Marathon Gold Announces 2011 Drilling Program to Commence at Valentine Lake Property

TORONTO, Jan. 19 /CNW/ - Marathon Gold Corporation (MOZ-TSX) (“Marathon”) announced today the Company has commenced its 2011 drilling campaign at the Valentine Lake Property. The first drill rig began drilling at the Leprechaun Gold deposit on January 12, 2011 with the first three drill holes intersecting multiple quartz veins with visible gold mineralization. The second drill rig is scheduled to begin resource and exploration drilling at the Valentine East Gold deposit in this week.

The Leprechaun and Valentine East Gold deposits are located 13km along strike from each other. These gold deposits form part of a 23km long, highly prospective gold-bearing mineralized corridor that straddles the faulted contact between older Valentine Lake Intrusive and younger Rogerson Lake sedimentary rocks in the Valentine Lake Property.

The 25,000m drilling program at the Valentine Lake Property will focus on aggressive resource expansion for the Leprechaun Gold Deposit; delineation of a NI 43-101 compliant Measured and Indicated Resource for the Valentine East Gold Deposit; and exploration drilling to further evaluate the Property’s potential. Marathon Gold and Mountain Lake have agreed to a budget of $6 M to be jointly shared for 2011.

Drill Highlights to Date:

  • First three drill holes VL-11-232 and VL-11-233 at the Leprechaun Gold Deposit intersected mineralized quartz zones with visible gold

  • Planned 2011 drilling at the Leprechaun Gold Deposit is aimed at expanding the December, 2010 NI compliant 43-101 resource and extending the current boundaries of the deposit both down-dip and along strike to the NE and SW

  • Drilling at Valentine East deposit to begin within days, focused on delineation drilling of a new resource

  • Newly delineated IP drill targets will be tested for 1000m along strike to the NE of the Leprechaun Gold Deposit, within the Rogerson Lake conglomerates 500m east of the Leprechaun Gold Deposit and over a 500m strike of the Valentine East Gold deposit

  • Base line environmental studies to begin in February, 2011 will include water quality, waterfowl and fish surveys

  • Plans for 2011 include further metallurgical testing, additional IP surveying along strike of both the Leprechaun and Valentine East Gold deposits, geotechnical drilling to test slope stabilities for pit wall design at the Leprechaun Gold deposit for inclusion in the preliminary economic assessment currently planned for completion by the 1st quarter of 2012
“With a strong exploration team in place, two drills turning, and initial drill holes showing visible gold, with the deposit(s) wide open along strike and down dip we are well positioned for growth,” said Sherry Dunsworth, V.P. Exploration of Marathon Gold Corporation. “We are looking forward to exceeding the success of the 2010 drilling campaign.”

Qualified Person
Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, is Marathon’s Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mrs. Dunsworth 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, Labrador and North Idaho in the USA. Marathon Gold has a tiered project pipeline consisting of early stage exploration to advanced resource development projects which can be built into mineable reserves. Marathon Gold is continually evaluating new gold resource development projects of merit that are located within the Americas. Marathon Gold’s focused and low-cost approach to resource development and exploration has an established record of delivering rapid growth. Marathon Gold is the operator of the Valentine Lake Project under the sub-option and joint venture agreement (“OJVA”) between Mountain Lake Resources Inc. and Marathon Gold owns a 50% interest in Golden Chest LLC, owner of the Golden Chest mine in North Idaho.

Except for statements of historical fact relating to Marathon, 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 Management’s Discussion and Analysis for the year ended December 31, 2009.

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.

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