TD updateMarathon Gold Corp. (MOZ-T) C$2.83 2022 Exploration Plans & More Berry Results Arun Lamba, CFA Event This morning, Marathon reported 17 additional infill drill results from the Berry deposit at its Valentine Gold project (100%) in Newfoundland. The company also announced its 2022 exploration plans.
Impact: NEUTRAL Marathon has approved a 2022 drill program of 50 km (three rigs currently deployed), focused on the Berry and Victory Deposits. The 2022 program will also include a prospecting program along the 13 km of geological contact at the Valentine Lake Shear Zone between the Victory Deposit and the eastern boundary of the property.
In 2021, the company completed 74 km of drilling at the Valentine Gold Project, including 58 km at the Berry Deposit. In total, the inventory of drilling at Berry now stands at ~100 km. Assays from 62 Berry drill holes, representing 16.7 km, remain outstanding. Once these are received, the company will commence the next Berry Resource estimate.
As reminder, in April 2021, 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 of the March 2021 Feasibility Study, but could provide another potential source of ore feed and extend the mine life.
In addition to the remaining Berry results, fire assays remain outstanding from the company's 2021 drilling at the Victory and Sprite Deposits, and from the Marathon waste rock facility area (Exhibit 1). The processing of screen metallic assays from the 2021 Reverse Circulation drill program at the Leprechaun and Marathon Deposits is also ongoing.
Highlights from today's release — VL-21-1099: 7.47 g/t Au over 12m including 53.97 g/t Au over 1m; and VL-21-1106: 3.80 g/t Au over 23m including 33.55 g/ t Au over 2m.
Marathon last reported ~$87mm in cash (as at December 31) and no debt.
Anticipated Timeline
Exploration Results — Ongoing
Possible Release from Provincial EA Process — March 18
Updated Resource — Mid-year 2022
First Gold — Q1/25 (TD estimate)