Marathon Gold drills 4.25 m of 6.19 g/t Au at Valentine
Ticker Symbol: C:MOZ
Marathon Gold drills 4.25 m of 6.19 g/t Au at Valentine
Marathon Gold Corp (C:MOZ)
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Last Close 1/30/2012
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Tuesday January 31 2012 - News Release
Mr. Phillip Walford reportsmoz
MARATHON GOLD HITS NEW GOLD INTERSECTIONS WITH THE START OF 2012 DRILLING AT THE VALENTINE LAKE PROJECT
Marathon Gold Corp. has intercepted downdip Main Zone mineralization in initial drill holes of the 2012 drilling campaign at the Leprechaun Gold Deposit, Valentine Lake Property, Newfoundland (Figure 1). Significant new main zone intercepts include:
6.19 g/t Au over 4.25 meters, including 15.25 g/t Au over 1.7 meters in VL-12-3807.54 g/t Au over 2.25 meters, including 15.79 g/t Au over 0.75 meters in VL-12-379
"The 40,000 m 2012 drill program is well underway with two drills turning and another drill arriving early February. These initial drill results are very encouraging as we continue to intersect significant down-dip Main Zone mineralization as well as new hanging wall and footwall mineralization. The scheduled Q1 release of the new Leprechaun Gold Deposit Resource Estimate, including the first open pit Resource Estimate for the Valentine Lake Project, will be a major development milestone for the Company and we anticipate that it will further demonstrate the economic viability of this project", said Phillip Walford, President and CEO of Marathon Gold.
The Valentine Lake Project, including the Leprechaun Gold Deposit, is a 50/50 joint venture between Marathon and Mountain Lake Resources Inc. Both companies are equal contributors to a planned 40,000 meter 2012 drilling program in which Marathon is the operator. The program has started at the Leprechaun Gold Deposit and will continue to expand southwest into the J. Frank Zone and northeast into the Sprite Zone. All grades in this release are uncut, and all thicknesses are estimated true thicknesses. A total of 7 drill holes totaling 2,181 meters (5.5%) of the planned 40,000 meter 2012 drilling campaign have now been completed. The new Resource Estimate for the Leprechaun Gold Deposit is on schedule for release in Q1 2012.
Highlights:
Significant new Main Zone intercepts of 6.19 g/t Au over 4.25 meters including 15.25 g/t Au over 1.7 meters in VL-12-380, 1.94 g/t Au over 8.55 meters including 8.34 g/t Au over 0.95 meters in VL-12-378 and 7.54 g/t Au over 2.25 meters including 15.79 g/t Au over 0.75 meters in VL-12-379, provide a 30 meter to 60 meter down-dip extension of the Main Zone identified in previous 2010 and 2011 Marathon drilling.Additional near-surface high-grade gold hanging wall mineralization was intersected in VL-12-379 with 3.74 g/t Au over 3 meters including 10.82 g/t Au over 1.0 meters.Multiple, high-grade gold lenses have now been identified over a more than 600 meter strike length of the Main Zone mineralization, Leprechaun Gold Deposit.Two drills are currently turning and a third drill will be mobilized and commence drilling in February 2012.
TABLE 1: Significant Assay Intervals from drill holes, Leprechaun Gold Deposit* DDH SectionZone*FromTo Core LengthTT (m)Gold (g/t) UncutVL-12-378 10225 HW 83 86 3 3 0.69 MZ 155 164 9 8.55 1.94 Including MZ 162 163 1 0.95 8.34 MZ 186 189 3 2.85 0.86 VL-12-379 10500 HW 65 68 3 3 3.74 Including HW 67 68 1 1 10.82 HW 84 87 3 3 1.76 MZ 207 210 3 2.25 0.81 MZ 220 223 3 2.25 7.54 Including MZ 220 221 1 0.75 15.79 MZ 225 228 3 2.25 0.93 FW 348 352 4 3.2 1.05 VL-12-380 10200 MZ 178 181 3 2.55 0.52 MZ 195 200 5 4.25 6.19 Including MZ 195 197 2 1.7 15.25 MZ 207 210 3 2.55 1.05 *Denotes: MZ - main zone, HW - hanging wall zone, and FW - foot wall zone
All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Due to the coarse nature of the gold at the Leprechaun Gold Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results.
Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, Marathon's Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.