NEWFOUNDLAND – Marathon Gold Corp. of Toronto has a new open pit and underground 43-101 resource estimate for its Leprechaun deposit at the Valentine Lake project 55 km south of Buchans. At 9.54 million tonnes, the measured and indicated portion is 61% larger than earlier estimates and averages 2.22 g/t Au, 8% better than earlier. The inferred resource is 1.96 million tonnes at 2.30 g/t Au.
The company said that contained ounces in the measured and indicated resource are 682,000, and in the inferred resource are 145,000. About 89% or 561,000 oz are contained in the pit resource.
Marathon is currently conducting a fall 2012 program of prospecting, geological mapping and trenching along the highly prospective 23-km strike length of the property outside of the current boundaries of the Leprechaun gold deposit. One drill is turning on the newly discovered J. Frank zone southwest extension.
To view a 3-D model of the Leprechaun gold deposit and the resource pit shell, please click here.