canaccord comments
Marathon Gold* (MOZ : TSX : $0.77), Net Change: -0.02, % Change: -2.53%, Volume: 677,335 PEOPLE WHO KNOW NEWFIES KNOWS B’Y. PEOPLE WHO DON’T, DON’T. Y’KNOW? Marathon Gold, which is advancing its wholly owned Valentine gold project in central Newfoundland where summer exploration includes expansion, follow-up and step-out drilling recently released drill results. One infill hole, MA-15-039 targeted deeper levels and continued to intersect high-grade mineralization toward the lower boundary of the pit shell. Marathon remains open along strike and at depth, while mineralization has been outlined along a 1.7km-long corridor to date. The company also provided an update on the second phase of metallurgical testing. With the financial support of the Provincial Government, the company is testing materials’ amenability to heap leaching. Column tests recently reached the targeted 90-day mark but continued to liberate gold. As such, the company will continue monitoring these tests until gold liberation has ceased. The Valentine project currently hosts M+I resources of 920 Koz (open pit) and ~140 Koz (underground) with the bulk (83%) of this mineralization occurring at the Leprechaun deposit. Canaccord Genuity Precious Metals Analyst Eric Zaunscherb says there is a likelihood of higher grade shoots amenable to underground mining throughout the project. While he does not currently model underground resources, he says he is encouraged by results such as those released recently and management’s decision to further explore at depth.