Marathon Gold Looks to Expand the Resource... Marathon Gold (MOZ.TO) on Wednesday said it will concentrate its exploration efforts on expanding the gold resource at its Valentine property in Newfoundland for the next two years while completing construction of a mine at the site.
The company's Valentine mine is scheduled to produce its first ore in late 2024 from a three-pit operation. With construction underway, it will look to expand the known resource at the Marathon, Leprechaun and Berry deposits, while testing other areas of the property.
"Our 2023-2024 exploration work at Valentine will be designed to maintain the project's momentum of mineral resource growth even as mine development moves forward. We see potential for this growth both within the mineral deposits in the existing mine plan, and more broadly over the full 32 kilometres of mineralized shear-zone trend on the property," chief executive Matt Manson said in a release.
The company plans a 70,000-meter drilling program at the three main deposits to develop a grade-control model in advance of mining.
"We're encouraged to see continued exploration catalysts through Valentine development," National Bank Financial analyst Don DeMarco said in a note