“The wide near surface intercept is a good start to exploring in the Sprite Zone. It has good potential to add to the gold resource on the property. Exploration will start up again in a few weeks at Valentine Lake and we are looking forward to an aggressive summer exploration program,” said Phillip Walford, President and CEO of Marathon Gold Corporation.
- The wide gold intersection of 1.85 g/t Au over 20.0m with 16.86 g/t Au over 1.0 in VL-11-264 confirms the potential for additional near surface mineralization as we plan future exploration drilling at the Sprite Zone
- These new drill results show the continuation of near surface gold mineralization, including wide intervals with high-grade intercepts, in an area at least 700m to the northeast of the current NE boundary of the Leprechaun Gold Deposit
- Future drilling between the Leprechaun Gold Deposit and Sprite Zone will explore the potential for development of an open pit that extends the 700m beyond the current Leprechaun pit boundary into the Sprite Zone
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 Marathon Gold 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.
The Leprechaun Deposit has a new (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. 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.
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 (“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 MOA. For more information visit: www.marathon-gold.com
For further information:
Marathon Gold Corporation
President, Terre Partners
1 (416) 238 1414 ext. 233
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