Projects

Project Highlights

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20-kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve-year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.

Highlights

Large and Growing Mineral Resource

  • 2,69 Moz. M&I (45.1 Mtonnes at 1.85 g/t)
  • 1.53 Moz. Inferred (26.9 Mtonnes at 1.77g/t)
  • Multiple deposits delineated on >20km trend

Robust PEA completed in October 2018

  • 225,100 oz. Average Annual Production for 12 years
  • 2.7 million oz. of recovered gold
  • AISC US$666 per oz.
  • After-tax NPV US$493M
  • After-tax IRR 30%

Development Milestones

  • Mineral Resource Update expected Q4 2019
  • Preliminary Feasibility Study expected Q2 2020
  • 24-month environmental assessment period begun

Summary of Resources for the Valentine Lake Gold Camp 2018

Material/Category Open Pit Underground Total
Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold
(t) (g/t) (oz) (t) (g/t) (oz) (t) (g/t) (oz)
Leprechaun Deposit
Measured 5,760,000 2.381 440,800 81,000 3.910 10,200 5,841,000 2.402 451,000
Indicated 3,010,000 1.916 185,500 64,000 3.460 7,100 3,074,000 1.949 192,600
M+I 8,770,000 2.221 626,300 145,000 3.711 17,300 8,915,000 2.246 643,600
Inferred 7,533,000 1.476 357,400 388,000 4.274 53,300 7,921,000 1.613 410,700
Sprite Deposit
Measured 0 0.000 0 0 0.000 0 0 0.000 0
Indicated 708,000 1.703 38,800 9,000 2.403 700 717,000 1.712 39,500
M+I 708,000 1.703 38,800 9,000 2.403 700 717,000 1.712 39,500
Inferred 1,291,000 1.173 48,700 46,000 2.702 4,000 1,337,000 1.226 52,700
Marathon Deposit
Measured 10,637,000 1.985 679,000 142,000 7.990 36,500 10,779,000 2.064 715,500
Indicated 23,211,000 1.559 1,163,700 513,000 4.797 79,100 23,724,000 1.629 1,242,800
M+I 33,848,000 1.693 1,842,700 655,000 5.489 115,600 34,503,000 1.765 1,958,300
Inferred 13,784,000 1.693 750,100 1,839,000 3.862 228,300 15,623,000 1.948 978,400
Victory Deposit
Measured 0 0.000 0 0 0.000 0 0 0.000 0
Indicated 1,009,000 1.537 49,900 2,000 1.848 100 1,011,000 1.538 50,000
M+I 1,009,000 1.537 49,900 2,000 1.848 100 1,011,000 1.538 50,000
Inferred 1,821,000 1.264 74,000 155,000 3.174 15,800 1,976,000 1.414 89,800
All Deposits
Measured 16,397,000 2.124 1,119,800 223,000 6.508 46,700 16,620,000 2.183 1,166,500
Indicated 27,938,000 1.601 1,437,900 588,000 4.605 87,000 28,526,000 1.663 1,524,900
M+I 44,335,000 1.794 2,557,700 811,000 5.128 133,700 45,146,000 1.854 2,691,400
Inferred 24,429,000 1.566 1,230,200 2,428,000 3.862 301,400 26,857,000 1.774 1,531,600


Valentine Lake Gold Camp Infrastructure

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