Visible gold in drill core from the Marathon deposit at the Valentine Lake property in Newfoundland. (Image: Marathon Gold)
NEWFOUNDLAND – Marathon Gold Corp. of Toronto has arranged a bought deal worth approximately $2.0 million with a syndicate of underwriters led by Canaccord Genuity. Marathon will issue 1.65 million flow-through shares at a price of $1.23 each. The underwriters have been granted an option to purchase an additional 1.65 million shares at the same price.
Money from the flow-through shares will be used for exploration in Newfoundland. The company’s flagship property is Valentine Lake 55 km south of Buchans. The property contains several deposits – Marathon, Leprechaun, Victory, and Sprite. The total resource is more than 2.8 million oz. of gold.
Marathon says the Valentine Lake property has both pit and underground resources. For the open pit there are measured and indicated resources of 28.7 million tonnes grading 1.77 g/t gold, plus 8.6 million inferred tonnes at 1.97 g/t suitable for treatment in a mill and 7.0 million inferred tonnes at 0.43 g/t suitable for heap leaching.
The potential underground resources are 1.8 million measured and indicated tonnes at 3.67 g/t gold and 3.4 million inferred tonnes at 3.37 g/t suitable for milling.
To find more information on the Valentine Lake Gold Camp please visit www.Marathon-Gold.com.