TORONTO, ON--(Marketwired - December 14, 2016) - Marathon Gold Corporation ("Marathon" or the "Company") (
Drilling has now stopped for the Christmas season and will resume again in early January with two drills focused on developing more open-pit and underground resources in anticipated of the 2017 resource update.
Highlights:
"Marathon Gold Corporation has been extremely successful throughout 2016. The Company has had very positive drill results to be added to the forthcoming 2017 resource update, announced very positive new metallurgical results for both traditional milling and heap leach options at the Marathon and Leprechaun Deposits, and raised $8 M of flow through financing. Combined with $3 M in treasury. Marathon is positioned to aggressively continue exploring primarily with drill for new resources throughout 2017," said Phillip Walford, President and CEO of Marathon. "We thank all the Marathon crew for their dedication and hard-work in making 2016 such a successful exploration year, wish all a very Merry Christmas, and look forward to another successful exploration year as we focus on maximizing the forthcoming resource update planned for the second quarter of 2017."
TABLE 1: Significant fire assay intervals from drill holes MA-16-137, MA-16-139 to MA-16-142, MA-16-144, MA-16-146 to MA-16-149 and extended MA-16-115, Marathon Gold Deposit, Valentine Lake Gold Camp.
DDH | Section | From | To | Core Length (m) | True Width (m) | Gold g/t | Gold g/t (cut) | |||||||
MA-16-137 | 17050 | 80 | 83 | 3 | 2.6 | 0.83 | ||||||||
88 | 91 | 3 | 2.6 | 1.22 | ||||||||||
MA-16-139 | 17070 | 102 | 105 | 3 | 2.4 | 1.29 | ||||||||
112 | 123 | 11 | 8.8 | 2.17 | ||||||||||
including | 112 | 117 | 5 | 4.0 | 4.24 | |||||||||
168 | 178 | 10 | 8.0 | 11.63 | 4.67 | |||||||||
including | 169 | 171 | 2 | 1.6 | 55.91 | 21.11 | ||||||||
MA-16-140 | 17250 | 12 | 15 | 3 | 2.6 | 3.05 | ||||||||
MA-16-141 | 17280 | 21 | 26 | 5 | 4.3 | 2.01 | ||||||||
54 | 57 | 3 | 2.6 | 3.91 | ||||||||||
MA-16-142 | 17220 | 124 | 127 | 3 | 2.6 | 1.16 | ||||||||
MA-16-144 | 16800 | 89 | 95 | 6 | 4.8 | 6.77 | ||||||||
including | 91 | 93 | 2 | 1.6 | 17.29 | |||||||||
137 | 140 | 3 | 2.4 | 1.11 | ||||||||||
169 | 172 | 3 | 2.4 | 2.91 | ||||||||||
MA-16-146 | 17200 | 22 | 46 | 24 | 19.2 | 2.22 | ||||||||
including | 26 | 28 | 2 | 1.6 | 14.78 | |||||||||
65 | 71 | 6 | 4.8 | 3.39 | ||||||||||
82 | 91 | 9 | 7.2 | 1.47 | ||||||||||
MA-16-147 | 17310 | 419 | 425 | 6 | 5.4 | 3.32 | ||||||||
429 | 432 | 3 | 2.7 | 2.06 | ||||||||||
MA-16-148 | 16870 | 96 | 99 | 3 | 2.1 | 1.13 | ||||||||
MA-16-149 | 17090 | 181 | 186 | 5 | 4.5 | 5.27 | ||||||||
232 | 235 | 3 | 2.7 | 2.89 | ||||||||||
261 | 264 | 3 | 2.7 | 1.60 | ||||||||||
304 | 308 | 4 | 3.6 | 2.19 | ||||||||||
356 | 403 | 47 | 42.3 | 2.93 | 2.80 | |||||||||
including | 368 | 370 | 2 | 1.8 | 7.33 | |||||||||
including | 386 | 403 | 17 | 15.3 | 6.31 | 5.94 | ||||||||
including | 386 | 389 | 3 | 2.7 | 15.08 | 13.00 | ||||||||
including | 397 | 399 | 2 | 1.8 | 9.74 | |||||||||
including | 401 | 403 | 2 | 1.8 | 14.56 | |||||||||
426 | 430 | 4 | 3.6 | 4.38 | ||||||||||
434 | 437 | 3 | 2.7 | 3.57 | ||||||||||
MA-16-115 Ext | 17060 | 319 | 322 | 3 | 2.3 | 3.11 | ||||||||
347 | 350 | 3 | 2.3 | 1.64 | ||||||||||
352 | 355 | 3 | 2.3 | 1.18 | ||||||||||
359 | 362 | 3 | 2.3 | 1.62 | ||||||||||
451 | 456 | 5 | 3.8 | 7.77 | ||||||||||
All of the samples were fire assayed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland.
Marathon Gold Corporation acknowledges the financial support of the JEA Program, Department of Natural Resources, Government of Newfoundland and Labrador. The Research and Development Corporation of Newfoundland and Labrador has granted approximately 75% of the costs of the current metallurgical program to Marathon Gold and we appreciate this support.
Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, Marathon's Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
About Marathon Gold Corporation
Marathon is a Toronto based gold resource company focused on its 100% owned Valentine Lake Gold Camp located in central Newfoundland. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, gold resources totaling 1,060,100 oz. gold at 2.20 g/t (Measured & Indicated) and 200,000 oz. gold at 2.85 g/t (Inferred), (April 2015). These resources, open along strike and to depth, cover less than 10% of the total length of the highly prospective Valentine Lake Thrust Fault and associated splay faults which host the majority of the gold mineralization within the property. For more information please visit www.marathon-gold.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation's public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise.
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Contact Information:
For more information, please contact:
Christopher Haldane
Investor Relations Manager
Tel: 1-416-987-0714
E-mail: chaldane@marathon-gold.com
Phillip Walford
President and Chief Executive Officer
Tel: 1-416-987-0711
E-mail: pwalford@marathon-gold.com