TORONTO, May 14, 2012/CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) today announced the concluding drill results from the 2012 winter drilling program at the Valentine LakeProject, Newfoundland (Figure 1).Step-out drilling at the Leprechaun Gold Deposit intersected high-grade gold mineralization up to 60 meters down-dip from previously defined Main Zone mineralization. Exploration drilling at the J. Frank Zonealso intersected wide intervals of mineralization, which are comparable to the Main Zone quartz, tourmaline and pyrite vein system at the Leprechaun Gold Deposit.
Highlights include:
Leprechaun Gold Deposit
- Step-out drilling in the northeast area of the deposit intersected multiple high-grade intervals up to 60 meters down-dip from the Main Zone with 9.07 g/t Au over 6.80 meters including 66.63 g/t Au over 0.85 meters (Photo 1)and 7.38 g/t Au over 2.55 meters including 22.05 g/t Au over 0.85 meters in VL-12-414 and 22.05 g/t Au over 2.25 meters including 66.03 g/t Au over 0.75 meters and 15.10 g/t Au over 2.25 meters including 42.45 g/t Au over 0.75 meters in VL-12-409.
- Step-out drilling in the central area of the Leprechaun Gold Deposit intersected high-grade intervals 40 meters down-dip from the Main Zone with 8.06 g/t Au over 11.4 meters including 29.54 g/t Au over 0.95 meters and 29.64 g/t Au over 0.95 meters in VL-12-410.
- Significant new near surface high-grade Hanging Wall mineralization include 15.80 g/t Au over 6.0 meters including 65.33 g/t Au over 0.75 meters in VL-12-416 .
J. Frank Zone
- New near surface high-grade Hanging Wall mineralization include 6.46 g/t Au over 3.0 meters including 19.14 g/t Au over 1.0 meters in VL-12-428.
- New wide intervals of Main Zone style mineralization at the J. Frank Zoneinclude 0.64 g.t Au over 61.75 meters with 12.90 g/t Au over 0.95 meters in VL-12-431.
- The Leprechaun Gold Deposit continues to demonstrate expansion both down-dip and along strike while the discovery of wide intervals of Main Zone style mineralization at the south west end of the current J. Frank Zone, provides an exciting target for future drilling.
"The Leprechaun Gold Deposit has continued to expand with our highly successful winter 2012 drilling program. The intersection of new wide intervals of Main Zone style mineralization in the J. {C}Frank Zone{C}, confirms the continuity of the gold system operating along the highly prospective thrust fault, which extends for over 25 kilometers within the {C}Valentine Lake{C} property," said Phillip Walford, President and CEO of Marathon Gold. "Summer drilling has resumed and with three drills turning, steady news flow is expected".
TABLE 1: Significant Assay Intervals from drill holes, Leprechaun Deposit and Frank Zone**
| DDH | Section | Zone* | Design | From | To | Core
Length | TT (m) | Gold (g/t)
Uncut |
| VL-12-409 | 10512.5 | HW | Step Out 45m | 84 | 87 | 3 | 3 | 1.70 |
| | | MZ | | 212 | 215 | 3 | 2.25 | 22.05 |
| including | | MZ | | 212 | 213 | 1 | 0.75 | 66.03 |
| | | MZ | | 258 | 261 | 3 | 2.25 | 15.10 |
| including | | MZ | | 258 | 259 | 1 | 0.75 | 42.45 |
| | | MZ | | 285 | 288 | 3 | 2.25 | 7.62 |
| including | | MZ | | 286 | 287 | 1 | 0.75 | 14.03 |
| VL-12-410 | 10100 | HW | Step Out 40m | 24 | 27 | 3 | 3 | 2.11 |
| | | HW | | 30 | 33 | 3 | 3 | 2.41 |
| | | MZ | | 277 | 289 | 12 | 11.4 | 8.06 |
| including | | MZ | | 278 | 279 | 1 | 0.95 | 29.54 |
