4.74
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6754
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486333
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5355843
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4.28
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6709
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485578
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5355481
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4.17
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6762
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486213
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5355930
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3.01
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6905
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485206
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5355342
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2.97
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6764
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486237
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5355962
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2.48
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6712
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485651
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5355527
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2.40
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6705
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486307
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5355978
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2.01
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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.
About the Valentine Lake Joint Venture
The Valentine Lake Joint Venture is a 50/50 joint venture between Marathon
Gold and Mountain Lake. The Leprechaun Gold Deposit
is situated at the south-western end of the Valentine Lake Project,
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 Joint Venture, and the companies have agreed to jointly fund a $6
million budget in 2011 that includes a planned 25,000 meters of
drilling.
Leprechaun Gold Deposit
The Leprechaun Gold Deposit has a (news release, December
16, 2010) 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. This 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 Measured and
Indicated ounces occurring within 150m of surface.
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 Gold Corporation
is one of Canada's
newest gold resource development companies, with projects located in the mining
friendly province of Newfoundland
and Labrador
together with a project in the prolific Coeur d'Alene Mining District of Idaho.
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.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.