Projects

Project Highlights

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. Marathon has confirmed the feasibility of the Valentine Gold Camp, which currently hosts four near-surface NI 43-101 complaint, mainly pit-shell constrained, deposits with measured resources totaling 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, indicated resources totaling 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and inferred resources totaling 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the current open pit shell. Both deposits are open at depth and on strike. Gold mineralization has been traced down almost a kilometer vertically at Marathon and over 350 meters at Leprechaun. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.

Highlights

  • 4.2Moz gold resource with significant blue-sky potential
    • 2,691,400 oz. of gold at 1.85 g/t M&I
    • 1,531,600 oz. of gold at 1.77 g/t Inferred
  • Camp sized 240 sq. km property
  • 30 km of strike along highly prospective gold-bearing fault structure
  • Only 15% of the property has been explored in any detail, year-round road access and proximity to existing power lines
  • Updated PEA at the Valentine Lake Gold October 2018
    • Average Annual Production for the first 12 years of 225,100 ounces per year
    • All in sustaining cost of $666 (USD) per ounce
    • After-tax NPV $493 million (USD)
    • After-tax back of 2.5 years
  • Average finding cost of $10 per ounce of gold consistent over 8 years of exploration

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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