Marathon Gold Corp T.MOZ

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Marathon Gold Reports Final 2020 Drill Results and 2021 Exploration Program

TORONTO, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to report fire assay data from the final fifteen drill holes completed as part of the 2020 exploration program at the Valentine Gold Project, central Newfoundland (the “Project”). These latest results are all derived from within the 1.5 kilometre long Berry Zone. Highlights include:

• VL-20-942 intersected 19.85 g/t Au over 6 metres including 111.62 g/t Au over 1 metre, and 2.56 g/t Au over 20 metres including 17.54 g/t Au over 1 metre, and 20.00 g/t Au over 2 metres;
• VL-20-946 intersected 9.37 g/t Au over 6 metres including 52.02 g/t Au over 1 metre, and 10.76 g/t Au over 2 metres including 16.64 g/t Au over 1 metre, and 6.75 g/t Au over 2 metres including 11.65 g/t Au over 1 metre;
• VL-20-947 intersected 1.47 g/t Au over 18 metres including 11.20 g/t Au over 1 metre, and 0.88 g/t Au over 22 metres, and 1.06 g/t Au over 9 metres, and 0.74 g/t Au over 10 metres;
• VL-20-945 intersected 1.61 g/t Au over 26 metres;
• VL-20-944 intersected 3.21 g/t Au over 10 metres including 22.82 g/t Au over 1 metre and 2.71 g/t Au over 6 metres including 11.85 g/t over 1 metre; and
• VL-20-950 intersected 2.87 g/t Au over 12 metres including 12.88 g/t Au over 1 metre.

All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1.

With these final 2020 results, a total of 42,000 metres of drilling in 212 holes is now available for use in the maiden mineral resource estimation for Berry. Consistent with previous practice, the Berry mineral resource estimate will be based on the results of metallic screening samples that have been submitted for all 1m core intervals grading above the mineral resource cut-off of 0.3 g/t Au after fire assay. The Berry mineral resource estimate is expected to be completed prior to the end of the first quarter of this year.

In addition to today’s drill results, Marathon reports that the Company’s Board of Directors has approved a 2021 Exploration Program comprising 52,000 metres of drilling at a budget of C$10.5 million. These expenditures will be fully funded from existing cash resources. The 2021 Exploration Program will include:

• Up to 30,000 metres at the Berry Zone designed to increase drill density over the full 1.5 kilometres of mineralization delineated in 2020;
• Up to 8,000 metres at both the Sprite and Victory Deposits, with a view to potential resource expansion at each of these areas of historical exploration; and
• Up to 6,000 metres dedicated to grassroots projects focussed on new discovery.

The 2021 Exploration Program will be managed and operated by Marathon’s team of exploration staff and contractors, all of whom are resident within Newfoundland and Labrador.

Matt Manson, President & CEO commented: “Today’s results represent the final batch of drill holes completed prior to our seasonal shutdown at the end of November. Our 2020 Exploration Program, including the Berry Infill Drill Program added mid-year, has been successful in delineating an important new area of gold mineralization at the Valentine Gold Project. The first mineral resource estimate for Berry based on this initial round of drilling is expected by the end of this quarter. Whereas our 2020 exploration work was discovery oriented, our 2021 Exploration Program is designed to add ounces, with up to 30,000 metres of additional in-fill drilling planned for the Berry Zone over its full 1.5 kilometre length. We also plan to return to the Victory and Sprite Deposits, with up to 8,000 metres of drilling in each area. Modest quantities of mineral resources have been previously estimated at each of Victory and Sprite based on limited drilling completed prior to 2015. The new drill program will be designed to test for the tightly concentrated “Main Zone” type mineralization located immediately proximal to the Valentine Lake Shear Zone in the style seen at the Leprechaun Deposit, and now also at Berry, and which may have been missed by previous drilling patterns. Neither Victory nor Sprite are included in the current Valentine Gold Project mine planning. Finally, up to 6,000 metres of drilling will be reserved for greenfield initiatives within the 20 kilometres of shear zone geology contained within the Valentine Lake Property. All of this exploration activity will proceed in parallel with our ongoing environmental assessment and engineering activities. Drilling with three rigs at site has already commenced.”

Figure 1: Location Map, Valentine Gold Project

https://www.globenewswire.com/NewsRoom/AttachmentNg/502403b5-9951-4a4d-a253-c4c923b9ec2e

Gold mineralization at the Valentine Gold Project is contained predominantly within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veins. At the Leprechaun and Marathon Deposits, as well as at the new Berry Zone, these QTP-Au veins form densely stacked and northwest plunging “Main Zone” envelopes within intrusive host rocks on the hanging wall (northwest) side of the Valentine Lake Shear Zone. The extent of mineralization appears related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the hanging wall, parallel to the shear zone. Exploration drilling is generally undertaken in two orientations: down steeply towards the northwest at a high angle to the individual veins and down-plunge of the Main Zone stacking, or obliquely towards the southeast sub-parallel to the individual veins and across the strike of Main Zone mineralization.

The results released today are derived from nine drillholes located within or adjacent to the Berry infill drilling area between sections 13540E and 13860E, and an additional six drillholes in the Frozen Ear Pond Road area between sections 14650E and 14800E (Figure 2).

Seven of the fifteen holes were oriented steeply down to the northwest testing for Main Zone type stacked QTP-Au mineralization close to the Valentine Lake Shear Zone (VL-20-942, 945, 947, 948, 949, 950, and 951). Six holes were oriented steeply down to the northwest within hanging wall rocks but at a greater distance from the shear zone contact (VL-20-938, 939, 940, 944, 946, and 952). Two holes were oriented to the southeast from the hanging wall toward the footwall contact (VL-20-941 and 943).

Thirteen of the fifteen drillholes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1), and each drillhole returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the January 2020 Mineral Resource Estimate for the Project.

Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-20-938 to VL-20-952

https://www.globenewswire.com/NewsRoom/AttachmentNg/16224150-3fad-4d87-8435-183c6e37d699

Table 1: Significant Assay Intervals, Berry Zone, Valentine Gold Project

DDH	Section	Az	Dip	From	To	Core Length (m)	True Thickness (m)	Gold g/t	Gold g/t (cut)
VL-20-938	13755E	345	-75	19	25	6	5.40	2.07
				37	38	1	0.90	0.99
				66	67	1	0.90	2.13
				81	82	1	0.90	3.87
VL-20-939	14650E	340	-80	9	11	2	1.80	2.05
				19	20	1	0.90	1.19
				26	28	2	1.80	0.77
				42	43	1	0.90	2.84
				138	139	1	0.90	1.10
VL-20-940	13730E	342	-75	13	14	1	0.90	2.63
				32	34	2	1.80	1.78
				78	80	2	1.80	2.96
				84	86	2	1.80	0.77
				94	95	1	0.90	1.43
				105	106	1	0.90	4.23
VL-20-942	13810E	343	-75	7	9	2	1.80	2.43
				26	46	20	18.00	2.56
Including				26	27	1	0.90	17.54
				75	76	1	0.90	0.79
				87	89	2	1.80	20.00	16.86
				130	132	2	1.80	2.44
				140	146	6	5.40	19.85	6.25
Including				142	143	1	0.90	111.62	30
				179	180	1	0.90	0.89
VL-20-943	13860E	163	-44	7	16	9	6.3	1.98
			Inc.	14	15	1	0.7	11.71
VL-20-944	14650E	344	-80	15	16	1	0.9	2.70
				26	32	6	5.4	2.71
Including				29	30	1	0.9	11.85
				46	47	1	0.9	0.91
				60	61	1	0.9	2.70
				68	78	10	9	3.21
Including				77	78	1	0.9	22.82
				116	117	1	0.9	0.78
				127	128	1	0.9	2.98
				137	139	2	1.8	1.86
				184	187	3	2.7	1.65
VL-20-945	13830E	343	-76	6.83	33	26.17	23.55	1.61
				102	103	1	0.9	4.07
				114	120	6	5.4	2.51
				129	130	1	0.9	7.23
				135	136	1	0.9	1.98
VL-20-946	14650E	342	-80	6.31	7	0.69	0.621	0.73
				9	10	1	0.9	2.39
				13	15	2	1.8	1.45
				32	35	3	2.7	2.67
				42	44	2	1.8	10.76
Including				42	43	1	0.9	16.64
				57	63	6	5.4	9.37	5.70
Including				57	58	1	0.9	52.02	30
				74	76	2	1.8	6.75
Including				75	76	1	0.9	11.65
				103	104	1	0.9	3.26
				115	116	1	0.9	0.91
				135	136	1	0.9	0.75
				169	171	2	1.8	4.07
VL-20-947	13540E	344	-84	45	48	3	2.85	1.26
				79	97	18	17.1	1.47
				88	89	1	0.95	11.20
				108	109	1	0.95	1.48
				112	113	1	0.95	0.83
				120	129	9	8.55	1.06
				175	185	10	9.5	0.74
				188	190	2	1.9	0.77
				192	195	3	2.85	0.84
				198	201	3	2.85	0.82
				210	211	1	0.95	2.57
				215	237	22	20.9	0.88
				247	248	1	0.95	1.06
				261	262	1	0.95	0.89
				274	275	1	0.95	0.95
				298	299	1	0.95	1.45
				315	316	1	0.95	0.83
VL-20-948	13825E	345	-73	7.2	8	0.8	0.72	3.03
				96	110	14	12.6	0.74
				123	124	1	0.9	1.50
				139	140	1	0.9	1.06
				168	170	2	1.8	1.61
VL-20-949	14660E	343	-81	110	111	1	0.9	0.83
				131	133	2	1.8	1.35
				151	158	7	6.3	2.40
				166	167	1	0.9	3.57
				174	179	5	4.5	0.83
VL-20-950	14570E	342	-59	83	85	2	1.6	2.35
				90	91	1	0.8	1.57
				95	96	1	0.8	0.82
				117	129	12	9.6	2.87
				124	125	1	0.8	12.88
VL-20-952	13560E	344	-74	36	40	4	3.6	0.11
				56	61	5	4.5	0.08
				64	65	1	0.9	1.13
				76	77	1	0.9	3.04
				100	101	1	0.9	0.09
				108	110	2	1.8	0.19
				119	120	1	0.9	5.00
				142	162	20	18	0.80
				239	240	1	0.9	0.09

Notes on the Calculation of Assay Intervals

1. “Significant” assay intervals are defined as 1m core length or more of mineralization with an average fire assay result of greater than 0.7 g/t Au, representing the bottom cut-off for high-grade mill feed in the Marathon April 2020 Pre-Feasibility Study mine plan (see technical report dated April 21, 2020). Assay intervals with an average fire assay result of between 0.3 g/t Au and 0.7 g/t Au are above the cut-off used in the January 2020 Mineral Resource Estimate for the Project but are not considered “significant” for the purposes of this news release.
2. Cut gold grades are calculated at 30 g/t Au.
3. No significant assays were returned in drill holes VL-20-941 and 951

Qualified Person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, P.Geo. (NL), Exploration Manager for the Valentine Gold Project. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P.Geo. (NL), GIS Manager for Marathon Gold Corporation. Both Mr. Capps and Ms. Borysenko are qualified persons under National Instrument (“NI”) 43-101.

Quality Assurance-Quality Control (“QA/QC”)

QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (70 - 95% of core length), and reported with and without a top-cut of 30 g/t Au applied.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

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