Projects

Project Highlights

Marathon is a Toronto based gold company 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 mineralized deposits along a 20-kilometre 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 1.90 Moz (31.69 Mt at 1.86 g/t Au), Indicated Mineral Resources of 1.19 Moz (23.17 Mt at 1.60 g/t Au) and Inferred Mineral Resources of 0.96 Moz (16.77 Mt at 1.78 g/t Au). For more information on the Valentine Gold Project, 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

Place: Central Newfoundland

  • A world leading mining jurisdiction

Project: Valentine Gold Project

  • 3.09 Moz. M&I (54.9 Mt at 1.75 g/t Au)
  • 0.96 Moz. Inferred (16.8 Mt at 1.78g/t)
  • Multiple deposits delineated on 20km trend

Committed to Project Development

  • Robust PEA completed in October 2018
  • Pre-Feasibility and Environmental Assessment initiated
  • C$34m in cash to advance development (end Q3 2019)
  • New leadership team assembled

Upcoming Milestones

  • 2020 Exploration Program Commencing. Focus on Sprite
  • Preliminary Feasibility Study expected Q2 2020
  • EIS Q3 2020

Summary of Resources January 2020

  Category  Tonnes (Mt)   Grade (g/t Au)   Oz (Moz Au) 
Marathon Measured        23.15 115%          1.73 -16%          1.29 80%
  Indicated        13.04 -45%          1.52 -7%          0.64 -49%
  Total M&I        36.20  5%          1.65  -6%          1.92  -2%
Leprechaun Measured          8.53 46%          2.23 -7%          0.61 36%
  Indicated          8.37 172%          1.73 -11%          0.47 142%
  Total M&I        16.90  90%          1.99  -12%          1.08  68%
Victory Measured               -                   -                   -    
  Indicated          1.08 6%          1.47 -4%          0.05 2%
  Total M&I          1.08  6%          1.47  -4%          0.05  2%
Sprite Measured               -                   -                   -    
  Indicated          0.68 -5%          1.76 3%          0.04 -2%
  Total M&I          0.68  -5%          1.76  3%          0.04  -2%
All Deposits Measured        31.69 91%          1.86 -15%          1.90 63%
  Indicated        23.17 -19%          1.60 -4%          1.19 -22%
  Total M&I        54.85  22%          1.75  -5%          3.09  15%
Changes from the October 2018 Estimate shown in italics. Totals may not add due to rounding

 

  Category  Tonnes (Mt)   Grade (g/t Au)   Oz (Moz Au) 
Marathon Inferred        10.57 -32%          1.96 0%          0.67 -32%
Leprechaun Inferred          2.86 -64%          1.67 3%          0.15 -63%
Victory Inferred          2.14 8%          1.31 -7%          0.09 1%
Sprite Inferred          1.19 -11%          1.29 5%          0.05 -6%
All Deposits Total Inferred        16.77  -38%          1.78  0%          0.96  -37%
Changes from the October 2018 Estimate shown in italics. Totals may not add due to rounding

Mineral Resource Estimate, Effective January 10 2020

The updated Mineral Resource Estimate was authored by John T. Boyd Company utilizing Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Reserves (2014). Peer review and risk analysis was completed by RPA Inc., who have determined that the new resource models as presented for both the Leprechaun and Marathon Deposits are reasonable overall.

Notes to the Mineral Resource Statement

  1. The effective date for this mineral resource estimate is January 10, 2020 and is reported on a 100% ownership basis.  This estimate is a new estimate using additional assays and exploration drilling as well as updated economics.
  2. Mineral Resources are calculated at a gold price of $1,300 /troy oz.
  3. The mineral resources presented herein are global and do not include a detailed pit or underground design, only an economic pit shell was used to determine the in-pit mineral resources.  The underground mineral resources are that material outside of the in-pit mineral resources above the stated underground cutoff grade.
  4. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues including risks set forth in in Marathon’s Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com.
  5. The mineral resources presented here were estimated using a block model with a block size of 6 m by 6 m by 6 m sub-blocked to a minimum block size of 2 m by 2 m by 2 m using ID3 methods for grade estimation.  All mineral resources are reported using an open pit gold cut-off of 0.300 g/t Au and an underground gold cut-off of 1.663 g/t Au.  Material between 0.3 g/t and 0.7 g/t are considered low-grade while material above 0.7 g/t is considered high-grade.  Higher gold grades were given a limited area of influence which was applied during grade estimation by mineralized domain.  Figures are rounded and totals may not add correctly.
  6. Figures are rounded and totals may not add correctly.

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