| including | | MZ | | 283 | 284 | 1 | 0.95 | 29.64 |
| VL-12-411 | 10000 | HW | In Fill | 53 | 57 | 4 | 3.8 | 2.15 |
| including | | HW | | 53 | 54 | 1 | 0.95 | 7.74 |
| | | MZ | | 123 | 126 | 3 | 3 | 3.75 |
| including | | MZ | | 124 | 125 | 1 | 1 | 10.80 |
| | | MZ | | 142 | 145 | 3 | 3 | 5.56 |
| including | | MZ | | 143 | 144 | 1 | 1 | 14.78 |
| | | MZ | | 164 | 169 | 5 | 5 | 4.60 |
| VL-12-412 | 10550 | MZ | Step Out 45m | 199 | 202 | 3 | 2.7 | 1.49 |
| VL-12-413 | 9962.5 | MZ | In Fill | 111 | 114 | 3 | 3 | 2.64 |
| | | MZ | | 150 | 153 | 3 | 3 | 2.55 |
| VL-12-414 | 10400 | HW | Step Out 65m | 15 | 22 | 7 | 7 | 2.61 |
| including | | HW | | 16 | 17 | 1 | 1 | 8.54 |
| | | HW | | 52 | 59 | 7 | 7 | 1.92 |
| including | | HW | | 57 | 58 | 1 | 1 | 6.54 |
| | | MZ | | 202 | 210 | 8 | 6.8 | 9.07 |
| including | | MZ | | 203 | 204 | 1 | 0.85 | 66.63 |
| | | MZ | | 259 | 262 | 3 | 2.55 | 7.38 |
| including | | MZ | | 260 | 261 | 1 | 0.85 | 22.05 |
| VL-12-415 | 10262.5 | MZ | In Fill | 118 | 122 | 4 | 4 | 3.78 |
| including | | MZ | | 120 | 121 | 1 | 1 | 8.07 |
| | | MZ | | 135 | 138 | 3 | 3 | 2.13 |
| VL-12-416 | 9987.5 | HW | In Fill | 20 | 23 | 3 | 2.25 | 2.57 |
| | | HW | | 52 | 60 | 8 | 6 | 15.80 |
| including | | HW | | 54 | 55 | 1 | 0.75 | 65.33 |
| | | MZ | | 165 | 170 | 5 | 5 | 6.97 |
| including | | MZ | | 165 | 166 | 1 | 1 | 19.34 |
| VL-12-417 | 10287.5 | HW | In Fill | 69 | 72 | 3 | 2.7 | 2.47 |
| VL-12-418 | 9750 | MZ | Frank Zone | 140 | 143 | 3 | 3 | 3.55 |
| including | | MZ | | 140 | 141 | 1 | 1 | 10.16 |
| VL-12-424 | 9600 | MZ | Frank Zone | 81 | 84 | 3 | 3 | 1.20 |
| VL-12-426 | 8750 | MZ | Frank Zone | 170 | 174 | 4 | 4 | 1.68 |
| including | | MZ | | 172 | 173 | 1 | 1 | 5.75 |
| VL-12-428 | 9000 | HW | Frank Zone | 14 | 17 | 3 | 3 | 6.46 |
| including | | HW | | 14 | 15 | 1 | 1 | 19.14 |
| VL-12-429 | 8600 | MZ | Frank Zone | 93 | 96 | 3 | 2.7 | 1.86 |
| VL-12-431 | 8475 | MZ | Frank Zone | 92 | 157 | 65 | 61.75 | 0.64 |
| including | | MZ | | 92 | 93 | 1 | 0.95 | 12.90 |
| including | | MZ | | 105 | 108 | 3 | 2.85 | 1.03 |
| including | | MZ | | 123 | 126 | 3 | 2.85 | 1.17 |
| including | | MZ | | 139 | 142 | 3 | 2.85 | 1.68 |
| including | | MZ | | 154 | 157 | 3 | 2.85 | 1.50 |
| VL-12-432 | 9450 | MZ | Frank Zone | 248 | 251 | 3 | 2.85 | 1.80 |
| VL-12-433 | 8900 | HW | Frank Zone | 45 | 48 | 3 | 3 | 2.31 |
| VL-12-434 | 8600 | MZ | Frank Zone | 155 | 160 | 5 | 4.5 | 1.55 |
| | | MZ | | 183 | 193 | 10 | 9 | 1.52 |
| including | | MZ | | 192 | 193 | 1 | 0.9 | 6.95 |
* Denotes: MZ - main zone, and HW - hanging wall zone
** No significant intervals in VL-12-419, 420, 421, 422, 423, 425, 427, 430
The Valentine LakeProject, including the Leprechaun Gold Deposit, is a 50/50 Joint Venture between Marathon and Mountain Lake Resources Inc. Both companies are equal contributors to a planned 40,000 meter 2012 drilling program in which Marathon is the operator. The 2012 exploration program has started at the Leprechaun Gold Deposit and will continue to expand southwest into the J. Frank Zoneand northeast into the Sprite Zone. All grades in this release are uncut, and all thicknesses are estimated true thicknesses. A total of 57 drill holes totaling 15,359 meters (38.4%) of the planned 2012 drilling campaign have now been completed.
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