Valentine Lake Gold Camp Project History
Early 1960’s - 1998: Asarco, HBOG, Abitibi-Price, BP Canada, Noranda - base metal exploration and discovery of gold-bearing quartz veins, airborne EM-Mag, prospecting, geochem surveys, mapping by NL government, and 47 DDH’s (~ 6,000m).
1998 - 2009: Mountain Lake Resources and JV partners Noranda & Richmont - prospecting, airborne VLF-Mag, 90 ddh’s (~17,000m), and structural study by InnovExplo (2006) concluding Leprechaun Gold deposit similar to Archean quartz-tourmaline lode gold deposits of Val-d’Or (Abitibi).
2010 - 2014: Marathon Gold Corporation - focused prospecting, trenching, mapping, drilling (531 ddh’s & ~ 89,400M NQ-core), discovered Frank, Sprite and Marathon Zones, initial and updated NI 43-101 resource estimates for Leprechaun Gold Deposit and Victory Gold Deposits.
2015 - 2016: Marathon Gold Corporation - completed 4,300m winter 2015 drilling in Marathon Deposit, updated mineral resource estimate announced April 30, 2015 with 30% increase in M & I Resources (Leprechaun, Sprite, Marathon and Victory Gold Deposits) to 1,060,100 oz Au @ 2.20 g/t Au and Inferred 199,800 oz Au @ 2.85 g/t Au, Q2-Q4 ongoing exploration program.
2017 – 2018: An updated resource completed in February 2017 has pushed the total resource to over 2 million ounces. The Valentine Lake Gold Property presently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 1,388,200 oz. of gold at 1.91 g/t and inferred resources totaling 766,500 oz. of gold at 2.24 g/t. Most of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the pit shell. Both deposits are open to depth and on strike. Announced a 60,000 m drill campaign in May 2017 focused on expanding both the Marathon and Leprechaun Deposits.
2018 - present: An updated resource completed in May 2018 has pushed the total resource to 3.2 million ounces. 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.Both deposits are open to depth and on strike.