TD updateMarathon Gold Corp. (MOZ-T) C$3.11 More Berry Infill Results Arun Lamba, CFA Jamie Carmichael, (Associate) Event This morning, Marathon released 15 in-fill drill results from the Berry Deposit at its Valentine Gold Project (100%) in central Newfoundland. Impact: NEUTRAL
Highlights — VL-21-1040: 10.86 g/t Au over 2m and 9.33 g/t Au over 2m and 7.67 g/t Au over 2m and 7.18 g/t Au over 2m; VL-21-1042: 4.16 g/t Au over 11m; and VL-21-1052: 2.51 g/t Au over 13m.
Today's results are from two areas; the hanging-wall area in the western portion of Berry, which continues to intercept resource grade material, and the saddle area between the two conceptual pit shells used in the 2021 April resource estimate.
The company currently has four diamond drill rigs operating for the 2021 exploration program which includes; one rig at Berry, two rigs at Victory and one rig at Sprite.
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 summer 2022. The company's expanded planned drill program at Berry would bring total drilling to ~120 km (including the ~40 km completed in 2020).
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 Berry Resource is not part of the March 2021 Feasibility Study, but could provide another potential source of ore feed and extend the mine life.
The company ended Q2/21 with ~$108mm of cash and no debt.
The company's next key catalyst is receiving its main permit (Q4/21E or early Q1/22E). Anticipated Timeline
Exploration Results — Ongoing
Main Permit — Q4/21 or Q1/22 Updated Resource — Mid-year 2022 First Gold — Q1/24 (TD estimate)