TD updateLooks like we can go fishing or sit back have a few coolers, watch the sports and the Marthon Action Plan leading into the fall season where drilling events should lead to bigger and better scores while closing in on the solid 5 million plus oz mark!
Marathon Gold Corp. (MOZ-T) C$3.12 Exploration Update Arun Lamba, CFA Jamie Carmichael, (Associate)
Event This morning, Marathon released 20 in-fill drill holes completed at the Berry Deposit, located at its Valentine Gold Project (100%) in Newfoundland. The company also provided a general exploration update at the project.
Impact: NEUTRAL Today's Berry results are from after restarting drilling in May. Highlights: VL-21-1010: 5.59 g/t Au over 21 m, including 41.43 g/t Au over 2m and 1.58 g/t Au over 26m and VL-21-1015: 2.07 g/t Au over 37m including 11.78 g/t Au over 1m.
Year-to-date, Marathon had completed 119 drill holes (~32km) at Berry and has released 71 holes (~20km) as of today.
Recall, the 2021 exploration program (announced in February) comprised of a total of 52 km of drilling, including 30 km at Berry, up to 8 km at Sprite and Victory, and up to 6 km on grassroots initiatives.
In May, Marathon expanded planned drilling at Berry by an additional 50 km to be completed by 2022. The company's expanded planned drill program at Berry would bring total drilling to ~120 km.
The company currently has four diamond drill rigs operating at Valentine and an additional RC drill rig turning. Up to three rigs are expected to continue to drill at Berry until November. The fourth drill rig has commenced at the Victory Deposit, and is scheduled to commence at the Sprite Deposit in September.
As reminder, in April, the company released its maiden resource for Berry. Total open pit Inferred Resources were 566 koz at 1.65 g/t, representing 89% of the total estimate (639 koz at 1.75 g/t o/p and u/g). The Resource was based on 42 km of drilling (to end of November 2020). The Berry Resource is not part March 2021 Feasibility Study, but could provide another potential source of ore feed and extend the mine life.
Total Measured and Indicated Resources at Valentine are presently defined by 3.14 Moz at 1.72 g/t.
Target $4.25