Valentine Gold Project

About the Project

Marathon’s principal asset is the Valentine Gold Project in the Central Region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. When completed, the Valentine Gold Project will be the largest gold mine in Atlantic Canada and a significant contributor to the economy of Newfoundland and Labrador.

The Project comprises a series of mineralized deposits along a 20-kilometre trend. A December 2022 Feasibility Study outlined an open pit mining and conventional milling operation over a 14.3 year mine life with a 22% after-tax rate of return and an average gold production profile of 195,000 ounces of gold per year for the first 12 years. The Project has estimated Proven and Probable Mineral Reserves of 2.7 Moz (51.6 Mt at 1.62 g/t Au) and Mineral Resource Estimate for Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.96 Moz (64.62 Mt at 1.90 g/t Au). Additional Inferred Mineral Resources are 1.10 Moz (20.75 Mt at 1.65 g/t Au).

The Valentine Gold Project is subject to regulation under the environmental protection regimes of the Canadian Environmental Assessment Act, 2012 and the Newfoundland and Labrador Environmental Protection Act. Marathon filed a project description with both the Impact Assessment Agency (“IAA”, formerly the Canadian Environmental Assessment Agency) and the NL Department of Municipal Affairs and Environment (“NLDMAE”) on April 5, 2019, which was accepted into the formal Environmental Assessment (“EA”) process on April 16, 2019 and released from Environmental Assessment in August 2022. Both the IAA and the NLDMAE issued a determination requiring a project Environmental Impact Statement and guidelines have now been published by both parties.

In support of the EA process and the future development and operation of the Project, Marathon is engaging in formal stakeholder engagement with the communities of Buchans, Buchans Junction, Millertown, Badger, Bishop’s Falls and Grand Falls-Windsor, Qalipu and Miawpukek First Nations and other interested parties.

Based on the Feasibility Study, Marathon expects to employ an average of 405 persons during the project’s construction and 522 persons during operations, with $598M payable in federal and provincial income taxes, mining duties, at US$1700/oz gold.

Project Highlights

  • Valentine Gold Project in Central Newfoundland; World leading mining jurisdiction
  • 100% ownership
  • Largest Undeveloped Gold Resource in Atlantic Canada
    • M&I 3.96 Moz (64.62 Mt at 1.90 g/t Au)
    • Inferred 1.10 Moz (20.75 Mt at 1.65 g/t Au)
  • December 2022 Feasibility Study
    • After-tax 22% IRR & C$634 NPV5% at US $1700 Gold, C$463M Cost to Complete
    • 14.3 Year Mine Life; 2.7 Moz Mineral Reserve; 195k oz/a Years 1 to 12
  • Ongoing Exploration on 20km Mineralized Trend
    • Focus on Sprite, Victory


Location Highlights

  • The Valentine Gold Project is located in central Newfoundland
  • Approximately 80km SW of the mining communities of Millertown and Buchans
  • Project is road accessible
  • NL Hydro substation at Star Lake 30km away
  • Central Region with mine services and experienced workforce
  • A mining region in a mining jurisdiction