Canadian Mining Journal


GOLD: Marathon commits $18M to exploration at Valentine Lake camp

NEWFOUNDLAND – Marathon Gold Corp. of Toronto is stepping up its efforts in the Valentine Lake gold camp 55 km south of Buchans. The company is using the net proceeds of a recent $18.6-million bought deal financing to move the project closer to permitting, and perhaps, mining.

Longitudinal section of the Marathon deposit showing the locations of recent drill holes. Credit: Marathon Gold.

Marathon plans to continue its infill and exploration drilling, resume metallurgical tests, and increase the ongoing environmental work. A 60,000-metre drill program will be focused primarily on the Marathon deposit, and a fourth drill will be added in Q3 2017. Metallurgical studies will  optimize recoveries for either conventional milling or heap leaching. An area with historical gold showings northeast of the Victory deposit will undergo prospecting.

Three recent drill holes returned the following highlights:

  • Hole MA-17-176 intersected 118 meters grading 1.56 g/t gold including higher grade intervals of 22 meters grading 3.58 g/t and some narrower high grade intercepts as well. Deeper in the hole a 15 meter intersection grading 2.73 g/t contained 4 meters of 7.28 g/t.
  • Hole MA-17-177 intersected the mineralized corridor as planned at 190 meters and intersected numerous small zones with good grades including 7 meters grading 4.82 g/t gold and 2 meters grading 11.11 g/t.
  • Hole MA-17-178 intersected the mineralized corridor at 200 meters and encountered 89 meters grading 1.84 g/t gold. This intersection has several intervals of good grade including 4 meters of 14.1 g/t and 9 meters of 5.07 g/t. This hole was still in progress at press time with the last reportable intersection from 531-534 meters grading 10.03 g/t.

Marathon says the Valentine Lake project hosts four deposits that can be mined with open pits. Measured and indicated resources total 1.39 million oz. of gold in material grading 1.91 g/t gold and inferred resources of 766,500 oz. of gold in material grading 2.24 g/t. Most of the resources are found in the Marathon and Leprechaun deposits.

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