TORONTO, Nov. 5, 2013 /CNW/ - Marathon Gold Corporation ("Marathon" or
the "Company") (MOZ: TSX) is pleased to announce receipt of the
prestigious 2013 - Explorer of the Year Award from the CIM - Newfoundland Branch during the recent annual awards
banquet ceremonies held in St. John's on November 2, 2013 (Plate 1).
The award is given in recognition of the significant advancements in
gold resource development and exploration at Marathon's 100% owned
Valentine Lake Property, central Newfoundland.
"Receiving this award is a great honour and Marathon Gold Corporation is
proud to be involved in the continued expansion of the mineral
potential of the central mineral belt of Newfoundland" said Phillip
Walford, President and CEO of Marathon Gold. "The hard work and
dedication of many people including Sherry Dunsworth, VP of
Exploration, Tanya Tettelaar, Project Manager, prospectors Scott
McCrindle, and David Galley, geologists Jamie Meyer, Adam Wall and
Steven Fraser, and the other members of the head office and on-site
exploration team, have been the driving force behind our continued
exploration success. Their successes has led to the expansion of the
gold deposits, zones and occurrences along a 17 km corridor and there
is still so much more exploration to be done at Valentine Lake. This is
the second award our exploration team has received, with our
predecessor company Marathon PGM winning an award for the advancement
of the Marathon Cu-PGM project, Marathon, Ontario."
About the Valentine Lake Project
The Valentine Lake property, owned 100% by Marathon Gold Corporation,
hosts two well defined gold deposits with NI 43-101 complaint
resources: the Leprechaun Gold Deposit and the Victory Gold Deposit.
The Leprechaun Gold Deposit is located near the south-western end of
the Valentine Lake property, and the Victory Gold Deposit is located 13
kilometers along strike to the north-east. The J. Frank Zone, which
currently extends over an area in excess of 850 meters in length and
250 meters in width, is located up to 0.5 kilometers southwest along
strike from the current resource boundary of the Leprechaun Gold
Deposit. These gold occurrences form part of a 23 kilometers long,
highly prospective gold-bearing mineralized corridor focused along the
Valentine Lake thrust fault.
About the Leprechaun Gold Deposit
The Leprechaun Gold Deposit has a NI 43-101 compliant Open Pit and
Underground Resource (refer to August 1, 2013 news release). The Open
Pit Resource is Measured 3.5 million tonnes at 2.8 g/t Au containing
247,000 oz Au, and Indicated 6.2 million tonnes at 2.07 g/t Au
containing 412,000 oz Au, and Inferred 1.2 million tonnes at 1.82 g/t
Au containing 71,000 oz Au. The Underground Resource is Measured
108,000 tonnes at 4.83 g/t Au containing 17,000 oz Au, and Indicated
764,000 tonnes at 4.05 g/t Au containing 100,000 oz Au, and Inferred
349,000 tonnes at 6.13 g/t Au containing 69,000 oz Au. This Resource
was estimated using a 0.5 g/t Au minimum cut-off for the open pit
resources and a 2.0 g/t Au minimum cut-off for the underground
resources. The Leprechaun Gold Deposit is open at depth and along
strike.
About the Victory Gold Deposit
The Victory Gold Deposit (formerly Valentine East Hill) has a first ever
NI 43-101 compliant Open Pit Resource (refer to August 1, 2013 news
release). The Open Pit Resource is Indicated 761,000 tonnes at 1.67
g/t Au containing 41,000 oz Au, and Inferred 199,000 tonnes at 1.47 g/t
Au containing 9,000 oz Au. This Resource was estimated using a 0.5 g/t
Au minimum cut-off for the open pit resources. The Victory Gold Deposit
is open at depth and along strike.
About Marathon Gold Corporation
Marathon is a North American gold resource development company, with
projects located in the mining friendly province of Newfoundland
and Labrador, the prolific Coeur d'Alene Mining District of Idaho, and
the historic gold rich Greenhorn District of Oregon, USA. Marathon has
a project pipeline consisting of early stage exploration to advanced
resource development projects. Marathon's focused and low-cost approach
to exploration and resource development has an established record of
delivering rapid growth. For more information visit: www.marathon-gold.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold
Corporation, certain information contained herein constitutes
"forward-looking statements". Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, or include words such as "expects",
"anticipates", "plans", "believes", "considers", "intends", "targets",
or negative versions thereof and other similar expressions, or future
or conditional verbs such as "may", "will", "should", "would" and
"could". We provide forward-looking statements for the purpose of
conveying information about our current expectations and plans relating
to the future and readers are cautioned that such statements may not be
appropriate for other purposes. By its nature, this information is
subject to inherent risks and uncertainties that may be general or
specific and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove to be
accurate, that assumptions may not be correct and that objectives,
strategic goals and priorities will not be achieved. These risks and
uncertainties include but are not limited to those identified and
reported in Marathon Gold Corporation's public filings, which may be
accessed at www.sedar.com. Other than as specifically required by law, we undertake no
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made, or to
reflect the occurrence of unanticipated events, whether as a result of
new information, future events, results or otherwise.
SOURCE Marathon Gold Corporation
Image with caption: "CIM Newfoundland Branch - 2013 Explorer of the Year Award received by Marathon Gold Corporation during the annual CIM Award banquet. In attendance (from left to right): Phillip Walford, President and CEO, Sherry Dunsworth, V.P. Exploration, Tanya Tettelaar, Project Manager, and Adam Wall, geologist. (CNW Group/Marathon Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20131105_C9999_PHOTO_EN_32928.jpg
