Projects

Project Highlights

Marathon Gold Corp. is a high-quality growth-oriented gold development company with a long-term strategy of moving the 100% owned Valentine Lake Gold Camp through to production in central Newfoundland. Marathon recently completed a positive PEA that shows an average annual production of 188,500 ounces per year over the first 10 years, payback of 2.8 years, NPV (5%) of $367 million (USD) and an IRR of 25.3%, all after-tax. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,137,100 oz. of gold at 1.99 g/t and inferred resources totaling 1,104,800 oz. of gold at 1.99 g/t. Most of the resources occur at the Marathon and Leprechaun Deposits. All the deposits are open to expansion. Marathon’s 240 sq. km sized Valentine Lake property has multiple exploration targets to be explored in 2018.

Highlights

  • 3.2Moz gold resource with significant blue-sky potential
    • 2,137,100 oz. of gold at 1.99 g/t M&I
    • 1,104,800 oz. of gold at 1.99 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
  • Acquired the historic NSR on the project for USD$8.7M (CDN $11.7M) in November 2017 which had a positive impact on the recently completed PEA.
  • Initial PEA at the Valentine Lake Gold
    • Average Annual Production for the first 10 years of 188,500 ounces per year
    • All in sustaining cost of $756 (CDN) per ounce
    • After-tax NPV $466 million (CDN)
    • After-tax back of 2.8 years
    • Mill Grade and Recovery - 2.2 g/t Au at 95% recovery
    • Heap Leach Grade and Recovery - 0.5 g/t Au at 53% recovery
  • Marathon has drilled less than 200,000m since 2010 at the Valentine Lake Gold Camp which has returned 3.2Moz of gold, a robust PEA and a project that will continue to with more drilling
  • Average finding cost of $10 per ounce of gold consistent over 7 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
(kt) (g/t) (oz) (kt) (g/t) (oz) (kt) (g/t) (oz)
Leprechaun Deposit
Measured - Mill 2,270,000 4.543 331,600 234,000 5.276 39,700 2,504,000 4.611 371,300
Measured - Heap Leach 2,656,000 0.550 47,000 0 0.000 0 2,656,000 0.550 47,000
Indicated - Mill 1,297,000 3.633 151,500 224,000 4.649 33,500 1,521,000 3.783 185,000
Indicated - Heap Leach 1,664,000 0.549 29,400 0 0.000 0 1,664,000 0.549 29,400
Total Measured & Indicated 7,887,000 2.206 559,500 458,000 4.969 73,200 8,345,000 2.358 632,700
Inferred - Mill 1,875,000 3.114 187,700 705,000 4.544 103,000 2,580,000 3.505 290,700
Inferred - Heap Leach 3,841,000 0.521 64,300 0 0.000 0 3,841,000 0.521 64,300
Total Inferred 5,716,000 1.372 252,000 705,000 4.544 103,000 6,421,000 1.720 355,000
Sprite Deposit
Measured - Mill 0 0.000 0 0 0.000 0 0 0.000 0
Measured - Heap Leach 0 0.000 0 0 0.000 0 0 0.000 0
Indicated - Mill 160,000 3.422 17,600 74,000 4.534 10,800 234,000 3.773 28,400
Indicated - Heap Leach 170,000 0.572 3,100 0 0.000 0 170,000 0.572 3,100
Total Measured & Indicated 330,000 1.954 20,700 74,000 4.534 10,800 404,000 2.426 31,500
Inferred - Mill 268,000 2.718 23,400 74,000 4.534 10,800 342,000 3.111 34,200
Inferred - Heap Leach 586,000 0.539 10,200 0 0.000 0 586,000 0.539 10,200
Total Inferred 854,000 1.223 33,600 74,000 4.534 10,800 928,000 1.487 44,400
Marathon Deposit
Measured - Mill 4,770,000 2.942 451,100 534,000 4.769 81,900 5,304,000 3.126 533,000
Measured - Heap Leach 3,428,000 0.479 52,800 0 0.000 0 3,428,000 0.479 52,800
Indicated - Mill 7,510,000 2.305 556,600 1,573,000 3.823 193,300 9,083,000 2.568 749,900
Indicated - Heap Leach 5,847,000 0.479 90,000 0 0.000 0 5,847,000 0.479 90,000
Total Measured & Indicated 21,555,000 1.660 1,150,500 2,107,000 4.063 275,200 23,662,000 1.874 1,425,700
Inferred - Mill 2,047,000 1.934 127,300 4,366,000 3.359 471,400 6,413,000 2.904 598,700
Inferred - Heap Leach 1,838,000 0.479 28,300 0 0.000 0 1,838,000 0.479 28,300
Total Inferred 3,885,000 1.246 155,600 4,366,000 3.359 471,400 8,251,000 2.364 627,000
Victory Deposit
Measured - Mill 0 0.000 0 0 0.000 0 0 0.000 0
Measured - Heap Leach 0 0.000 0 0 0.000 0 0 0.000 0
Indicated - Mill 570,000 2.235 41,000 5,000 3.714 600 575,000 2.248 41,600
Indicated - Heap Leach 377,000 0.489 5,900 0 0.000 0 377,000 0.489 5,900
Total Measured & Indicated 947,000 1.540 46,900 5,000 3.714 600 952,000 1.552 47,500
Inferred - Mill 782,000 1.796 45,200 221,000 3.152 22,400 1,003,000 2.095 67,600
Inferred - Heap Leach 671,000 0.500 10,800 0 0.000 0 671,000 0.500 10,800
Total Inferred 1,453,000 1.198 56,000 221,000 3.152 22,400 1,674,000 1.456 78,400
All Deposits
Measured - Mill 7,040,000 3.458 782,700 768,000 4.924 121,600 7,808,000 3.602 904,300
Measured - Heap Leach 6,084,000 0.510 99,800 0 0.000 0 6,084,000 0.510 99,800
Indicated - Mill 9,537,000 2.500 766,700 1,876,000 3.950 238,200 11,413,000 2.739 1,004,900
Indicated - Heap Leach 8,058,000 0.496 128,400 0 0.000 0 8,058,000 0.496 128,400
Total Measured & Indicated 30,719,000 1.800 1,777,600 2,644,000 4.233 359,800 33,363,000 1.993 2,137,100
Inferred - Mill 4,972,000 2.400 383,600 5,366,000 3.522 607,600 10,338,000 2.982 991,200
Inferred - Heap Leach 6,936,000 0.509 113,500 0 0.000 0 6,936,000 0.509 113,500
Total Inferred 11,908,000 1.299 497,100 5,366,000 3.522 607,600 17,274,000 1.989 1,104,800


Valentine Lake Gold Camp Infrastructure

 

 

 

 

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