MOZ and MOA Expand AU ResourceMARATHON GOLD EXPANDS LEPRECHAUN GOLD DEPOSIT WITH INTERCEPTS OF 5.99 G/T AU OVER 10.8 M AND 3.69 G/T AU OVER 12.4 M
Marathon Gold Corp. and Mountain Lake Resources Inc. have had continued success with the intersection of high grade, mineralization, in the "Heart of Gold" area of the Leprechaun Gold Deposit (Figure 1). Significant new main zone intercepts include 5.99 g/t Au over 10.8 meters including 28.88 g/t Au over 1.8 meters in VL-11-345, and 3.69 g/t Au over 12.4 meters including 39.80 g/t Au over 1.0 meter in VL-11-343.
"Our exploration initiatives have proven advantageous for Marathon. As we approach the end of our 2011 drill program, we continue to discover wide intervals of high grade mineralization as well as significant hanging wall and foot wall mineralization. These new high grade gold intercepts will have a positive impact on the new Leprechaun Gold Deposit resource which is on track for release in the fourth quarter of 2011", said Phillip Walford, President and CEO of Marathon Gold Corporation.
The Valentine Lake Project, including the Leprechaun Gold Deposit, is a 50/50 Joint Venture between Marathon and Mountain Lake Resources Inc. Both companies are equal contributors to the 25,000 m drilling program in which Marathon is the operator. All grades in this release are uncut, and all thicknesses are estimated true thicknesses. A total of 145 drill holes totaling 24,938 m (99.8%) of the planned 25,000 m 2011 drilling campaign have now been completed. It is expected that the remaining drilling will be completed shortly, with a resource estimation to follow before year end.
Highlights: In-fill drill holes within the "Heart of Gold" area continue to confirm along-strike continuity of high grade mineralization with intervals of 5.99 g/t Au over 10.8 m including 28.88 g/t Au over 1.8 m in VL-11-345, 3.69 g/t Au over 12.4 m including 39.80 g/t Au over 1.0 m in VL-11-343, and 3.34 g/t Au over 9.0 m including 9.52 g/t Au over 2.7 m in VL-11-344.
The new Hanging Wall Zone reported on October 3, 2011 and October 6, 2011, continues to expand with significant new mineralization intersected in drill holes VL-11-345 with 6.53 g/t Au over 2.6 m, VL-11-347 with 4.41 g/t Au over 2.9 m, and VL-11-343 with 2.15 g/t Au over 2.9 m.
Significant new Footwall Zone intercepts include 5.73 g/t Au over 2.4 m with 17.09 g/t Au over 0.8 m in VL-11-353 and 3.20 g/t Au over 2.8 m in VL-11-355.
The successful 2011 drill program is now completed at the Leprechaun Gold Deposit, and the drill rigs have moved 1.5 km along-strike to the southwest to conduct initial exploration drilling in the newly discovered J. Frank Zone.
TABLE 1: Significant Assay Intervals for the Leprechaun Gold Deposit*
CoreDDH From To LengthTT (m)Gold (g/t) UncutVL-11-343 52 56 4 3.6 1.5290 93 3 2.9 2.15141 154 13 12.4 3.69including 152 153 1 1.0 39.80VL-11-344 110 113 3 2.7 1.51191 201 10 9.0 3.34including 194 197 3 2.7 9.52VL-11-345 50 53 3 2.6 1.7994 97 3 2.6 6.61121 128 7 6.3 1.23187 199 12 10.8 5.99including 187 189 2 1.8 28.88VL-11-346 67 70 3 2.9 1.63169 173 4 3.8 2.71184 187 3 2.9 6.96VL-11-347 10 13 3 2.9 1.8084 87 3 2.9 4.41224 236 12 11.4 0.82VL-11-353 75 78 3 2.4 2.92124 129 5 4.0 5.41including 125 126 1 0.8 26.04148 151 3 2.4 5.73including 148 149 1 0.8 17.09164 168 4 3.2 1.26VL-11-354 67 72 5 5.0 0.94264 267 3 2.3 1.73VL-11-355 124 137 13 10.4 1.61including 136 137 1 0.8 12.76142 145 3 2.4 1.34155 160 5 4.0 2.23209 212 3 2.1 5.94217 220 3 2.1 2.14239 242 3 2.1 1.53247 251 4 2.8 3.20
*Assay results for drill holes VL-11-348, 349, 350, 351 and 352 were released in October 6, 2011 press release. VL-11-356 drilled into mafic dike and had no significant assay results.
All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Due to the coarse nature of the gold at the Leprechaun Gold Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results.
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.