NEWFOUNDLAND – Marathon Gold of Toronto and Mountain Lake Resources of Vancouver have formed a 50:50 joint venture to advance the Valentine Lake gold project in the central part of the province. The partners plan to spend $6 million on a 25,000-metre drill program this year, and Marathon will be the operator.
The Valentine Lake property includes the Leprechaun gold deposit situated at the south-western end and the Valentine East gold zone located 13 km along strike running in a northeast direction. These gold deposits form part of a 23-km long, highly prospective gold-bearing mineralized corridor that straddles the faulted contact between the older Valentine Lake intrusive and younger Rogerson Lake sedimentary rocks on the property.
In December, an updated NI 43-101 compliant mineral resource was completed on the Leprechaun deposit at a 0.5 g/t cutoff that resulted in a measured and indicated resource of 3.3 million tonnes with a grade of 2.6 g/t Au and containing 277,000 oz of gold. The inferred resource is 4.4 million tonnes grading 2.0 g/t Au and containing 285,000 oz of gold. Approximately 2.4 million tonnes of the M&I resource (74%), containing 205,000 oz of gold, is located within 150 meters of the surface and is potential open pit material.
More information is available at www.Marathon-Gold.com and www.Mountain-Lake.com.